The Manhattan residential rental market saw an increase in vacancy rates and in incentives for tenants, but rents were up from December, in what is usually the slow-as-molasses month of January, according to a monthly rental market report from Citi Habitats released today.

“Absent any seismic changes I think it’s just going to be another strong, stable market for the landlord [this year],” said Gary Malin, president of Citi Habitats. “It would take a real change in the economy to change [the market] to the tenant’s favor.” [more]

Inventory is dwindling for both Manhattan renters and buyers, according to two recent market analyses, and that’s pushing apartment rents and prices higher.

Citi Habitats figures cited by the Wall Street Journal show just 2,230 new rental units will arrive in Manhattan this year, as the construction slowdown during the recession starts to rear its head just as apartment demand is at its highest. Many people have turned to renting in the uncertain economy and the vacancy rate during the typically lax winter months currently sits at just 1.27 percent. [more]

From left: an interior at the Continental and Clifford Finn, president of new development marketing at Citi Habitats

The first year of leasing at the 336-unit rental building the Continental, at 885 Sixth Avenue, saw all the luxury units rented, according to a statement from marketing agent Citi Habitats today.

Though leased out, the amenity-flush, 53-story tower, at 32nd Street, could soon have available units if tenants opt to move, a spokesperson for the building said. The tower was developed by Tower 111 LLC. [more]

Landlords continue to have the upper hand when it comes to Manhattan’s residential rental market, according to fourth-quarter reports released today by brokerages Prudential Douglas Elliman and Citi Habitats. The median asking rent climbed 6.6 percent over the last year, and vacancies were filled at a near-record pace, according to Elliman, while both firms reported a sharp decline in concessions. [more]

Citi Habitats President Gary Malin and the Greenwich Village office

Residential rental brokerage Citi Habitats has reportedly shut its Greenwich Village office, following the expiration of its lease at 214 Sullivan Street, between Bleecker and West 3rd streets, sources told The Real Deal. Agents working out of the office have been moved to other surrounding offices, a person who answered the phone at the company’s headquarters said, though representatives for the firm did not respond to requests for comment. [more]

From left: Halstead Property Development Marketing President Stephen Kliegerman and Citi Habitats President Gary MalinCiti Habitats President Gary Malin and Halstead Property Development Marketing President Stephen Kliegerman whipped out their crystal balls for amNY and noted five trends to watch for in the city’s “booming” real estate market in 2012.

Low interest rates, the strong rental market and the stock market’s daily swings will attract Wall Street investment to new developments, which Malin and Kliegerman say will become more prevalent next year. As for those new buildings, developers will likely offer deals on apartments in buildings that haven’t even begun construction yet in order to kick off sales. [more]

Andrew Heiberger has recruited 265 agents
and staff since launching Town a year ago.From the December issue: When Andrew Heiberger launched the residential brokerage Town, he prophesied that it would become the city’s biggest firm, vowing to hire the industry’s “best and the brightest.”

A year later, at least part of that prediction is on its way to coming true. With five offices and some 265 agents and staff, Town is undoubtedly the fastest-growing brokerage in Manhattan. By way of comparison, Rutenberg Realty — until now the city’s most rapidly expanding firm — didn’t top 200 agents until three years after its 2006 launch. (Rutenberg, in contrast to Town, has a low-overhead business model with just one small office.)

It’s still too soon to tell, however, whether Town’s agents will become the city’s best. At press time, Town said it had 152 exclusive listings worth approximately $405 million, with an average asking price of $2.67 million for sales and $7,500 per month for rentals.

[more]

Rents in November (credit: Citi Habitats)

The Manhattan residential rental market has defied seasonal expectations by remaining remarkably stable even as winter approaches, according to a monthly rental market report from Citi Habitats released today. Prices are higher across the board and the vacancy rate is lower than during the past three Novembers, the report shows.

“While we would expect rents to decrease and the vacancy rate to rise from October to November, the city’s rental market truly held its equilibrium,” said Gary Malin, president of Citi Habitats. “People are staying in their current apartments. Rents are up and concessions are way down. If you don’t have to uproot yourself and your family, why would you?” [more]

From the December issue: As the year draws to a close, the future seems as opaque as a glass of eggnog. Some real estate professionals say pent-up demand in the residential market could foster a busy 2012, while others predict that a sluggish economy will keep prices and activity in check.

Citi Habitats vice president Jay Molishever said the high rents, relatively low sales prices and increasing activity he is seeing in the current market are good signs for the New Year.

“At some point,” he said, “the kindling is going to burst into flames again,” bringing high prices and high volume. [more]

Lenox Hill single-family mansions have become some of the city’s most in-demand properties, the Wall Street Journal reported, but they’re rare and often pricey.

The median asking price for a Lenox Hill home is $1.2 million, or $1,045 per square foot, according to data from Streeteasy.com, compared to $1,020 a square foot in the Carnegie Hill neighborhood and $999 a square foot on the Upper West Side. Closing prices for townhouses in Lenox Hill have ranged from $8 million to $48 million since 2008, data shows.

“It’s rare to find a house in Manhattan” that is the size of the single-family homes in Lenox Hill, said Susan Greenfield, senior vice president at Brown Harris Stevens. [more]