Apartment rentals New York with High Line Park

Manhattan’s history of luxury hotels runs pretty deep, and they’ve been a mainstay for the past century, especially around Central Park.  Recently, New York City’s luxury hotels have found themselves on an uptick, with noticeably higher vacancy rates.

Under the current state of the Manhattan luxury rentals market, more and more investors are taking advantage of the prosperous opportunities and becoming landlords. And when it comes to savviness in investment opportunities, few sectors are as synonymous as Wall Street. According to the Wall Street Journal, several Wall Street firms have been bidding and successfully purchasing foreclosed properties and with the plans of converting them into short-term rentals. While many of these up-and-coming rentals may not come with concierge service or a rooftop terrace, the revenues they generate have the potentials to support and expand new residential developments in Manhattan.