Equity Residential is requiring renters to put down a $1,000 non-refundable deposit to reserve an apartment in its new Ten23 rental building near the High Line, the New York Times reported. That’s on top of the astronomical rents at the 111-unit building, at 500 West 23rd Street near 10th Avenue, where Equity is charging $3,205 for a studio.
“This is the most expensive deposit that I’m aware of,” said Citi Habitats President Gary Malin. “Typically, it’s more like $500.”
Move-ins don’t start until mid-Janaury, so some of the 19 renters who have signed leases and the five more who have made commitments since leasing started in October, had to pay the deposit more far in advance of residing in their units. “We wanted a commitment from people who come and see the building,” said Brian Collins, a vice president at Equity Residential, who also noted that renters had to come up with two months rent in advance.
The Times said the combination of an extremely strong rental market — which had the lowest November vacancy rate since 2007 this year– with the popularity of the neighborhood surrounding the High Line. However, MNS CEO Andrew Barrocas said it “feels awkward, and a bit pushy,” and argued that it could create ill will towards Equity.
January 04, 2012 at 10:54 am, LaneAnthony said:
Does the high rent here speak to the free Market that the nay Sayers of Rent regulations talk about? Those who have Rent Stabilization would not be able to afford to live here. If the RS apartments were deregulated the city rents will not drop. This kind of property speaks to this.
January 04, 2012 at 12:37 pm, blazingsun said:
It’s supply vs demand- don’t even get started on the backwards nature of rent stabilization. RS is an outdated policy which has hindered economic development for the city- thus this is why we see NYC struggle for population growth & capital intelligence…
April 10, 2012 at 4:24 pm, Residents of High Line condominiums fuming over ambulance fumes – insiderater.com said:
[...] the meantime, residents who live in the Marais at 520 West 23rd, Ten23 located at 500 West 23rd Street, the Spears Building at 525 West 22nd Street and HL23 at 515 West 23rd Street, say that idling [...]