Manhattan luxury rents still top Brooklyn, Queens

Rents at new Manhattan buildings w/ amenities beat Williamsburg by 16 percent

TRD New York /
Nov.November 06, 2015 03:28 PM

People may be flocking to Brooklyn, but Manhattan still reigns supreme when it comes to living in luxury.

Comparing rental buildings with amenities developed since 2000 in Manhattan, Brooklyn and Queens, a new report by property management company FirstService Residential found Williamsburg rents were 16 percent below Manhattan levels. Rents in Downtown Brooklyn, meanwhile, lagged 20 percent behind Manhattan.

The report ranked Glenwood Management’s 30-story Grand Tier residential tower, at 1930 Broadway near Lincoln Center, as the city’s most expensive rental building. Asking rents at the property averaged $9,214 per month, according to StreetEasy.

All of the top 10 buildings in terms of rent were in Manhattan and located either Downtown, in Chelsea or on the Upper West Side, according to the Wall Street Journal.

New rentals in Queens, meanwhile, didn’t do much better than Brooklyn. Studio rents in Long Island City trailed Manhattan by nearly 24 percent, while two-bedroom rentals were almost 32 percent lower.

The discrepancy between Manhattan and its neighboring boroughs is closing, however. The rent gap between Brooklyn and Manhattan, for all types of buildings, fell from more than 30 percent in early 2008 to about 12 percent during the past 12 months, according to data from appraisal firm Miller Samuel and brokerage Douglas Elliman. [WSJ]Rey Mashayekhi

Related Articles

The Stratford at 1385 York Avenue (Credit: Google Maps)

Former Glenwood employee claims she was fired after rejecting supervisor’s sexual advances

Benchmark Real Estate Group's Aaron Feldman (left) and Jordan Vogel (right) with 25 Monroe Place in Brooklyn (Credit: LinkedIn)

Benchmark looks to sell BK Heights rental building for $70M

From left: 278 Henry Street and 296 Sackett Street

Brooklyn’s resi market saw 20 contracts close above $2M last week: Stribling

1365 York Avenue and Carole Pittelman

Glenwood refinances another UES tower with a $102M loan

Brooklyn and Queens rents rise as incentives decline: Elliman

Brooklyn and Queens rents rise as incentives decline: Elliman

(Chart by Miller Samuel)

Cautious buyers are pushing up Manhattan rent prices

Why Brooklyn and Queens buyers are “camping out”

Why Brooklyn and Queens buyers are “camping out”

Glenwood Management refinances UES tower with $127M loan

Glenwood Management refinances UES tower with $127M loan