A Look at Some of Manhattan's Priciest Apartments

Let’s start this post off Interior of 144 Duane Street PHwith some basic economic theory. As we’ve written before, inventory on Manhattan apartments for rent is at an all-time low. Landlords are receiving multiple applications for their apartments, and waiting lists have gotten as backed up as having twelve people on them. With demand skyrocketing and supply scarce, basic market laws tell us one thing: prices for apartments are going to be high.

And they are. Market reports over the past couple months have shown average rent prices much higher than they were in 2010. And while the average two-bedroom apartment in Tribeca in December 2011 was going for $6,747 a month, there are also some apartments that look at that figure and just laugh. And with that information at hand, we present to you the 144 Duane Street Penthouse, a three-story, four-bedroom triplex in the Tribeca neighborhood that is currently on the market for $100,000 a month, which makes it tied for the most expensive apartment in downtown Manhattan.

First of all, you may be asking how an apartment could possibly be worth that much. The 144 Duane Street Penthouse is made up of the top three stories of the 144 Duane Street mansion, which went for sale on the market in April for $45 million. The triplex was initially going for $30 million, but after spending most of the year without an offer, it's marketers converted it into a rental. The triplex is 13,500 square feet, with a 575 square foot terrace, a 2,200 square foot landscaped roof deck, a fully equipped private gym, a half basketball court, ceilings that get as high as 25 feet, a custom glass staircase, and original cast iron columns.

This isn’t the only apartment in Manhattan going for the price of a normal sized house in most of the country. In fact it isn’t even the most expensive ask in the city. The Astor Suite at 768 Fifth Avenue, which is decorated with global antiques from the past three centuries, has the honor of holding New York’s highest leasing price, at $165,000 a month, and 33A in 100 East 50th St., the former home of Cole Porter, is going for $150,000.

The fact of the matter is that apartments like this aren’t affected by the inventory level as much as most places; these are apartments that would require Saudi prince money whatever the economic climate was. It’s a combination of location, luxury and prestige that allows landlords to charge so much, rather than anything elastic. But they provide a window into the highs of the Manhattan rental market, and their listings let people see just where exactly the high end of the market is.