Apartment rentals New York with Luxury Manhattan Apartments

Manhattan's Rental Inventory to Stay Scarce

The December 2011 rentaFinancial Districtl market report showed that prices for luxury Manhattan rentals were considerably higher than they had been the year before. Experts said this indicated how much the real estate market had recovered from the 2007 market crash, but most agreed it was abetted by a particularly scarce rental inventory. And while rental availability always ebbs and flows, the Wall Street Journal is reporting that new rental buildings could literally run out of space. Manhattan neighborhoods are running out of areas currently zoned for residential construction.

December Market Report: the Market Goes Home For Christmas

The MNS rental market report for December 2012 is out, and with it come the kinds of numbers we expect to see in the winter months. You may remember from last month that prices hadn’t fallen in November nearly as far as real estate insiders generally expect them to. Part of the reason for this was extremely low inventory, which MNS, in addition to several key real estate industry forecasters, predicts will not change in 2012. But movement did slow down in December as people hunkered in for the holidays, and the numbers show a slight decline.  Throughout Manhattan, average prices for all luxury apartments for rent went down 1% from November rates. Certain Manhattan neighborhoods saw relatively large declines, while others showed very little. Still more neighborhoods saw increases in price, but by lower average numbers than the declines were. That said, prices in December 2011 are on average 8.4% higher than they were in December 2010, suggesting that the rental market overall is stronger than it was a year ago.

MiMa Abandons Sales, Puts All Condos Up for Rent

MiMa tower in Midtown West now offers condos as luxury rentalsIn an unexpected twist, Related Cos. elected to switch the luxury condos in MiMa, their 63-story glass high-rise on 42nd Street and 10th Avenue in Midtown West, to luxury rentals. Related planned for over 3 years to sell the 151 units as luxury condos, all located above the 50th floor of MiMa. The 663 luxury rentals on the lower stories were always been designated as rentals, but this sudden reversal to an all-rental building rather than a mixed sales and rentals building is more telling than it appears, though not in the way we might initially assume. This is not a case of desperate landlords panicking and using the luxury rental market as a safety net. Rather, this is a calculated decision based on the strengths and weaknesses of the rental and sales markets. If Related is making a smart decision, and it certainly appears that way, then MiMa's move to rental bodes well for the luxury rental market in Manhattan.

West Chelsea Year End Wrap-Up: The High Line Effect

The High Line transformed West Chelse into a great place for luxury rentalsHow quickly we forget. 10 years ago, the High Line was a rusted artifact, a blight on West Chelsea, and a large part of the reason that West Chelsea remained underdeveloped and cheaper to rent in than Chelsea itself. West Chelsea has always been something of a separate neighborhood because of its industrial character, slightly out-of-the-way location, and cheap rents relative to the rest of Chelsea and other downtown neighborhoods. However, the High Line changed everything, and that’s not an exaggeration: Rents in West Chelsea now exceed rents in Chelsea, consequently pulling them upward and enhancing the neighborhood as a whole. In fact, rents for luxury apartments in West Chelsea have become similar to neighborhoods like SoHo and Tribeca, Manhattan's most expensive and coveted neighborhoods. Renters looking for great new luxury rentals should look to West Chelsea, because condo owners are cashing in on this sudden popularity by renting out their apartments, giving renters a unique opportunity to live in a neighborhood rich in culture and on the rise.

The New Bastion of Manhattan Culture: NoMad

The Flatiron Building near Madison Square ParkIt seems like we’re writing about new residential development projects in Manhattan every day, but commercial developments have become something of a lost art. Commercial buildings are less lucrative financially than residential buildings, where New York City’s constantly growing population keeps them in high demand. Most developers don’t want to risk leasing space to commercial industries, so today we are happy to report on a new project to build the area north of Madison Square Park into a commercial district called NoMad.

With Chelsea and the Flatiron District to the West and South, respectively, the area surrounding Madison Park is one of the most developed places in Manhattan, filled to the brim with high-end luxury condos for sale and apartments for rent. But the NoMad area itself remains relatively empty. It was a major area for bootlegged merchandise until recently, when developers saw the potential in turning it into an upscale commercial area. To encourage development, a couple savvy property owners lowered the rent for commercial buildings. Now they’re watching eagerly as potential culture-makers start nibbling at the bait. The new Museum of Mathematics, which opens next year, just recently leased space on 26th Street, and other projects are falling in line.

Rental Market Warming Up for Winter

That wonderful layer of leaves piled on the sidewalks is so charming that it's easy to forget what comes next. We might not want to think about it, but after the leaves fall, so do renter’s moving ambitions--it seems that nothing could possibly be worse than packing a U-Haul in the snow. But for NYC dwellers, there are some strong reasons to go searching during the winter months of November to February, when the Manhattan real-estate market slows down and is on the cusp of change. From couples to discretionary movers to higher-earning business professionals, now is the opportunity for Manhattanites to shop for NYC rentals.

Worries Beset the Manhattan Rental Market

The rise of the Manhattan luxury rental market may have peakedMuch has been made of the consistent rise in Manhattan rents in the face of adversity. In the midst of economic woes, the Manhattan luxury real estate world has prided itself on the steady rise of rental prices: the average monthly rent in Manhattan is up 8% from this time last year and is just $53 off the all-time market peak set in 2007. In spite of this remarkable success, many real estate experts view this trend in luxury rentals in Manhattan as unsustainable. With the market slowdown of winter approaching, signs are beginning to point to rents either remaining stable or declining for the first time since 2009.

Single Moms Revitalize NYC Rental Market

Manhattan Luxury Apartments at Sunset

Catering to a city of renters, NYC real estate developers seem to design with the tech-savvy resident in mind. But as luxury Manhattan apartments get sleeker, perhaps the hottest amenities on the market aren’t wired at all—just childproof. Statistics from Property and Portfolio Research, a real-estate forecasting firm owned by CoStar, recently reported single moms were the largest group of new NYC renters from 2000 to 2010, comprising 30% of new-renters. But in addition to adding to the diversity of NYC renters, the wave of single-mother-residents revitalizing the NYC housing market scene has the potential to influence more family oriented features in a real-estate race where impersonating resort life has become the foremost objective.

International Guarantors and NYC Luxury Real Estate

Luxury Manhattan Rentals - International StudentsWithin NYC luxury real estate, it is often quite difficult as an international student to find a luxury rental apartment. It can be hard for most students, as well as many others without a long work history or established credit, to obtain a luxury apartment lease. But for international students searching through NYC luxury real estate listings, it can be even more of an ordeal, simply because they do not have the same opportunity to use a guarantor. Susan Tsang, for example, is a PhD student in biology who was born in Hong Kong. When she moved to NYC to attend school, she did not have any U.S. employment history, and therefore was in a position where she needed a co-signer. However, because her parents still lived in Hong Kong, she was confronted with a number of challenges, as dozens of landlords refused to allow for international guarantors. She was eventually able to find a studio in Manhattan’s Upper West Side neighborhood, but not before she was forced to deal with the roadblocks a great many foreigners have had to circumnavigate.

The Fight to Preserve The Bowery

Luxury NY Rentals - Bowery Listings“The Bowery! The Bowery! They say such things and they do strange things,” began an 1891 song. But what was once known as Skid Row, full of vagrants and artists alike, has over the past few years continued on a path toward full gentrification. Much has changed from the days of towering bank headquarters and performances by Vaudevillian legends. Progress, to be sure, always brings about change. But while many of the residents of luxury rentals in the Bowery see innovation as being productive, they are also fighting to keep the flavor of this iconic neighborhood’s past intact.