New York City Luxury Rental Blog

First conceived of in 2009, the Pier 57 makeover, located across from the Westside Highway at 15th Street, is finally underway. The first stage of the development, headed by developer YoungWoo and Associates, will take the form of a mall made of shipping containers. YoungWoo and Associates will set up shipping containers as stores for approximately 60 retailers with an expected completion date of this April. The Hudson River Park Board and community advocates chose Lot-Ek and YoungWoo as the designers for the new Pier 57 over competing designs from the Related Companies and the Durst Organization. What they liked about Lot-Ek and YoungWoo’s design was the provisions for green space, reductions in vehicular trips, and the respect for the pier’s industrial history. One of the only questions is whether or not rents will go up in West Chelsea again once the project is completed.

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.

Manhattan 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.

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.

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.