Apartment rentals New York with Luxury Rentals Manhattan

Battery Park City, bordered by the Financial District on West Street, is planned community located on the southwestern tip of Lower Manhattan and a prominent example of community renewal. Surrounded by the Hudson River on three sides, this 92-acre stretch of land has grown into an intimate part of New York City that flawlessly balances urban living with an array of scenic views and green spaces.

You have finally found the perfect apartment, with a view of the city you’ve always dreamed of, through classic wooden panel windows. You have a washer/dryer, a beautiful courtyard, and your favorite furry companion is welcome too. But before you sign the lease for your new luxury apartment, beware of these hidden costs that can sneak up on you and add thousands to your rent:

Luxury rentals in Manhattan are this fall’s hot commodity. They are flying off the proverbial shelf faster than Apple’s iPhone 5. Major New York real estate periodicals are saturated with daily listings of new apartments vying for the attention of potential tenants. Those looking to rent an apartment in Manhattan better act quickly, for a home’s lifespan on the market is brief. With such a burgeoning industry, renters may be inclined to take their time in choosing the perfect place. However low interest rates and other economic factors have dwindled the waiting period, contributing to this renting frenzy.

We recently wrote about how Alphabet City in the Lower East Side is attracting lots of new residents, thanks to its cool and cultural vibe. Despite its gritty past, the neighborhood has transformed itself to a hip and trendy one and New Yorkers are eager to be seen and heard around this happening locality. Now, as the value of the neighborhood as a residential haven continues to rise, real estate developer Rash LLC has stepped up and decided to build a new luxury rental building in the area.

The saga of 254 Front Street may finally reach a happy ending. After a developer purchased the property in 2004 for a mere $4 million, numerous setbacks and ownership disputes threatened the project’s completion. This may have been in part because the value of 254 Front Street was lessened by its direct proximity to the Brooklyn Bridge; traditional wisdom held that it’s difficult to ‘sell’ the bridge, which is why the old Jeremy’s Ale House Building was so cheap. In the eight years that have elapsed since then, this 40-unit, 8-story building switched from a condo-conversion to a luxury rental, and now this pre-war rental conversion is finally about to complete construction and hit the market.