Rental buildings add $20,000-plus per month listings

New York /
Jul.July 27, 2012 09:00 AM

Three-quarters of Manhattan residents are renters, but only the smallest fraction of them pay more than $30,000 per month. Those renters are usually staying in townhouses or condominium penthouses, and are often there on a short-term basis, waiting out renovations to their homes, delaying the buying process, or looking for a luxury stop amid a road-warrior lifestyle, according to the New York Times.

But for the first time, Manhattan’s rental buildings are also offering super-expensive apartments to lure wealthy people who are determined renters. New York by Gehry, for example, at 8 Spruce Street, will list in September three penthouses on its 76th floor for $45,000 to $60,000 per month. The $60,000 per month north-facing penthouse is 3,800 square feet; the price represents $16 per square foot per month.

Developer Forest City Ratner said it would allow tenants some leeway with renovations to these units, and that it has already been asked for showings by celebrities and athletes.

Related’s One MiMA Tower is also after this sector, as three units on its 63rd floor are seeking between $20,000 and $25,000 per month. [NYT]


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
BHS CEO Bess Friedman, Sotheby’s CEO Philip White REBNY head James Whelan, Douglas Elliman executive chairman Howard Lorber and Corcoran CEO Pamela Liebman (Getty, iStock)
Broker fee ban an “error,” court rules
Broker fee ban an “error,” court rules
Stephen Ross (Getty, iStock)
Stephen Ross puts $500K into PAC. Where’s the rest?
Stephen Ross puts $500K into PAC. Where’s the rest?
Related Companies chairman Stephen Ross and Kara Ross (Getty)
Stephen Ross, wife to divorce after 18 years
Stephen Ross, wife to divorce after 18 years
New Jersey Gov. Phil Murphy (Getty)
NJ order tapping security deposits to pay rent is back in court
NJ order tapping security deposits to pay rent is back in court
Carl Heastie, Andrew Cuomo and Andrea Stewart-Cousins. (Getty)
NY close to approving $2.4B rent relief bill — but its rollout will be the real test
NY close to approving $2.4B rent relief bill — but its rollout will be the real test
Carl Heastie, Andrea Stewart-Cousins and Andrew Cuomo. (Getty)
Lawmakers near deal on $2B in rent relief
Lawmakers near deal on $2B in rent relief
(iStock/Illustration by Kevin Rebong for The Real Deal)
Investors increasingly compete with first-time buyers for homes
Investors increasingly compete with first-time buyers for homes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...