| Luxury Rentals Manhattan

Developers Leaping from Condominiums to Rentals

Tue, 07/10/2012 - 1:52pm

Property developers turning to rentals over condos

Need a condominium, but can’t get a mortgage? Well, there’s good news for people in that fix with some New York City property developers are converting residential developments planned as condominiums into high-end, rental apartment buildings instead. Such conversions have been seen in a variety of locations around the city. With people buying less and renting more, there is an unprecedented demand for larger apartments, which has also been proved to be extremely lucrative in the real estate scene.

Vacancies in Manhattan Reach an All-Time Low

Tue, 07/10/2012 - 9:16am

A few days ago, the second quarter real estate report for U.S. rentals was released, providing plenty of information on the national housing market. The verdict: rents have increased to an all-time high, particularly in New York City. Additionally, demand is at an all time-high. But the most staggering statistic at all is that the U.S. vacancy rate has sharply decreased to a level that hasn’t been seen since 2001. The report has several implications for the Manhattan market, beginning with the fact that in New York City, average rents are now at $2,935 per month, 1.7% more than last quarter.

Nolita's Popularity Soaring with Renters

Tue, 07/03/2012 - 1:24pm

Nolita is making itself known as a neighborhood to keep an eye on. As a neighborhood, it’s defined by stunning pieces of architecture, trendy and sophisticated cafés, and a veritable range of nearby shopping. Above all else, most residents of Nolita consider it a sort of bastion or safe haven, tucked away from other crowded areas such as Tribeca and Soho. Residents favor this neighborhood for its sophisticated yet comfortable feel, acting as a serene yet simultaneously elegant area to live in. For Manhattan residents seeking a peaceful yet fashionable and decidedly hip neighborhood to find a rental, Nolita is a desirable choice, so it’s no surprise that rental apartments in Nolita are in high demand.

The Widespread Effects of Rent Regulation in NYC

Fri, 06/22/2012 - 2:06pm

It’s a policy that dates back to World War I: rent regulation. A housing law that currently applies to 62.6% of the rental units in New York City, rent regulation’s effect on the city’s inhabitants cannot be underestimated. However, rent regulation is far from universally accepted throughout NYC. Recent controversy arose when landlords from the Upper West Side filed a federal lawsuit advocating for the removal of rent regulation due to its alleged unconstitutionality. For many landlords of rent-regulated apartments, it seems unjust that residents could afford to endlessly renew their leases.The importance of rent increases and alterations can furthermore be seen in the recent decision by the Rent Guidelines Board to allow landlords to make a 2% rent increase on 1-year leases and a 4% increase on 2-year leases.

Conversion Provides Relief For Manhattan Renters

Tue, 06/19/2012 - 9:04am

290mulberry For many Manhattan residents, finding a New York City apartment can seem like a near impossibility, as rents are currently at historic highs. However, several new rental buildings are beginning to surface, with 2,596 new units joining the Manhattan market in 2012. Although vacancy rates are at all-time lows, these new Manhattan rental apartments will surely provide renters with a fresh array of options. This is good news in the long-run too: more inventory means that all that pent-up demand for Manhattan rentals will finally have an outlet. If this trend of new construction and pre-war conversion continues, it will definitely help Manhattan’s sky-high rents come down to earth.

High Income Individuals Promote Rental Market Expansion

Thu, 06/14/2012 - 2:07pm

The rental market in Manhattan is showing a surprising trend. Despite rents increasing to record rates, the high-end rental market in Manhattan is still expanding. Clearly, high-net-worth individuals prefer signing a lease agreement as opposed to taking out a mortgage to purchase a luxury apartment in Manhattan, but why would they when the financial benefits are few? Apparently, the appeal of the Manhattan luxury rental still exists for individuals needing a place to live without having to absolutely settle down into a long-term residence. Although many residents in this category may very well be able to afford buying a Manhattan condo, it seems that the current state of the housing market coupled with a sense of uncertainty on the future is keeping their faith in the rental market alive.

Manhattan Rental Market Soars to New Heights

Thu, 06/07/2012 - 11:33am

As the rental market thrives in Manhattan, rent continues to climb up It’s a fundamental rule of the world: high demand = high prices. And with demand for new rentals in Manhattan at an absolute peak, this rule is certainly holding up. With a relative decrease in the amount of new construction over recent years, any open rental apartment in Manhattan is greatly desired, so it's no wonder that the rents keep rising. The city’s vacancy rate fell to .89% in May, a clear indication that the market's few listings are in high demand. Yet while exorbitantly high rent may be a difficult aspect for many to deal with, there are always ways to find comfortable and affordable living situations in Manhattan.

The Beaumont in Harlem Obtains a Receiver for Restoration

Fri, 06/01/2012 - 3:14pm

The Beaumont in Harlem is a beautiful rental building The Beaumont has seen some better days. A historic Harlem rental building that had previously hosted author Ralph Ellison and opera singer Marian Anderson, 730 Riverside Drive has since fallen into quite a bit of disarray regarding its management and maintenance. However, efforts will soon be undertaken to bring this Manhattan rental back to some of its former glory. The order has been issued down from a state Supreme Court judge to name a receiver to oversee the restoration and renovation of the Manhattan rental building. Attorney Bradley Marks will take up this role of receiver, officially gaining the responsibility of overseeing the restoration projects set to take place.

New Conversion at 116 John Street Brings More Rentals to the Market

Fri, 06/01/2012 - 10:59am

Another Financial District office tower has been redeveloped into a residential building, and its 419 units are ready to hit the market. Back in 2010, MetroLoft Management announced plans to convert 116 John Street into an apartment complex, and renovations on all 35 floors are expected to be complete by October. Originally built in 1931, the 350,000-square-foot Art Deco building is keeping its exterior architecture and hallmark public spaces, but the conversion process will add new terrace doors at all setbacks and brand new windows throughout. Earlier this week, MetroLoft unveiled what future units will look like, with models in the form of studios, junior one-bedrooms, one-bedrooms with home offices, regular one-bedrooms, and two-bedrooms.

Political Changes Bring French Renters to New York

Fri, 06/01/2012 - 10:48am

Manhattan is about to be taken by storm by a wealthy French contingent looking to rent apartments overseas. Luxury Rentals Manhattan has done comprehensive research on new incoming foreign renters seeking apartments and believes a great number of French clientele will choose New York City as their new home due to political changes back in their native Europe.