New York City Luxury Rental Blog Archives for August 2012

Why Renting May Be Better Than Owning in Manhattan

Recent reports heralding the arrival of the 275 square foot micro rental apartments in Manhattan have reinforced the notion that apartments for rent in New York City are small, uncomfortable and unpleasant to live in. This is a belief that has been perpetuated for several years, thanks to television shows and movies that showcase New Yorkers living their busy lives in cramped spaces. However, while there may be some residences that fit the stereotype, these images are certainly not representative of all rentals in the city. Several of the city’s newest and finest residential developments are offering apartments for rent, with residents enjoying sensational lifestyles that could give homeowners a run for their money.

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Walk-up Buildings Return to the Spotlight

In a city with apartment buildings known for their dizzying heights and grandeur, walk-up apartment buildings in New York City have long had a lower, less glamorous profile. Walk-ups are buildings that have just five or six stories of apartments in them, and, as their name suggests, they do not have an elevator. Walk-up buildings reflect a style of construction of the early 20th century, and the flights of stairs to climb every day have been a deterrent for New Yorkers looking for an apartment to rent in the city. But that was in the past. With the trend of increasing rents sweeping through rental buildings in Manhattan, the apartments in these small walk-ups represent a gold mine for the landlords of such buildings. 

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Manhattan: The Rent is, Still, Too Damn High

“The rent is too damn high!” This phrase, adopted as the slogan and the official name of by a New York City political party founded by Jimmy McMillan, is something that every New Yorker has probably uttered at least once during his or her stay in the city that never sleeps. And if the latest real estate reports are anything to go by, it seems this sad refrain is not likely to lose its popularity any time soon: high rents are still very much the norm for apartments in Manhattan. The Manhattan Rental Market Report for July by MNS has revealed that as the first half of the year came to closure, most rents for apartments in the city have seen increases as compared to June.

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Hamilton Heights: Rejuvenated, Revitalized and Ready

With many of Manhattan’s popular neighborhoods getting denser by the day, it is only natural that people looking for homes in the city are looking for newer, but traditionally overlooked, neighborhoods to move into. One such neighborhood, which has found many takers among the renters of New York City, is the quiet yet evolving locality of Hamilton Heights in West Harlem. With Manhattanville on one end and Washington Heights on the other, Hamilton Heights is in the midst of a revival of sorts, with people coming in to the neighborhood to make use of its low rents and great living atmosphere. The average rent of a one-bedroom apartment here comes to $1,600, whereas buying a townhouse would cost you about $1 million, a fraction of the cost of a similar home in Brooklyn.

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Historic Chatsworth Building On the Market

The Chatsworth is up on the market for sale.Submitted for your approval: The Chatsworth, located at 344 West 72nd Street. Constructed in the early 1900’s, The Chatsworth is one of the key apartment buildings in Upper West Side history. And now, for the first time in several decades, The Chatsworth is going on the market for a grand total of $150 million. In recent times, sales of historic apartment buildings in Manhattan have been quite rare, allowing The Chatsworth to stand in a league of its own. Furthermore, half of the rentals at the Chatsworth are rent-stabilized, with one-bedroom apartments going for just $1,600 a month on average, making the property even more valuable.

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July: Manhattan Rental Market Follows June Trends

After all the cheering for the good news coming out of the Manhattan real estate sector in June, the good spell for the housing market has continued through to July as well. The latest report by real estate firm Citi Habitats reveals that the vacancy rates for apartments in Manhattan have risen to 1.2 per cent, an increase that bodes well for those hunting homes in the city. The highest vacancy rates were seen in the East Village with 1.65 percent, followed closely by the Upper West Side with 1.56 percent and Murray Hill with 1.52 percent. Once again, people looking for homes in the city are at an advantage, and should make use of this time wisely to find their dream homes.

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70 Pine Street Comes Back to Life

70 Pine Street, the former AIG headquarters, is set to be converted into 1,000 rentals.The Financial District has seen its share of new developments and rising residences, and 70 Pine Street is finally set to join the trend. This vacant landmark skyscraper, formerly the headquarters of American International Group, was at one point set to be converted by Metro Loft Management into a series of hotel rooms or a range of rentals of all sizes. However, this task has now been taken up by Rose Associates, with the goal of having 1,000 rental apartments constructed by early 2014. Eastbridge Group, who has accepted the reins from Metro Loft Management, will finance the project, expecting that Rose Associates will be able to finally bring about a slew of new residences at this coveted property.

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