New York City Luxury Rental Blog Archives for November 2012

High End Luxury Rentals in Manhattan Hotter Than Ever

While it is often construed that finding an apartment to rent in New York City is a struggle, the truth is that buying an apartment is no walk in the park either. In fact, when it comes to luxury apartments in Manhattan, reports suggest that it is easier for people to go ahead by renting than by owning, because with the former you aren't tied down, thereby enabling you to be on the lookout for the next best thing on the market. And when that market is an upscale location like Manhattan, one can always expect bigger and better things to become available very soon.

Hudson Yards, High Line, 7 Line Extension: Chelsea Prepares for Change

Already one of the most dynamic and popular Manhattan neighborhoods, Chelsea and its surrounding area is in for some big changes. In the next three years, three major projects are planned: the third portion of the High Line, running up to 30th Street; the Hudson Yards Redevelopment Project; and the extension of the 7 Line to 34th and 11th. Chelsea’s rental market has adjusted to the boom and cultural shift from the High Line and the growing allure of the neighborhood. Rental prices are remaining relatively steady, but anticipation is building in the face of this huge influx of new development. Although the massive impact of the High Line on real estate, retail, and cultural institutions was relatively unexpected, developers will not be caught off guard this time.

The Most Expensive Rentals and the Renters Who Love Them

Waldorf AstoriaManhattan rentals have come a long way in everything from appearance to price. As many renovations have taken place to meet the high demand for luxury rental units, rents have also increased in price. Residents can now acquire the same high-end features and amenities found in Manhattan condominiums without having to buy an apartment. Though rents in the city are at an all time high, they are downright average compared to those listed as the most expensive rentals in New York City. Still, there are many who are willing to pull out the big bucks for a luxury Manhattan rental.

Fall Rental Reports Show Slight Decrease in Rents

As the year nears its end, the latest monthly rental reports from various real estate companies have revealed that just like the temperatures in the city, the rents in Manhattan have also taken a dip, a dip that is particularly interesting given that there was a decrease in rents in the last month as well. However, as we mentioned in our analysis of last month’s rental report, despite the decreases, the average October rents are still at extremely high figures. For instance, the Elliman Report for October says that the average rental price for October was $3,856, an increase of 5.4% from the average rent of $3,658 for the same period last year.

Have Your Neighborhood and Afford It Too

It seems like it should have been a tough month for the rental market in Manhattan. Hurricane Sandy managed to unearth a plethora of rental nightmares, obscure landlord-tenant laws, and insurance claims. Though concerns over storm-related safety has so far been shown to rarely push renters out of their current neighborhoods, uncertainty pervades both landlord and tenant. Nevertheless, the weeks prior to the hurricane optimistically, and perhaps predictably, revealed a strong rental market. Price and location, at least for Manhattan apartment rentals, remain the determining factors. Here are four neighborhoods whose coveted locations could also be catered to your next affordable rental opportunity.

5 Reasons to Rent on the Upper East Side

For a long time now the Upper East Side has been seen as the territory of the exceptionally wealthy, especially since the Guggenheims, Vanderbilts, Fricks, and friends made their way uptown. But these days the rental stock in the Upper East Side is actually very wide ranging in both size and price. There’s also the new 2nd avenue subway line that might lure new residents. With the way the city is changing, who knows what could happen in the next few years. Until then however, we present you with a quick guide to renting on the Upper East Side. Here are five reasons why we think renting on the Upper East Side is a good idea for anyone looking to live in Manhattan.

U.S. Asks New York Landlords for Vacant Apartments Amidst Post-Sandy Housing Crisis.

City Officials are looking for vacant housing to help displaced families.In the aftermath of Hurricane Sandy housing is becoming scarcer. And with cold weather on the way, city, state, and federal officials are trying to assemble a pool of vacant houses to supplement New York City's shelter system. While many people have been clinging to their apartments despite not having heat or hot water, officials are worried that another wave of people, numbering in the hundreds if not the thousands, will seek shelter as temperatures fall. “We feel a real imperative to have something in place when the second surge comes,” said Matthew M. Wambua, the city’s housing commissioner. With the electrical outages and the encroaching winter season, many people are left wondering where, and how, they are going to stay warm.

Displaced Manhattan Renters Face New Challenges

Many renters are now looking for new places while their current buildings are uninhabitableLast week’s Hurricane Sandy left many New Yorkers without food, water, power and most of all, without a home. Mayor Bloomberg instated safety precautions in which residents in “Zone A” across the city were mandated to evacuate their building’s to prepare for the life-threatening disaster that was to come. Now, a week later, New Yorkers are trying to recover from the storm but many residents are still displaced. Some residents have long waits of weeks and months before returning to their homes. There are few residents who have no clue as to when they can return to their place of rent due to a lack of communication from building managers. With so many New Yorkers still displaced, the question of how rent payments are being handled lingers in the air.

Despite Hurricane Sandy, Waterfront Residences Keep Their Sheen

In New York, buildings located near the water are coveted real estate, and New Yorkers have proved willing to shell out big bucks to wake up to  awesome views of the Hudson or the East Rivers. But the numerous problems such waterfront developments had to deal with thanks to last week’s Hurricane Sandy have raised questions about these popular buildings along the water, which include impressive addresses like 200 Water Street and New York by Gehry at 8 Spruce Street. However, both experts in the field and city officials are saying not to worry—these locations have not lost their sheen in the real estate market.