The Real Deal New York

Manhattan luxury rents still top Brooklyn, Queens

Rents at new Manhattan buildings w/ amenities beat Williamsburg by 16 percent

November 06, 2015 03:28PM

1930 Broadway

1930 Broadway in Lincoln Square

People may be flocking to Brooklyn, but Manhattan still reigns supreme when it comes to living in luxury.

Comparing rental buildings with amenities developed since 2000 in Manhattan, Brooklyn and Queens, a new report by property management company FirstService Residential found Williamsburg rents were 16 percent below Manhattan levels. Rents in Downtown Brooklyn, meanwhile, lagged 20 percent behind Manhattan.

The report ranked Glenwood Management’s 30-story Grand Tier residential tower, at 1930 Broadway near Lincoln Center, as the city’s most expensive rental building. Asking rents at the property averaged $9,214 per month, according to StreetEasy.

All of the top 10 buildings in terms of rent were in Manhattan and located either Downtown, in Chelsea or on the Upper West Side, according to the Wall Street Journal.

New rentals in Queens, meanwhile, didn’t do much better than Brooklyn. Studio rents in Long Island City trailed Manhattan by nearly 24 percent, while two-bedroom rentals were almost 32 percent lower.

The discrepancy between Manhattan and its neighboring boroughs is closing, however. The rent gap between Brooklyn and Manhattan, for all types of buildings, fell from more than 30 percent in early 2008 to about 12 percent during the past 12 months, according to data from appraisal firm Miller Samuel and brokerage Douglas Elliman. [WSJ]Rey Mashayekhi