New York City Luxury Rental Blog Archives for October 2012

Looking for Good Rentals in Manhattan? Try Harlem and Inwood

If you are looking for a new apartment in Manhattan, chances are that you are going to be looking for homes in neighborhoods like the Upper West Side or Greenwich Village. After all, these are the neighborhoods that are enjoying a lot of buzz, thanks to both the quality of the homes in the area, as well as the livability of the area itself. Having said that, the apartments here won’t come cheap, since rents, after all, are so closely correlated with the reputation of the neighborhood. But there are exceptions to the rule—there are some Manhattan neighborhoods that are currently on the upswing, and the rents there haven’t shot through the roof—yet.

Is the High Cost of Housing Stunting New York’s Economic Growth?

High cost of housing may be slowing New York's economic growth.Although affordable housing was high on Mayor Bloomberg’s list of initiatives, housing costs continue to rise, due perhaps to the market subtracting units faster than Bloomberg can put them up. This has led to a spike in the percentage of income that New Yorker’s are spending on rent. According to a new Harvard paper, the high cost of housing is directly linked to the slowdown of economic growth. This is a problem that is compounded by New York’s high unemployment rate compared with the rest of the country. This seems to occur because New York hires people from out of state and few middle class residents see the benefits.

Hey, Robert De Niro! We’ll Help You Find A Luxury Rental

Yes, we are talking to you, Robert De Niro. We were really very sorry to hear about the June fire that destroyed the apartment at 88 Central Park West you and your lovely wife, Grace Hightower, lived in. But, as with all other things, one must move on, and we heard that you are looking for a new luxury rental apartment to live in, as your original home gets renovated and restored. However, as with many other New Yorkers, we heard that you too were having trouble finding an apartment that met all your needs.

Rentals Too Hot to Handle: Increase in Supply and Demand

Luxury rentals in Manhattan are this fall’s hot commodity. They are flying off the proverbial shelf faster than Apple’s iPhone 5. Major New York real estate periodicals are saturated with daily listings of new apartments vying for the attention of potential tenants. Those looking to rent an apartment in Manhattan better act quickly, for a home’s lifespan on the market is brief. With such a burgeoning industry, renters may be inclined to take their time in choosing the perfect place. However low interest rates and other economic factors have dwindled the waiting period, contributing to this renting frenzy.

Manhattan Rents Dip, But Only a Little

Rents in Manhattan have been soaring over the past few months, with several rental records being broken and New York City’s real estate sector enjoying a flurry of activity. But the most recent market report released by Citi Habitats suggests that the surge in rents is finally taking a breather, with average rents stabilizing in September as compared to August. In some neighborhoods the rents have actually dipped slightly too. However, there’s a catch—while the rents have plateaued, they're still holding strong at their extremely high rates. Additionally, landlord concessions for rental apartments such as a month without rent or no brokerage fees are now more rare than they've ever been, indicating that Manhattan renters don't need extra incentives to sign a lease.

New Yorkers Rent With the Stars

One of the perks to living in New York City, besides the bagels and the halal carts, is that sooner or later, one is bound to run into some famous celebrity out and about in the city. Some lucky New Yorkers have stumbled onto a movie set in Midtown West and met one of the stars of “Ocean’s Eleven,” while others have been flabbergasted to realize that they have been shopping alongside a “real housewife” in a trendy Manhattan store on Fifth Avenue. But there are some among us who haven’t yet seen a star in the city yet. So, if you are a New York City resident who hasn’t had a chance celebrity encounter to share with friends yet, we have a suggestion to help you in your star quest.

The Young, Restless, and Rent-Stabilized

For New Yorkers, the refusal of rent-stabilization begs indignation, shock, or simply confusion. In the Financial District, apathetic responses to the option to convert units in eligible buildings to rent-stabilized apartments has become an unusual phenomenon. Up to 16 Lower Manhattan apartment buildings received tax breaks since 2006, requiring the apartments to be rent stabilized. Under the Section 421-g Program, the NYC Department of Housing Preservation and Development designated the Lower Manhattan Abatement Zone, defined as the area south of the centerline of Murray, Frankfort and Dover Streets as an area eligible for partial exemption and abatement.

A Calm Manhattan Market Stays Strong

The rental market may have slowed a bit, but rents in Manhattan are still at record levelsManhattan’s rental market is cooling down after a strong upward rise over the last few years. However, it continues to progress slowly but surely. This means that more deals are on the market now than at any time since 2009. In neighborhoods such the Lower East Side and the Financial District prices have decreased on both studios to two-bedrooms, so apartment hunters can pay less and gain more while still being able to enjoy the luxury of a Manhattan lifestyle. Though the increase in Manhattan’s rental market has been minimal over the last month or so, thankfully there has been no stagnation or downfall. Based on a recent report, there are plenty of great apartments for renters to choose from.

Glassy MiMA Gets Greener With LEED Certification

It’s hard to take your eyes off MiMA once you have seen it. This 63-story glass tower is stunning and awesome, one of the few new residential apartment buildings in Midtown Manhattan that is definitely hard to miss. This mixed-use building is known for a lot of things: its amazing luxury rentals, its hotel, its dog spa its signature theater complex designed by Frank Gehry, and the celebrities it seems to attract to its premises. And now, One MiMA Tower has another new feather to add to its  cap—the building has just been awarded the LEED Gold Certification by the United States Green Building Council, making it a fabulous building that is also environmentally friendly.