Apartment rentals New York with Luxury Rentals Manhattan

New Media, Not Investors, Investing in Rentals. What?

NYC Luxury Condos - Media Investing in Rentals

New York City, ever known for taking the real estate and rental advice from the rest of America and throwing it out the window, is now going through a more unexpected demographic change. When we think of who actually rents luxury rentals, the first group that comes to mind is usually investment bankers, mainly those in their 20s and 30s who fill the tangled streets of Lower Manhattan early in the morning and seemingly beat rush hour both to and from work. That was true until recently, and while financiers still comprise the largest portion of renters, they no longer form the majority that they used to be. Instead, an eclectic tech-savvy generation has usurped traditional business, and in turn, the rental market.

Luxury Rentals Market Cools Down a Few Degrees

Luxury Manhattan Apartments - Rental Market Cools Down
Last week, Citi Habitats and Prudential Douglas Elliman released a second quarter report claiming that the Manhattan rental market was on fire, and things weren’t going to cool off any time soon. Rent prices were supposedly at an all-time high and weren’t expected to drop in the near future. This was music to every Manhattan landlord’s ears, but a punch in the gut (or wallet) to everyone searching for a luxury rental in Manhattan. However, a more in-depth look at the aggregate rent paid each quarter dating back to 1991 shows that the peak in the luxury rental market actually already occurred.

Mercedes House Revving Up for Its Opening As It Nears Completion

Mercedes House Luxury Apartments in New York CityThe Mercedes name conjures up images of luxury and grandeur. These same images that are associated with the car company are associated with Mercedes House, which gets its name from the fact that it houses the Mercedes-Benz of Manhattan showroom. It is safe to say that this is one of the few opportunities in Manhattan to live above a car showroom. Unfortunately, it will not be like Oprah, where everyone gets a free car, but there are many other reasons why this building is being talked about.

One of the more notable things about the Mercedes House is its interesting design. The building rises up with a step-like pattern, one section being a story higher than the next. At one end of the lot, the building turns and continues its step-like like ascent into the skies.

This spectacular rental condominium building in Clinton is nearing completion. There is only one section of the building that needs to be completed, but condominiums are already on the market. Mercedes House is one of the newest condominium buildings with luxury rental listings to hit the market in New York City. A truly unique building is a seemingly perfect fit for the unique city that is Manhattan.

Manhattan Luxury Rental Buildings: Now With More Luxury (And Market Share)

It's a trend we've written about over and over again -- with Manhattan condos seemingly a sketchier investment than in years past and still out of just about everyone's price range, more and more people are opting for Manhattan rental apartments over condos. There are, as we've also noted here at the Luxury Rentals Manhattan blog, good economic reasons for this, but there's another, simpler reason why the market for Manhattan rental apartments is surging while the condo market is stagnant. That other, simpler reason being that new construction Manhattan luxury rentals increasingly offer the same high-end finishes and fixtures, and similar suites of amenities and extras, as their condo counterparts -- and offer it without the economic anxieties that come with a mortgage, a co-op board, and all those other, less-desirable condo extras. But while it's not necessarily surprising that high-end luxury rentals are bouncing back from the Manhattan real estate downturn than condominiums, there's also more to the reason why this is so than the fact that both top-tier new construction NYC luxury rentals and high-end condos feature SubZero refrigerators and expansive suites of amenities. Although that obviously doesn't hurt.

Luxury Rentals Manhattan Makes Its Long-Awaited New York Gubernatorial Endorsement

Is it predictable? It is maybe a little predictable. But we at Luxury Rentals Manhattan would be remiss if we did not endorse Jimmy McMillan, the candidate -- and quite possibly sole member -- of The Rent Is Too Damn High party for governor of New York. In the hysterically chaotic New York State gubernatorial debate on Monday night -- imagine seven people talking over each other for an hour, only instead of it happening on the uptown 4 train, it happened in front of television cameras and everyone was wearing suits -- McMillan stood out for several reasons. There's the elaborate mustachio, visible in the adjacent picture. There were the black gloves, which McMillan chose to wear indoors for reasons he later explained to Gawker had something to do with his service in Vietnam. And of course there was his karate expertise and general Afrika Bambaataa-in-a-suit aesthetic and... honestly, you should just watch the video. Link after the jump.

Get Out Of Town: Checking In With Southeast Discovery and Taking A Break From Manhattan Rentals Apartments

New York City and New York City real estate have a way of focusing the mind -- this is a tough town, as you might've heard, and an interesting one. For those of us who care about NYC and the market for rental apartments in NYC, the ebbs and flows of the Manhattan real estate scene can come to seem like the most important news in the world. If you're searching Manhattan rental listings, it might well seem like it, but the national real estate market is plenty interesting in its own right. That's the reason -- well, mostly it's that we sometimes like to ogle North Carolina mountain homes and South Carolina golf homes, but also that -- why your Luxury Rentals Manhattan blogger often finds himself checking in with Southeast Discovery, a full-service real estate site serving, yes, the Southeast.

Better To Rent Than To Buy? Most People Say Yes

The very fact that a second "Sex and the City" movie exists is proof that the lessons of the sharp economic downturn -- both in Manhattan real estate and, um, everything else -- haven't totally sunken in with everybody out there. But while it's usually not a good idea to look to NYC real estate for signs of rational, level-headed thought, a recent poll by the National Apartment Association indicates that perhaps those looking for Manhattan rental apartments have internalized the lessons of the economic demi-disaster better than, say, whoever green-lit "Sex and the City 2: The Grievous Miscalculation." The NAA poll finds that 76 percent of people prefer to rent apartments, as opposed to owning them. That's a five percent increase since 2008, and it is, in its way, kind of heartening.