New York City Luxury Rental Blog Archives for October 2010

Leaves Fall, No-Fee Apartment Listings Rise, or Why We Love NYC Real Estate In Fall

The specific numbers are different from quarter to quarter, of course, but for the most part the last few rounds of NYC rental stats  all point to the same conclusion -- the market for Manhattan rental apartments is strong, and growing stronger with each passing month. Which sounds great, of course, but has been less than great in practice for Manhattan rental apartment hunters. With vacancy rates back under one percent and rents rising slowly but steadily, all the things that made the less-than-strong NYC rental market of old so appealing for renters have become harder and harder to find. Regular readers of the Luxury Rentals Manhattan blog have probably noticed that posts like this have become something of a regular presence in this space. Gone, we note in tones of deep regret, are Manhattan rental apartments offering concessions, gone are the free months of rent and gym memberships and suchlike. Gone are the no-fee... oh wait, what's that? Some high-end new construction rental buildings are actually still offering up appealing concessions? And no-fee NYC rental listings are on the rise even though the rental market is strong and getting stronger? Must be getting cold outside. (Yes, that actually is how it works)

Those Were The Reasons And That Was New York: Remembering The Chelsea Hotel, Pondering What's Next

It's something of an understatement to write that the Chelsea Hotel is among one of the most famed Bohemian landmarks in Manhattan, given that it has been the epicenter of artistic Chelsea and Boho Manhattan for over a century. The long list of notable musicians, writers, and artists who have frequented the hotel’s 125 rooms -- roughly make up half of what is considered artistic New York, give or take -- have produced a slew of homages, from Leonard Cohen's Chelsea Hotel to countless others with less on-the-nose titles. The Chelsea has been adapted into literature, music, art, and film, but now faces a new and perhaps most difficult adaptation, now that the Chelsea landmark has hit the real estate market. It’s strange, but it's true -- once haven to several of the greatest artists ever to call Manhattan home and inarguably the most iconic Chelsea rental listing in history, the Chelsea Hotel is now a prized piece of Chelsea property for sale. The on-the-market status of the Chelsea Hotel is noteworthy both because it's not every day that Manhattan real estate legends hit the market and because of what it means for Chelsea's past, present and future.

Tight Market For NYC Rentals, Boom Market For Real Estate Scams: How Not To Get Played

Ordinarily, the Luxury Rentals Manhattan "Service Corner" tag is reserved for lighter, more service-oriented posts -- which Manhattan neighborhoods offer the best selection of Chinese food, for instance. But while that sort of thing is no doubt important to dumpling enthusiasts -- and LRM readers know that we're already on the record on that issue -- it's not nearly as important as, say, not getting scammed when searching for a Manhattan rental apartment. That sort of thing is rare, but not nearly as rare as it should be, which is why we at Luxury Rentals Manhattan have a renter's guide on our site, and why we so closely vett the agents to whom we refer those interested in our NYC rental listings. Working with people you trust, especially when it comes to real estate agents, takes a lot of uncertainty and unpleasantness out of the Manhattan apartment search process. And, as a recent article in the Wall Street Journal reveals, working with people you cannot trust can take a lot of money out of your pocket. And so the Service Corner tag is revived, in the service (ha) of a much more serious post. After the jump: how not to get played.

Something Old At Someplace New: New Construction Luxury Rentals Prove Last Holdout For Rent Concessions In Manhattan Real Estate

It's a pretty common refrain here at the Luxury Rentals Manhattan blog that the return of the Manhattan rental market to something like its old gangbusters status is a good thing. That's because, in a macro sense, it is. But it's also because we're working on talking ourselves into it. The renter's market of the great Manhattan rental market slump was tough on landlords and developers, but it was great news for those browsing NYC rental apartments, who suddenly found themselves faced with a wealth of no-fee rental listings and landlords seemingly eager to give away months of free rent and other other concessions. Now that the Manhattan rental market is healthier, the renter's market is generally a thing of the past -- a fondly remembered silver lining surrounding an ever-shrinking cloud, if you're a metaphor type, and a casualty of economic trends if you're more literally inclined. But, as we try to remind readers (and ourselves), there are still great deals to be found on Manhattan rental apartments. There are still plenty of no-fee rental listings out there, for instance, and there are also plenty of Manhattan luxury rentals offering concessions on leases. The surprising part, though, is the identity of those concession-granting Manhattan luxury rentals. From The Ohm -- a new construction luxury rental in Chelsea pictured near these words -- to a host of other new construction rental listings in various Manhattan neighborhoods, some of Manhattan's most concession-friendly rental listings happen to be at some of Manhattan's hottest new construction apartment buildings. No, really. More after the jump.

Luxury Rentals Manhattan Makes Its Long-Awaited New York Gubernatorial Endorsement

Is it predictable? It is maybe a little predictable. But we at Luxury Rentals Manhattan would be remiss if we did not endorse Jimmy McMillan, the candidate -- and quite possibly sole member -- of The Rent Is Too Damn High party for governor of New York. In the hysterically chaotic New York State gubernatorial debate on Monday night -- imagine seven people talking over each other for an hour, only instead of it happening on the uptown 4 train, it happened in front of television cameras and everyone was wearing suits -- McMillan stood out for several reasons. There's the elaborate mustachio, visible in the adjacent picture. There were the black gloves, which McMillan chose to wear indoors for reasons he later explained to Gawker had something to do with his service in Vietnam. And of course there was his karate expertise and general Afrika Bambaataa-in-a-suit aesthetic and... honestly, you should just watch the video. Link after the jump.

The Upper East Side Is Delicious, Part Two: UES's East 86th Street Scores Another Iconic Manhattan Food Spot, Neighborhood Rejoices

Fairway Upper East Side Luxury Rentals Manhattan

Beloved Manhattan grocery institution Fairway bills itself with the slogan, “Like No Other Market.” Which is true insofar as no other NYC market we at Luxury Rentals Manhattan can name has higher stacks of produce, a more competitive olive bar -- even Amar'e Stoudemire could get boxed out in there -- and a better selection of gourmet foods. For Upper East Siders, though, the sad fact of the matter was that Fairway was like no other market on the Upper East Side. Which takes nothing away from the Upper East Side, which has its own unique charm and charisma (and some very nice luxury rental listings, naturally). But the Upper West Side-envy with which Upper East Siders were previously afflicted should be ameliorated by the news that a new Fairway outpost will be moving into the old Barnes and Noble spot on East 86th Street this winter. While it's tempting to say that the Upper East Side's new Fairway is is Like No Other Asset To The UES, there is actually one with which it has something in common -- that would be the new Upper East Side Shake Shack, which opened just a couple blocks west on East 86th Street. The Upper East Side has always been one of Manhattan's elite places to live, and home to some of the finest luxury rental listings in Manhattan. Now, belatedly, it's increasingly home to the sort of fun, Upper West Side-y foodie joints that it had previously been missing. If you're wondering how this makes Upper East Side rental listings more appealing, you obviously haven't been to Fairway (or Shake Shack) recently.