New York City Luxury Rental Blog Archives for July 2010

Breakthrough: End of Drilling on 7 Train Expansion Into Hudson Yards Brings More Good News For Emerging Neighborhood

Yesterday, we wrote about the the latest development in the ongoing boom in new construction luxury rental apartment buildings in greater Hudson Yards -- a neighborhood that is sometimes (if unfortunately) called The Linc, and which encompasses the western edges of Chelsea and Clinton. If it seems like we've been covering the goings-on at Hudson Yards a lot here at the Luxury Rentals Manhattan blog, that would be because we have. It's not every day that you get to see a new neighborhood rise before your eyes in Manhattan, after all, and the presence of blockbuster new construction luxury rentals such as the LEED-certified Emerald Green, one of Manhattan's most impressive new green rental apartment listings, and the equally impresive 505 West 37th Street have already given Hudson Yards its share of blue chip new luxury rental listings. And now, with news that the planned expansion of the 7 train into Hudson Yards has finished drilling, this new neighborhood is close to a new subway link to the rest of New York City -- and possibly to a new life as one of Manhattan's most desirable residential neighborhoods.

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Meet The Townsend, The Newest Luxury Rental Building In Hudson Yards

No, we're still not going to call the rising residential neighborhood in West Chelsea and West Clinton -- Hudson Yards, to some -- by the name real estate types have tried to hang on it. But just because we're not going to call "The Linc" The Linc doesn't mean that we won't call it one of Manhattan's fastest-growing markets for luxury rental apartments. While it's unclear whether we should classify the apartments for rent in greater Hudson Yards as Chelsea rental listings, Garment District apartment rentals or Clinton rental listings, the fact remains that the bumper crop of new construction luxury rental buildings in the neighborhood, highlighted by superstar LEED-certified rental Emerald Green, have helped turn this formerly desolate stretch of Midtown West into one of the more interesting places to rent an apartment in Manhattan. With news that the second phase of The High Line will reach Hudson Yards' southernmost regions and that an expanded 7 train could make it increasingly accessible to the rest of the city, the future seems bright for Hudson Yards. In that sense, then, perhaps the announcement of an impressive new luxury rental apartment building in Hudson Yards shouldn't be too surprising. Still, by any standard, the just-finished Townsend -- a 569-unit luxury rental building at 350 West 37th Street -- is a pretty cool development, and another sign of how hot Hudson Yards has become.

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Main Eventi: Rental Apartments in Chelsea Luxury Hotel Eventi Get Name, Leasing Date

Given the jaw-dropping price tags involved, this fact is pretty academic for most New Yorkers, but you may be interested to know that it is common practice for ultra-luxury hotels to set aside a few floors as ultra-luxury condos. It's not exactly clear who is laying down the money necessary for the luxury condos at The Mark or The Residences at The Mandarin Oriental, but neither is it difficult to see what's appealing about an apartment within a luxury hotel -- from the full-service experience to the high-end amenities, anyone who has ever stayed in a fancy hotel is surely familiar with the wish to stay forever. More rare than that, though, and notably more welcome for those New Yorkers who can't cut an $18 million check for a three-bedroom spot at The Mandarin Oriental -- so, basically everyone but A-Rod -- is a luxury hotel setting aside floors for luxury rentals. The just-opened Eventi Hotel at 835 Sixth Avenue, between 28th and 29th Street, is doing just that. The rental apartments at the Eventi will be known as The Beatrice, and are located on the top 24 floors of the hotel. While The Beatrice is still three weeks shy of its leasing date, early chatter on this new Chelsea luxury rental project suggest that The Beatrice will be one of the elite Chelsea luxury rental listings on the market.

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Feel The Surge: Quarter Two Manhattan Apartment Rental Numbers Soar To Pre-Recession Levels... And Beyond

It all seems like a dream, now, the boom market in Manhattan real estate. But while it was unsustainable and way overhyped, and is faintly ridiculous in retrospect, there was a period when Manhattan rental apartments enjoyed an almost instant absorption rate and rental activity was almost terrifyingly constant. That was the middle of 2007, and it seems a long time ago now. But while many of the things that seemed cool in 2007 seem less so, now -- remember how much scarier the world was when Lindsay Lohan wasn't in jail? -- NYC real estate watchers have never quite given up hope that those days might return to the Manhattan rental market. The just-released quarter two Manhattan apartment rental stats suggest, though, that the pre-Lehman glory days of Manhattan real estate aren't coming back. No, the new stats suggest -- astonishingly -- activity in the Manhattan rental apartment market was well beyond those mid-2007 levels. In other words, the Manhattan rental market is not only back, it's apparently stronger than it was during its historic highs. Even more surprisingly, while rental activity soared, rents stayed mostly flat. Maybe that (prematurely lamented) renter's market will survive the turnaround in Manhattan real estate after all.

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