From left: 80 DeKalb in Brooklyn and the Ashley at 400 West 63rd Street
From the November issue: After years in the shadow of the condo market, new development rentals are finally having their day.
While the new condo market has just begun a slow, painful recovery from the downturn, new development rentals have experienced a dramatic — and surprisingly speedy — rebound, experts say. In part, the turnaround has been spurred by wealthy New Yorkers choosing to rent rather than buy in a still-tenuous economy and tight mortgage market. Whatever the reason, rents at high-end buildings — which dipped during
the downturn –have bounced back, and some projects are fetching higher
rents than ever before. [more]
