New York City Luxury Rental Blog Archives for September 2012

High Rents Squeezing Middle-Class Families in New York

New Yorkers looking for lower rents are finding little relief in the current marketCity Comptroller John Liu released a report last Wednesday stating that rising rents are increasingly putting pressure on middle-class families. The new report showed that half of all city households typically spend more than 30% of their income on rent alone, compared to 26% nationally. Rent becomes officially unaffordable when it goes over 30%, according to federal benchmarks. Middle-income apartment renters, defined as people earning between $35,000 and $75,000 annually, face the most pressure in Manhattan, where 45% pay rent that falls into the officially unaffordable bracket. This high rent is unfortunately not unique to Manhattan apartments however. Rents have also been creeping up in Staten Island and Queens, where 44% of the middle-class residents are shouldering unaffordable housing costs.

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Village Hospital Converts Into Rental

130 West 12th Street, the West Village's newest rental, is open for businessGreenwich Village is home to many architectural gems, and St. Vincent's Hospital has always been one of the best. After one of its old employee residences, 130 West 12th Street, was converted to a condominium last year, it sold out almost immediately. Now, many of the owners are renting out their apartments at surprisingly reasonable prices. One of the latest projects, the redevelopment of a former hospital, has now become a luxury rental. There is plenty of rental space available at 130 W. 12th St, as it is taking over the market. In early August, the first rental unit popped onto the market, which then led to five more rental units on the market currently. With this new building set in place, there surely will be a boost in the real estate market, due to the number of increasing leasings.

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NYC: Rents Rise, Expenses Rise, But Incomes Stay Stagnant

New York City has always been known as a very expensive place to live in. Be it a wholesome meal or even just a ride on the subway, it is a common feeling among New Yorkers that they are paying more “for everything” than their counterparts in other cities around the country. This rift is best seen in the living expenses faced by residents of New York City, and now there’s proof. “Rents Through The Roof,” a new report released by the City Controller John Liu has revealed that almost 30% of New Yorkers use up more than half their income to just pay rent.

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Woolworth Mansion Jumps into Upper East Side Rental Market

Looking for something that matches your luxurious lifestyle without burning through your budget... somewhat? The Woolworth Mansion, previously on the market as a sale for $90 million, is now available for rent at $150,000 a month. The nearly 100-year-old home designed by famous architect Charles Henry Pierpont Gilbert was originally put on the market as a sale by the current owner, the estate of exercise maven Lucille Roberts. But when it failed to attract a buyer, the estate decided to rent instead, and this setback didn't deter them from asking for the highest monthly rent in Manhattan.

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New Luxury Rental Building Coming to Alphabet City

We recently wrote about how Alphabet City in the Lower East Side is attracting lots of new residents, thanks to its cool and cultural vibe. Despite its gritty past, the neighborhood has transformed itself to a hip and trendy one and New Yorkers are eager to be seen and heard around this happening locality. Now, as the value of the neighborhood as a residential haven continues to rise, real estate developer Rash LLC has stepped up and decided to build a new luxury rental building in the area.

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New York by Frank Gehry Energizes Civic Center

New York by Gehry has changed the way people think about the Civic Center.If you build it, they will come. New York, by Frank Gehry, has proved that an exceptional building will be successful regardless of its location. Developers have recognized the success of Gehry’s building, which is now an iconic part of Manhattan’s skyline, and are looking into not only the Civic Center micro-neighborhood but other underrated neighborhoods for new apartment buildings. Location and status have traditionally been the defining features of Manhattan real estate, but Frank Gehry’s 76-story residential building at 8 Spruce Street presents a challenge to the convention that you have to rent an apartment in a trendy neighborhood.

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How To Simplify Your Manhattan Apartment Hunt

Finding an apartment to rent has often been portrayed as one of the most difficult things to do in New York City. Many a television sitcom has capitalized on the theme of New Yorkers navigating their way through the supposedly murky rental market here; a motif which has now become accepted as fact by many newcomers to the city. However, what is important to realize is that such horror stories of apartment searches are usually caused by a lack of preparation and readiness in securing the ideal apartment. If you're willing to put in a little time, planning, and preparation, then finding an apartment in one of Manhattan’s neighborhoods won’t be strenuous.

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Manhattan Landlords Get New "Lease" on Life, Impose Restrictions on Renters

The autumn winds are descending on New York City, which can only mean one thing--there’s a storm coming. Fall is a banner season for the Manhattan rental market, and projections for the final three months of 2012 look to heighten this precedent. Rental prices hit a record high in July, totalling about $3,459 per month. That’s an astounding sum to pay for a single apartment. Before you head out to the nearest agency, be prepared to encounter stricter lease requirements. Now that the market is on fire, landlords are allowed to demand the very best of their tenants.

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Manhattan Rental Market Still Strong, August Report Says

There was some debate at the end of July when people wondered if rising rents in Manhattan had finally reached their zenith and would perhaps come tumbling down in August. After all, like many said, once you reach the top, you can only come down. Well, the numbers are out now and it seems that “the top” has not yet been reached! Apartment rents in New York City continue their upward rise, and the rental market is as robust and vibrant as ever. The numbers showcase this trend best: rents for studio apartments saw an increase of 1.2%, and one-bedroom and two-bedroom apartments saw increases of 1.4% and 0.9% respectively.

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Low Rents and Cool Culture Draws Residents to Alphabet City

Despite the seemingly kid-friendly name of Alphabet City, this neighborhood situated within the Lower East Side was, for a long time, known as one of the gritty and grimy neighborhoods of New York City. However, the wild days of Alphabet City have drawn to a close and the neighborhood today has become an increasingly desirable place for young people and families, who are taking advantage of Alphabet City’s transformation into one of Manhattan’s hip, trendy and, most importantly, affordable neighborhoods to live in.

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