Apartment rentals New York with Manhattan Real Estate

Plans Filed for Sutton Place


Rendering by Foster+Partners via Bauhouse Group

Gamma Real Estate has already filed plans to build a 67-story residential building at 3 Sutton Place, only weeks after purchasing the site for about $98 million.

Top Mistakes Real Estate Investors Make

Thinking of making an investment in real estate? If so, be sure not to dive in headfirst. As it turns out, it is not as simple as it appears. Although you may have done all your homework, don’t assume you are in the clear just yet. Below is a list of mistakes that new real estate investors commonly make. Check out the list to make sure you don’t fall for these traps too.

 

Scott Stringer: We Need More Affordable Rentals

During the course of this year, New York City has been on a campaign of sorts to champion itself as a place where the country's burgeoning tech industry can both incubate and grow itself. The city has, for the most part, succeeded in this initiative with many tech industry giants like Facebook and Tumblr setting up shop in the city. The city has also promoted the creation of the Cornell University's tech campus on Roosevelt Island, thereby ensuring that New York will now be perceived as a strong rival to the current tech industry oasis of Silicon Valley. So if you work in New York’s tech industry in New York, the city sees you as an incredibly valuable part of the city and is pulling out all stops to make sure you stay on in the city.

Two New Rental Buildings Scheduled to Open in 2012

396 Broadway on 92nd St.We’ve written that rental inventory will continue to be scarce in 2012, but we can report that there are two new buildings full of luxury apartments for rent currently scheduled to open this year. The first is the Windermere, located in the Upper West Side at 666 West End Avenue. It’s scheduled to open sometime this month. The other is 396 Broadway, a pre-war in Tribeca that should be finished by the fall. We took a look at these two buildings, to see how the Manhattan luxury rentals will look to the inhabitants who will eventually live in them.

The Windermere is a 23-story pre-war building on 92nd Street, originally constructed in 1927. It boasts 374 luxury units, and a limestone and brick façade. The building was purchased by Stellar Management near the end of 2010 for $68 million, and the company has spent an additional $10 million renovating the space and adding amenities to it. The Windermere now includes wireless internet, a gym, a lounge, and a roof deck.

A New Market for Wealthy Renters Takes Hold

Luxury Manhattan Rentals - Real Estate TrendsNew luxury rental buildings built in the past few years have changed the dynamic between buying and renting in Manhattan, perhaps permanently. A trend has emerged among Manhattan elites: a wave of wealthy renters are leasing properties all over the borough. This shift in demand has created a niche market for ultra-luxury apartments that didn’t exist before, at least not nearly to this extent. Moreover, the stigma attached to renting a luxury apartment in Manhattan as a significant downgrade in social status is rapidly disappearing. This Old New York mentality has given way to the new attitude that there is no substantive difference between the two, whether it be in quality of living or in social standing. This shift is directly attributable to the high-quality of new construction in Manhattan, but it extends to all Manhattan real estate as well. The proof is in the listings.

NYC Enacts New Green Laws

NYC Luxury Condos - New Green LawsThe people have spoken, and their cries for New York City to “go green” have convinced lawmakers to finally measure the amount of energy consumption in commercial and city-owned buildings. Eventually, residential buildings will also be subject to this law, allowing prospective tenants an easier -- and more objective and valuable -- time in searching green apartment listings. All of which means that it’s nearly time for landlords to choose between going green… or simply going. According to Crain’s New York, which scathingly calls over-users “energy hogs,” New York City’s new program, aimed to measure the amount of energy consumed in nearly 25,000 commercial buildings, requires landlords to report their energy usage numbers. More specifically, it is targeting buildings larger than 50,000 square feet, mandating the submission of their most recent numbers focusing on the consumption of electricity, gas, oil and water. City-owned buildings are placed under even more stringent requirements, having to turn in reports for those that are 10,000 square feet or more.

High Five (Figures): Demand For Ultra High-End Manhattan Rentals Continues Surge

The Manhattan real estate market is a complicated thing, as any regular Luxury Rentals Manhattan visitor -- and anyone who has ever tried to find a rental apartment in Manhattan -- could tell you. But one of the most peculiar features of the ongoing turnaround in the Manhattan rental marketplace is just how much more quickly the market for high-end Manhattan luxury rentals has turned around than has, say, the market for $2500-per-month Manhattan rental apartments. Given that there are more people in New York capable of paying more modest monthly rents than there are those willing or able to cut five-figure checks on the first of each month, the turnaround would seem to be somewhat backwards. But this is Manhattan real estate, and the top-down turnaround has become both harder and harder to ignore and -- per a recent New York Times report -- even more pronounced in the early months of summer. The demand for five-figure NYC rental apartments has been higher than that for smaller, less expensive Manhattan apartments.  So, what exactly does this mean for Manhattan real estate?

That Spring Bump In Manhattan Rental Prices? It's Late, But It's Here.

Studio vs 2 Bedroom Rental PricesHere at Luxury Rentals Manhattan we’ve kept an eagle-eye on the recently-calm state of the luxury rental market for you, although we'll admit that at times it was like watching paint dry. Month after month, and well into the anticipated warm-weather boom period, Manhattan rental stats remained boldly, brazenly blah -- up a healthy percentage over last year's counterparts, but inching up only a fraction of a percent month to month. Sure, we warned that a bump in Manhattan rental prices was coming -- we're a blog about Manhattan real estate, and as such know what's coming. But after months of the same warnings, a sort of a chicken little vibe became almost inescapable. As we’ve previously noted, rents barely rose month-to-month this year as landlords have remained prudent, hedging their bets on a a strong spring eliminating the last vestiges of ennui from the market. And now, as June dawns in a flurry of sticky 90 degree days, it seems like spring has finally sprung in the Manhattan luxury rental marketplace.

Luxury Rentals: Still The Famous Person's Choice When It Comes To Manhattan Apartments

Regular readers of the Luxury Rentals Manhattan blog know that it's a familiar refrain, and just about anyone who follows Manhattan real estate knows that it happens to be true, but let's run this up the flagpole one last time -- in today's Manhattan real estate marketplace, it is inarguably wiser to rent than to buy. (Here's visual proof, if you need it) Of course, if you're already browsing the Manhattan rental listings at Luxury Rentals Manhattan, you're already hip to this fact. But if celebrity endorsements are more your speed, you're in luck. Again, it's nothing new -- we were on this when Kings of Leon singer Caleb Followill joined NYC apartment rental community in May of last year -- but Curbed reports that some of Manhattan's best known residents are opting to rent rather than buy these days. (That handsome and extravagantly well-compensated fellow at left happens to be one of them)

The Crunch To Come: Is the NYC Rental Market Facing A Looming Inventory Crisis?

Buildings_Silver_Towers_Luxury_Rentals_Manhattan

We'll admit it: there are better places to go for economic analysis than the Luxury Rentals Manhattan blog. Which is fine, since we're mostly about point people towards no-fee rental listings and NYC rentals and less about detailed microeconomic position papers. Everyone's cool with that. But it has been interesting, during the tenuous but ongoing comeback in the Manhattan rental market, to se basic economic fundamentals getting a real world star turn -- and behaving more or less as the textbooks say they should. If you've been reading the blog -- or even just following Manhattan real estate -- you've seen it, too. From the way that prices have spiked as vacancies have gone down to the near-disappearance of concessions and incentives on NYC rentals, Manhattan real estate has been exceptionally logical of late. Not always kind, and certainly enough to send many renters looking back wistfully at the good old days of the renter's market, but logical. But if there's something reassuring in that logic, there's also something somewhat menacing about it, considering that what looks like a possible inventory crunch in the Manhattan rental market could send prices spiking in months to come. Economic rules: can't live with 'em, can't... well, you know the rest.