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Three New Developments in Chelsea


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As Chelsea continues to hold the place as one of the most desirable places to live in New York, here are three of the newest residential developments in the area.
 

Q3: NYC Rental Market Still Strong

The market for renting and buying in New York City is on the rise. Numbers for sales in Brooklyn and Queens and rentals in Manhattan, Brooklyn, and Queens released by Douglas Elliman suggest this claim with record numbers for both rentals and sales in the boroughs.

Most Popular NYC Rental News of 2013

New Year NYC Real Estate

Nearly a year ago, we discussed the future of real estate for 2013, and our estimates were pretty much spot on. Now that this year is coming to a close, take a look back at the most popular articles that we published in 2013.

The New Normal: NYC's Average Rent is Now Over $3000 Per Month

Image Courtesy of WNYC

It's certainly no secret that the cost of living in New York City is outrageous. The food, the entertainment, and worst of all, the housing, are no doubt albatrosses around the necks of city-dwellers looking to take advantage of everything the city's splendors. And, according to a recent report from the real estate research firm, Reis Inc., sustaining one's ideal lifestyle is now harder than ever. The not-so-shocking report states that, for the first time during the second quarter, New York City's average rental rate has surpassed $3,000 and has reached a whopping $3,017 a month.

High End Luxury Rentals in Manhattan Hotter Than Ever

While it is often construed that finding an apartment to rent in New York City is a struggle, the truth is that buying an apartment is no walk in the park either. In fact, when it comes to luxury apartments in Manhattan, reports suggest that it is easier for people to go ahead by renting than by owning, because with the former you aren't tied down, thereby enabling you to be on the lookout for the next best thing on the market. And when that market is an upscale location like Manhattan, one can always expect bigger and better things to become available very soon.

An Inside Look at New York by Gehry at 8 Spruce Street

Manhattan Real Estate - 8 Spruce StreetNew York by Gehry, also known as 8 Spruce Street is one of the newest luxury rental buildings in Manhattan. It also has the distinction of being the tallest residential building in the United States. There has become a competition in New York and 8 Spruce may see its title as the tallest residential building in Manhattan challenged.

8 Spruce Street immediately stands out because of the building’s unique façade. Possibly even more impressive than the exterior of 8 Spruce Street is the interior of the building.

Because of the exterior of 8 Spruce Street, many of the rental apartments inside of it have floor plans that are unique. Just as the 8 Spruce Street twists and curves like a flame into the sky, residents can expect to find little nooks and crannies within the apartment that match with the building's exterior.

New Developments Make Hell's Kitchen Hotter Than Ever

Manhattan’s Hell’s Kitchen is burning up these days as a host of new construction condo developments have helped the once warehouse-full neighborhood earn its status as one of the most in-demand neighborhoods in Manhattan real estate. Hell’s Kitchen is saying goodbye to old patches of cement meant for parking lots and boarded-up buildings that waste space, and those browsing Manhattan rental listings can attest to the fact that the new Hell's Kitchen rentals that have risen from those formerly vacant lots are very appealing indeed.

The Wall Street Journal traces the rise to popularity of this once-underdeveloped -- and poorly named: we, and you, should be calling it Clinton these days -- neighborhood, thanks in large part to a bumper crop of new construction luxury rental developments. And with these new apartment complexes comes a demand for more commercial business to move into the area; Hell’s Kitchen's future looks bright not only in terms of new luxury rental housing, but in terms of the commercial development that will follow on behind.

Insert Bleak "Fare" Pun Here: Second Avenue Subway Far Behind Schedule, Far Over Budget, Sadly Far Off

Looks nice, doesn't it? A clean, modern subway station, a train pulling up right on time. Eventually, at some point in human history, something somewhat like the little image you see with this post will undoubtedly occur somewhere under Second Avenue on Manhattan's Upper East Side. For all the things to recommend about Upper East Side apartment listings -- and there are plenty, starting with their relative affordability in comparison to other Manhattan rental apartments -- subway access isn't currently one of them. Sure, the 4/5/6 trains on Lexington Avenue run pretty well, but they're the only trains on the Upper East Side, and can get excruciatingly crowded (and sluggish) come rush hour. News that the long-rumored, longer-awaited Second Avenue Subway was really happening was the cause of much rejoicing both among Upper East Side renters and UES landlords, whose apartments seemed poised to become that much more appealing. Today brought the sad and sadly unsurprising news, though, that the Second Avenue Subway is both behind schedule and over-cost -- and not likely to arrive in time for its original 2016 launch.

Main Street, Out Of Exile: Roosevelt Island, Home To New York City's Dullest Retail Strip, Heading For Long-Awaited Makeover

Roosevelt Island Main Street Apartments

There's a scene in the otherwise not-so-good horror flick Dark Water that packs a solid laugh for New York City real estate watchers. Well, several scenes if you're the sort who finds the idea of haunted bathtubs amusing, but the one we're thinking of is when John C. Reilly's real estate agent proudly describes a Roosevelt Island apartment building (spoiler alert: it's haunted) to Jennifer Connelly as featuring "brutalist school" design. Which, as much as we love newer Roosevelt Island rental developments like Manhattan Park, is certainly a fair enough way to describe the East Berlin-style retail strip (above) that runs down the center of Roosevelt Island. While the community's quiet, city-within-a-city vibe is a big part of what makes Roosevelt Island apartments appealing, no one will mourn the passing of those identical, charmless facades. The good news, of course, is that those facades are indeed on their way out -- Roosevelt Island Operating Company is soliciting bids for a company to give that drab main street a long-overdue makeover that could make this loveliest of non-Manhattan Manhattan neighborhoods that much more appealing.

(Almost) No Vacancy: Report Indicates Manhattan Rental Apartment Vacancy Rates Shrunk Yet Again In July

Rental Apartments NYC

The three most important words in real estate, as even non-real estate types know, are location, location and location. This would be why we worked so hard on the "Apartments Near" modality at Luxury Rentals Manhattan. But if we could add a fourth word to real estate's holy (and wholly redundant) trinity, it would be "scarcity." You don't need to be Paul Krugman to know how this works -- the fewer available rental apartments there are, the more prices tend to climb. (Scarcity has always been a big part of the appeal of no-fee rental apartment listings -- in addition to the fact that no fee rentals are a great value, naturally -- but we're already seeing the effects of an improving NYC real estate market in the shrinking number of no-fee rental apartments) The fact that Manhattan's rental vacancy rate continues to fall further and further below one percent suggests that, as previous studies have indicated, the recovering NYC rental market is going to lead to higher prices on Manhattan rental apartments. With the usual caveat that there are still plenty of good deals on Manhattan rental apartments to be found -- and with the reminder that you can browse Manhattan rental listings here to find them -- let's take a look at what Citi Habitats' new Manhattan rental market report means for NYC rental apartment hunters, and everyone else.