New York City Luxury Rental Blog

Manhattan Apartments See Rents Increase... Again

Manhattan Apartment Rentals - Rents IncreaseThe wealth of Manhattan real estate comes with a wealth of Manhattan real estate reports. Reports from the most recent quarter showed activity in the market, but at slower rates than the previous quarter and last year, and with pricier trends.  So indeed, that chorus of renters' sighs heard around the city this past Friday came from a usual suspect: the rental market report.

Manhattan rental market reports show rents going up in the third quarter this year, while the number of new luxury Manhattan rentals continues to fall. They also indicate that NYC landlords are taking the glitter-out-of-the-envelope in terms of concessions. And as rent goes rises across the board, The New York Times reports that many tired Manhattan tenants with end-of-the-run leases have received stark demands for higher rent, and are consequently shopping around for more affordable options.

The Fight to Preserve The Bowery

Luxury NY Rentals - Bowery Listings“The Bowery! The Bowery! They say such things and they do strange things,” began an 1891 song. But what was once known as Skid Row, full of vagrants and artists alike, has over the past few years continued on a path toward full gentrification. Much has changed from the days of towering bank headquarters and performances by Vaudevillian legends. Progress, to be sure, always brings about change. But while many of the residents of luxury rentals in the Bowery see innovation as being productive, they are also fighting to keep the flavor of this iconic neighborhood’s past intact.

A New Market for Wealthy Renters Takes Hold

Luxury Manhattan Rentals - Real Estate TrendsNew luxury rental buildings built in the past few years have changed the dynamic between buying and renting in Manhattan, perhaps permanently. A trend has emerged among Manhattan elites: a wave of wealthy renters are leasing properties all over the borough. This shift in demand has created a niche market for ultra-luxury apartments that didn’t exist before, at least not nearly to this extent. Moreover, the stigma attached to renting a luxury apartment in Manhattan as a significant downgrade in social status is rapidly disappearing. This Old New York mentality has given way to the new attitude that there is no substantive difference between the two, whether it be in quality of living or in social standing. This shift is directly attributable to the high-quality of new construction in Manhattan, but it extends to all Manhattan real estate as well. The proof is in the listings.

New Developments In Clinton... Or Is It Hell's Kitchen?

Painting of Hell's Kitchen in New York CitySince a renaming campaign that began in over 50 years ago, some things have officially come off the menu in Hell’s Kitchen—grit and squalor, gang bivouacs, dire poverty. In 1959, the Manhattan neighborhood stretching from 34th to 59th Street west of 8th Avenue attempted an image makeover when grisly gang violence took the life of two young boys and generated waves of negative media coverage. That year it was alternatively named Clinton—but not unanimously. 

Artists and residents in the community have argued name-politics since the beginning. Where HK has a plucky cachet, Clinton rolls of the tongue with glass sterility. Is the neighborhood a niche for Bohemians, or young urban professionals? Is graffiti art or blight? Are high-rises the future? Technical name grumbling still fills the air, but any stroll through the warehouse-y neighborhood will reveal a juxtaposition of both worlds.

Hudson Square: The Little NYC Area That Could

NYC Luxury Rentals - Hudson SquareWhat was once New York City’s premier printing neighborhood is now one of New York City’s best up-and-coming finds. Hudson Square is a modest stretch of land bordered by Greenwich Village, TriBeCa and SoHo in downtown Manhattan. More specifically, Hudson Square (also referred to by its lesser known name West Soho) runs from West Houston Street and Canal Street and sits between 6th Avenue and the Hudson River. Hudson Square contains the largest concentrations of early 19th century Federalist and Greek revival style row houses, and as the area continues to boom commercially with investors and vendors, luxury rental apartments near Hudson Square are steadily gaining popularity.

September Market Report: The Rise of the Studio

Manhattan Luxury Rentals - Studio ListingsAfter an exciting August – both in terms of the weather and the real estate market – expectations ran high for September. Not only did August have remarkable increases in rental prices all over Manhattan, but it also had a hurricane and an earthquake. That’s a tough act to follow, and it didn’t help that September had lots of rain and humidity. Nonetheless, September was a good month for Manhattan real estate overall, although not nearly as torrid as August. The gains made in September fell very much in line with luxury rental market trends of the past 3 years. Recent months showed divergent trends between studios and everything else, and that held true for September: while rental prices rose for 1- and 2-bedrooms, studio prices went down. Right now, Manhattan studios are undoubtedly the best bargains in the city. The luxury market still looks good though; overall rents increased by 0.8% in September even with this decline.

East Side Residents Support New East River Greenway

Manhattan Luxury Rentals - East River GreenwayThe East River Greenway project, one of the newest attempts to provide further green areas within Manhattan’s East Side, and more specifically the Midtown East neighborhood, is continuing to grow in popularity. A recent poll, taken by the aptly named organization Friends of the East River Greenway reported that 73 percent of those living in the East Side support this new project, suggesting that it is getting ever closer to coming to fruition. Even with its expensive price-tag, this attempt to beautify one of NYC’s most historic areas is one that promises to make the East Side ever more popular as a place to rent luxury apartments.

The New South Street Seaport: Not For the Fish

NYC Luxury Rentals - South Street SeaportFor many years, cries of “fresh fish!”, shouted by fish-mongers plying their wares, were far more prevalent than residents within Manhattan’s South Street Seaport. But since 2005, with the re-location of the Fulton Fish Market to Hunts Point, that paradigm has become obsolete, as many Manhattanites find themselves choosing to rent luxury apartments within this historic district. To be sure, there has been a changing atmosphere in the area dating back to the late 1970s, but since 2005 the rate of transformation has rapidly increased, perhaps representing the beginning of a new trend within Manhattan real estate.

The Last Burst of Summer: August Rental Market Soars

Manhattan Luxury Real Estate - August Rental MarketAutumn is beginning to assert its balmy presence in New York City. With the days slowly becoming shorter, the neighborhood kids back in school, and the ferocious heat cooling to our current mild climate, summer is swiftly becoming a fond, not-quite-distant memory. Though August has ended, its effects will linger well into the fall. We’ve steadily posted throughout the summer about the boost the warmest season gives the Manhattan real estate market -- and predicted that the enthusiastic uptick of the market would continue. But the summer NYC rental season ended with a bang that exceeded even our small blog’s expectations. The Manhattan rental market has recovered completely from this time last year, and jumped ahead in some aspects more than others.

Manhattan Non-Doorman Rentals on the Rise

Manhattan Luxury Apartments - Non Doorman RentalsWhen one thinks of the benefits of living in a luxury apartment building, one of those benefits is inevitably having a doorman. However, we at Luxury Rentals Manhattan have touted the benefits of not having a doorman in Manhattan -- and it seems the NYC real estate world has begun to agree with us. In the past two years, the desire for Manhattan luxury rental apartments in doorman buildings has significantly decreased. Perhaps the most obvious reason is the fact that New York City has been experiencing an historic economic downturn, therefore forcing many people to choose other, less expensive options. But this is not the only reason. The changing demographics within NYC, namely the increase of labor within the technological and creative industries who have different tastes have also played their part, causing a perfect storm of events leading to this dramatic decline in the desire for Manhattan luxury apartments in doorman buildings and possibly the beginning of a new trend within the NYC real estate market.