New York City Luxury Rental Blog

Anyone who lives or has attempted to live in New York City is quite familiar with the funds it takes to reside in even the smallest studio apartment. According to REIS, the average asking rent has soared to $3,000 for the very first time. For the extravagant lifestyles of some New Yorkers, however, this is chump change. Luxurious tastes call for luxurious homes with rents to match, and these are a few of the most expensive rentals on the market right now.

For the second straight month, the median rental price of a Manhattan apartment declined from the same month last year, according to the October rental report by Elliman. The median rent in Manhattan for October was $3,150, a 1.6 percent drop from October 2012’s $3,200. Prior to September, Manhattan had seen 26 consecutive months of increased rents when compared to the same month from the previous year.

On Wednesday November 6th, the City Planning Commission approved two residential construction projects along the Greenpoint waterfront in Brooklyn. The unanimous decision was made in spite of some voiced community indignation.

To most, Astoria is not known for luxury living. The traditionally middle class neighborhood has remained somewhat low key, even during a period of time that has seen other traditionally working class neighborhoods like the Lower East Side, Williamsburg and Long Island City become popular locations for luxury rental apartments. While these neighborhoods continue to grow in popularity, as well as cost, there’s one lively, diverse neighborhood in New York City that has all the potential in the world, not to mention luxury apartments, that no one seems to be talking about—Astoria.

Residential real estate is booming in New York City, with new developments like Essex Crossing, 626 First Avenue, Gotham West, Gantry Park Landing & Chelsea Park seemingly rising on a daily basis. With a city-wide inventory shortage, there is no reason to expect this trend to slow down, and that makes residential development a highly attractive option for new developers to get in on the action.