Apartment rentals New York with NYC Rentals

Wall Street has been front page news ever since Lehman Brothers went under back in 2008, and the adverse times that followed for the financial sector have been especially troubling in the Manhattan luxury real estate world, where the sales and rental markets have traditionally been upheld by young financiers with money to spend. But it turns out that the relationship between Wall Street and the Manhattan rental apartment market is not as strong as once believed, because Wall Street's struggles have yet to affect the luxury rental market.

According to data compiled by Nancy Packes Inc., 58% of renters below 96th Street in Manhattan made their money in finance in 2005. This year that number is down to 41%, yet the market hasn’t missed a beat. What changed? The economic landscape of New York City is now broadening and diversifying as tech- and creative-companies fill the void left by the decline of Wall Street. People in the tech and creative sectors now account for 12.8% and 13.5% of leases south of 96th Street, respectively, up from 7.2% and 8.57% in 2005. The tech-industry especially has picked up the slack for the Street, so times really have changed - brokers are almost as likely to run into a computer programmer looking to lease an apartment in Manhattan as they are a banker.

Recently, Luxury Rentals Manhattan posed a question that anyone searching for a NYC rental apartment has surely asked him or herself: "Are Manhattan rental apartments now a rich person thing?" It’s no secret that New York City is the nation’s most expensive place to rent, and although -- given how much more expensive it is to buy a Manhattan apartment -- renting in Manhattan still seems like the way to go, it's all relative: MNS’ figures show that in May 2011, rental prices increased by 6% from last year’s average. That's overall, though, and as anyone browsing Manhattan rental listings has surely noticed by now, rental prices, while high throughout Manhattan, are highly variable, even between bordering neighborhoods. Averaging studio, one-bedroom, and two-bedroom costs for each part of Manhattan shows that Tribeca is New York’s most expensive place to rent, while Harlem is the cheapest. That’s not particularly surprising, but some of their findings are. Contrary to popular belief, or common sense for that matter, renting in the Upper East Side is actually less expensive than renting in Greenwich Village, the Upper West Side, or Chelsea. So what does any of this have to do with rezoning North Tribeca and lowering housing costs?

Rich people things: New York City is full of them, from the hundred different takes on seared foie gras to the chilly boutiques of Soho and so on up and down the market. While our media has done a good job of making sure that New Yorkers are up on the latest trends among very wealthy New Yorkers -- and we've certainly done our part here at the Luxury Rentals Manhattan blog, at least insofar as noting the popular renting-a-condo trend among the city's  star athletes -- there's a sense, at least for those of us still living in the actual-existing economy, that these are trends not worth chasing. Which makes it all the more appealing that, albeit at the highest of high-end price points, the wealthiest New Yorkers are now making like everyone else in NYC. Where most of us live in Manhattan rental apartments, the richest New Yorkers long turned to ultra-exclusive co-ops. Now, though, with uncertainty the word throughout the economy, New York's rich are opting to do what everyone else does -- and rent. Yes, they're renting the highest of high-end Manhattan rentals, but for the wealthiest New Yorkers as well as everyone else, renting seems to be the move. The reasoning behind it, unsurprisingly, is proof that -- at least when it comes to finding a place to live in NYC -- the rich are not so very different from you and I.

First things first: The Octagon, on Roosevelt Island, is one of the elite new luxury rental listings on Roosevelt Island -- which is a distinction that increasingly means something. But The Octagon is also more than that -- something simultaneously both more futuristic and more historic than the average Manhattan luxury rental, and another sign of Roosevelt Island's rise as a neighborhood worth watching on the Manhattan real estate scene. The Octagon New Yorkers know today -- a 500-unit luxury rental building that's also one of the greenest green rental buildings in New York City -- was built in 2006, around a (yes) octagonal building with a much longer story behind it. The octagon that forms the hub of The Octagon dates back to 1841, and was built then by Alexander Jackson Davis as a blue octagonal entrance building to what was known then as the New York City Lunatic Asylum (Today, of course, we no longer say "lunatic asylum," and instead use the term "Port Authority Bus Terminal.") That the space has since become one of the most luxurious rental listings on Roosevelt Island -- after 55 years of service as a 19th-century mental hospital, if you're just joining us -- is notable enough. But with the installation of a new, energy-efficient fuel cell that makes The Octagon the first green apartment building in NYC and New York State to be so-powered, The Octagon also has a claim to being one of the greenest green rentals in Manhattan.