New York City Luxury Rental Blog

Diversity is a term long associated with the melting pot that is NYC, but one rarely synonymous with Manhattan luxury rental apartments. However, in the past few years, dozens of luxury rental buildings have been developed with the financial assistance of the 80/20 program, which aims to provide affordable housing with a luxurious twist. This program, which has become especially popular since 2008, requires that 80% of the luxury apartments in the building utilizing this policy are rented at market-rate prices, while the remaining 20% are offered below market. But while many low-income families will benefit, at times living literally across the hall from their wealthier neighbors, those with higher incomes are poised to profit as well.

Most Manhattan neighborhoods have developed into neighborhoods with their own sets of rules, their own feel, unique reputation, and style. Typically, New Yorkers can travel from one area of the big city to another and have a completely different experience that is fantastic in its own way, but the Far West Side of New York City has been lagging when it comes to having its own unique personality and lively residential neighborhood.

The space between Chelsea and Hell’s Kitchen never really had a name or a purpose other than housing storage buildings that took up an entire block of space, gas stations, and parking lots. If you did live there, you’d have to walk south into Chelsea or north into Hell’s kitchen just to get to a place that was actually a successful neighborhood with things to do and places to eat and run errands explains the NY Post.

Battery Park City may be one of Manhattan’s most modern neighborhoods. Created using fill from the World Trade Center site, Battery Park City’s development is finally coming to a close with its last two rental buildings nearly completed and ready to go. Sister buildings, Liberty Luxe and Liberty Green add luxury rental apartments to Battery Park City’s final open space, bringing to a close over 40 years of work on Manhattan’s man-made land.

Milstein Properties is responsible for finishing these sister buildings, but the company is no stranger to Battery Park City; they have built four other buildings in the neighborhood as well. The first of the sister buildings, the Liberty Green, began taking tenants in May and one month ago was already half-full. Liberty Green is a 22-story red brick rental tower, offering 191 studio to three-bedroom apartments for rent. Its sister building, the Liberty Luxe will take residents in the fall for its 280 units spread out over 32 stories.

Looking for a rental apartment in New York City is definitely a challenge in the market today. In all of New York City only 2.8% of the city’s apartments are vacant and in need of tenants reported the Wall Street Journal. This can make it difficult for renters to find the variety that they would like when it comes to the housing market, but with a little help from a broker some finagling can be done to find the perfect vacant apartment for each renter, making landlords even happier than they already are for having few—if any—vacant apartments in their buildings.

Along with a decrease in vacant apartments, average rent in the city has increased in the second quarter of 2011, almost reaching a previous high from 2008. Apartments for rent are expected to pass this high throughout the rest of the year. Throughout this economic crisis, landlords have been offering incentives to attract renters: a free month’s rent, paying broker fees. Now that there are fewer vacant apartments available for rent, you’d think this has changed and it has slightly, but these deals are still around. Potential renters can take advantages of these incentives, making the process of finding a vacant apartment for rent in Manhattan more rewarding in the end, however Crain’s New York reported that only 7% of rental deals include a free month’s rent or payment of the broker’s fee compared to 25% of rental deals at the same time a year earlier.

New York by Gehry, also known as 8 Spruce Street is one of the newest luxury rental buildings in Manhattan. It also has the distinction of being the tallest residential building in the United States. There has become a competition in New York and 8 Spruce may see its title as the tallest residential building in Manhattan challenged.

8 Spruce Street immediately stands out because of the building’s unique façade. Possibly even more impressive than the exterior of 8 Spruce Street is the interior of the building.

Because of the exterior of 8 Spruce Street, many of the rental apartments inside of it have floor plans that are unique. Just as the 8 Spruce Street twists and curves like a flame into the sky, residents can expect to find little nooks and crannies within the apartment that match with the building's exterior.