Apartment rentals New York with Financial District Rental Listings

It may not feel exactly like it now, but spring is coming soon to New York City! The sloppy weather we have been experiencing for the past few days is going to make way for a glorious, warm season which will make most of us want to spend more time outdoors in the city. This is where living near a park comes in handy—the city’s beautiful parks are a great place to hang out and soak up the sunshine during the warmer months.

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.

New York City, ever known for taking the real estate and rental advice from the rest of America and throwing it out the window, is now going through a more unexpected demographic change. When we think of who actually rents luxury rentals, the first group that comes to mind is usually investment bankers, mainly those in their 20s and 30s who fill the tangled streets of Lower Manhattan early in the morning and seemingly beat rush hour both to and from work. That was true until recently, and while financiers still comprise the largest portion of renters, they no longer form the majority that they used to be. Instead, an eclectic tech-savvy generation has usurped traditional business, and in turn, the rental market.

The specific numbers are different from quarter to quarter, of course, but for the most part the last few rounds of NYC rental stats  all point to the same conclusion -- the market for Manhattan rental apartments is strong, and growing stronger with each passing month. Which sounds great, of course, but has been less than great in practice for Manhattan rental apartment hunters. With vacancy rates back under one percent and rents rising slowly but steadily, all the things that made the less-than-strong NYC rental market of old so appealing for renters have become harder and harder to find. Regular readers of the Luxury Rentals Manhattan blog have probably noticed that posts like this have become something of a regular presence in this space. Gone, we note in tones of deep regret, are Manhattan rental apartments offering concessions, gone are the free months of rent and gym memberships and suchlike. Gone are the no-fee... oh wait, what's that? Some high-end new construction rental buildings are actually still offering up appealing concessions? And no-fee NYC rental listings are on the rise even though the rental market is strong and getting stronger? Must be getting cold outside. (Yes, that actually is how it works)