New York City Luxury Rental Blog Archives for June 2012

For many Manhattan residents, finding a New York City apartment can seem like a near impossibility, as rents are currently at historic highs. However, several new rental buildings are beginning to surface, with 2,596 new units joining the Manhattan market in 2012. Although vacancy rates are at all-time lows, these new Manhattan rental apartments will surely provide renters with a fresh array of options. This is good news in the long-run too: more inventory means that all that pent-up demand for Manhattan rentals will finally have an outlet. If this trend of new construction and pre-war conversion continues, it will definitely help Manhattan’s sky-high rents come down to earth.

It’s a fundamental rule of the world: high demand = high prices. And with demand for new rentals in Manhattan at an absolute peak, this rule is certainly holding up. With a relative decrease in the amount of new construction over recent years, any open rental apartment in Manhattan is greatly desired, so it's no wonder that the rents keep rising. The city’s vacancy rate fell to .89% in May, a clear indication that the market's few listings are in high demand. Yet while exorbitantly high rent may be a difficult aspect for many to deal with, there are always ways to find comfortable and affordable living situations in Manhattan.

Another Financial District office tower has been redeveloped into a residential building, and its 419 units are ready to hit the market. Back in 2010, MetroLoft Management announced plans to convert 116 John Street into an apartment complex, and renovations on all 35 floors are expected to be complete by October. Originally built in 1931, the 350,000-square-foot Art Deco building is keeping its exterior architecture and hallmark public spaces, but the conversion process will add new terrace doors at all setbacks and brand new windows throughout. Earlier this week, MetroLoft unveiled what future units will look like, with models in the form of studios, junior one-bedrooms, one-bedrooms with home offices, regular one-bedrooms, and two-bedrooms.