Apartment rentals New York with Tribeca Apartments

1. 34th Leonard Street

The MNS rental market report for the month of January is out, and much like in December, it shows a market that has conformed to expectations and dipped, but that is still much stronger than it was a year ago. Generally, the cold winter months keep market activity to a minimum, but average rent for all luxury Manhattan rentals dropped only 0.4% from December to January. Prices in December were down 1% from where they were in November, suggesting that, while the market has sagged a bit, it is by no means as low as it was last year, or as low as industry professionals were expecting. In fact, rent rates are up an average 7.2% from where they were in January 2011. If you’re looking for another sign that the Manhattan rental market has improved substantially, here it is.

The Tribeca neighborhood is home to some of the most expensive apartments for rent in Manhattan. According to the MNS December rental market report, rent in Tribeca has consistently out priced nearly every neighborhood since December 2010. Only apartments in Soho cost more than those in Tribeca, and even then it's only one- and two-bedroom apartments in doorman buildings that do. Non-doorman buildings are more expensive across the board in Tribeca. Which brings us to the focus of this article, and one of New York's more peculiar trends: the triangle south of Canal Street is the only neighborhood in Manhattan where apartments for rent in non-doorman buildings are more expensive than apartments in buildings that have doormen. Tribeca studio apartments in non-doorman buildings have been more expensive than their doorman counterparts every month since December 2010. And one-bedroom and two-bedroom apartments without doormen have likewise cost more almost as consistently. In December 2011, having a doorman with your two-bedroom apartment saved you over $1,000. And a doorman welcoming you into your studio shaved nearly $800 off your rent.

Last week the Astor Suite in the Plaza on 768 Fifth Avenue hit the market for $165,000 a month, officially becoming the most expensive apartment in Manhattan. The Astor Suite is a 5,087 square foot 4-bedroom 6-bathroom luxury home. Jurgen Friedrich, the owner of Esprit, bought the Midtown West residence for $25 million in 2007, and turned it around the next year at an asking price of $55 million. We wrote earlier about how more New York residents are taking up an interest in the most luxurious Manhattan rentals. Maybe Friedrich saw the article because now, after three years without a buyer, he’s put up the apartment for rent at its current superlative asking price. We all know luxury apartments for rent at places like the Plaza don’t come cheap, but this story got us wondering what some of the other highest rental prices in Manhattan were. We looked around, and found that rental inventory starts to fall off a little before $100,000, but there are a few places that can compete for the title of "most expensive in Manhattan."

The wealth of Manhattan real estate comes with a wealth of Manhattan real estate reports. Reports from the most recent quarter showed activity in the market, but at slower rates than the previous quarter and last year, and with pricier trends.  So indeed, that chorus of renters' sighs heard around the city this past Friday came from a usual suspect: the rental market report.

Manhattan rental market reports show rents going up in the third quarter this year, while the number of new luxury Manhattan rentals continues to fall. They also indicate that NYC landlords are taking the glitter-out-of-the-envelope in terms of concessions. And as rent goes rises across the board, The New York Times reports that many tired Manhattan tenants with end-of-the-run leases have received stark demands for higher rent, and are consequently shopping around for more affordable options.