Financial crisis will hurt luxury rents

December 02, 2008 10:26PM

Layoffs in the financial sector are driving down rents in luxury buildings. According to the Real Estate Group’s November rental report, the average rent for a two-bedroom unit in a doorman building in the Financial District fell $400 from November 2007. At Trump Tower, a four-bedroom apartment is renting for $23,000 a month, while in the past, rent for the same unit has been as high as $30,000.

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