Apartment rentals New York with Wall Street

Wall Street Branching Out as Landlords

Wall Street Landlords Manhattan Real EstateUnder the current state of the Manhattan luxury rentals market, more and more investors are taking advantage of the prosperous opportunities and becoming landlords. And when it comes to savviness in investment opportunities, few sectors are as synonymous as Wall Street. According to the Wall Street Journal, several Wall Street firms have been bidding and successfully purchasing foreclosed properties and with the plans of converting them into short-term rentals. While many of these up-and-coming rentals may not come with concierge service or a rooftop terrace, the revenues they generate have the potentials to support and expand new residential developments in Manhattan.

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Heard the One About the Rent-Stabilized Luxury Rental Building in the Financial District? No, Seriously.

The meticulous renovation of the pre-war luxury rental building at 37 Wall Street in the Financial District speaks to the care with which architect Costas Kondylis turned famed architect Francis Kimball's original Beaux-Arts structure into one of the more desirable rental listings in the Financial District. It's a luxury rental through-and-through, but 37 Wall Street is also something else -- a test-case in a lawsuit that's looking to extend rent-stabilization to all buildings, luxury rental buildings in the Financial District notwithstanding, that were constructed with the benefit of New York's 421g tax breaks. The renovation of 37 Wall Street benefitted from those tax breaks in funding its overhaul into luxury rental apartments, and the New York Times reports that a December housing court decision could pass those benefits on to the residents at 37 Wall Street through eviction protections and, maybe, rent reductions. Suffice to say that the developers behind 37 Wall Street are not pleased.

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