The Real Deal New York

Rental report shows big gap between walk-ups, new apartments

February 20, 2008 03:29PM

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Apartments in walk-up buildings had much lower rental rates last year: 87.5 percent lower than new developments built after 2000, according to a report by brokerage Citi Habitats. The average three-bedroom rented for $4,845 in a walk-up and $10,480 in a new development. The Lower East Side, East Village and the Upper East Side ranked Manhattan’s least expensive neighborhoods for rental apartments in 2007, the report said. Soho-Tribeca ranked as one of the most expensive neighborhoods, as did the West Village and Gramercy/Flatiron. The West Village had the lowest vacancy rate at .72 percent, while Murray Hill had the highest at 1.2 percent. TRD 

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