The interior of a Mantena unit
The recently opened 97-unit Mantena rental building located in the Hudson Yards already has seen leasing get off to a strong start, Crain’s reported. A total of 24 apartments have been rented since the building launched a few weeks ago. [more]
Horse county in Bedford Village
Like the Hamptons, summer retreat towns in northern Westchester are seeing their rental markets gain strength for the first time since the downturn, according to the New York Times. Towns like Bedford and Pound Ridge are seeing increased activity from renters, who prefer the more private, lower-key semirural towns to the paparazzi-and-traffic-laden options on Long Island’s East End. [more]
From left: David Behin, president of investment sales at MNS, and the condo-turned-rental 100 Luquer Street, which he is marketing
A new group of condominium-turned-rentals are hitting the market in Brooklyn, Crain’s reported, most recently in Williamsburg and Carroll Gardens.
“It’s a perfect storm,” Ofer Cohen, the president of TerraCRG Commercial Realty Group, said to Crain’s. “Owners can sell a new rental building in a short amount of time for almost the same price as a [normally far more expensive] condo.” [more]
From left: Construction on the Second Avenue Subway and a muck house
While apartment owners and longtime residents of Second Avenue on the Upper East Side constantly voice complaints and anger over the construction work on the forthcoming subway, for young renters it provides a rare opportunity for a bargain apartment in Manhattan. [more]
The Related Companies has switched its strategy at MiMA in Midtown West, the Wall Street Journal reported, and will now lease the nearly complete top-floor units it had long been planning to sell.
Since development began on the 63-story, 814-unit building at 450 West 42nd Street near 10th Avenue, Related had said it would reserve the 151 apartments on the top 13 floors for condominium sales. But now the developer has plans to market them as ultra high-end rentals, with three-bedroom units commanding as much as $20,000 per month. [more]
From the August issue: New Yorkers are fleeing the city in the scorching summer heat, trading subway cars for the Hamptons Jitney and business casual for bathing suits. Even so, the residential rental market is as sizzling-hot as the temperature, brokers say.
According to a market report released by the brokerage Citi Habitats, the average second-quarter rent for a Manhattan apartment jumped around 10 percent from the same period of 2010. Taking into consideration landlord concessions like a month of free rent, the median net-effective monthly rent paid by Manhattan tenants grew to $2,888 in the second quarter, up from $2,700 in the prior-year quarter, according to a report from Prudential Douglas Elliman.
“The rental market is going absolutely crazy,” said Bruno Ricciotti, a principal at Bond New York Real Estate. In some desirable neighborhoods, he said, apartments are renting for higher prices than they did during the peak of the real estate boom. [more]
Rents have begun their summer climb, up 0.68 percent overall and 1.12 percent in doorman buildings in May, according to a recent report my MNS, formerly known as TDG/TREGNY. Year-over-year rents were up 6 percent compared with 2010. Inventory was up 2.93 percent for the month overall, however, with a 5.34 percent increase in non-doorman units. Meanwhile, the number of doorman building units fell by 1.89 percent.
MNS reports that rents fell 9.91 percent for Financial District non-doorman one-bedroom apartments. Renters looking for a downtown address should check out the deals before a wave of summer renters snaps up the inventory, the report suggests.
There are still good deals to be found in Harlem. Studios prices fell 7.41 percent in non-doorman units to $1,380, and 6.04 percent to $1,628 in doorman units. [more]
Average residential rents in Manhattan were $3,342 in the first quarter of 2011, or $47.62-per-square-foot when taking landlord concessions into account, according to a Prudential Douglas Elliman residential report released today. While the per-square-foot measurement barely edges out last quarter’s $47.45 fetching price, it’s 20.3 percent more than the $39.58 landlords earned per square foot in the first quarter of 2010. The median rent actually fell from last quarter and a year ago, but landlords made fewer concessions, bringing the overall price up for tenants. Manhattan rental apartments also spent less time on the market — 40 days, on average — than they did a year ago. Overall, the number of rentals in Manhattan was up 150 percent from the first quarter of 2010. TRD
It’s often said that New York City brokers speak their own language and, according to a new report, that old adage may be true. Certain adjectives and terms are common across the vast majority of apartment listings, according to Naked Apartments, a year-old site that not only lists apartments, but also helps match renters and brokers. The site, self-described as the “Match.com for New York real estate,” found that the phrases “in the heart of” and “just steps from” popped up in rental listings 524 and 420 times in its listings, respectively. [more]
Manhattan rental prices were relatively stagnant over the past month, according to the Real Estate Group NY’s March market report, which measures activity from mid-February to mid-March. The average rent increased by just .45 percent month-over-month, but showed strong gains over March 2010, with rent up 7.84 percent from a year ago. The priciest average rent was for two-bedroom doorman units in Soho, which asked $8,173 a month, while the least expensive was for Harlem non-doorman studios, which fetched an average of $1,593 a month. TRD [more]
