A Tribeca penthouse may have just become the priciest rental in New York City history.
The sprawling triplex atop 1 North Moore Street, a six-unit boutique condo building in Tribeca, has rented for $85,000 per month, according to Platinum Properties CEO Khashy Eyn. Platinum Properties’ Cyrus Eyn and Cash Bernard brokered the deal.
At 5,500 square feet, the unit will rent for $15.45 per square foot per month, or over $185 per square foot annually.
Jonathan Miller, CEO of appraisal firm Miller Samuel, said that while he could not confirm that the lease sets a new city record for ultra-luxury rentals, he was “not aware of an apartment that has rented for more than $185 per square foot per year.”
The four-bedroom unit listed just over a month ago, asking $90,000 per month. The apartment had multiple offers above the listing price, Eyn said, as well as offers to buy in the mid-$20 million range. Eyn said the owner, whom he did not identify, went with the tenant offering $85,000 because they felt the tenant would be a good fit for the unit’s art collection, which includes pieces by Damien Hirst and Andy Warhol.
The speed of the deal and its premium price point are evidence of resurgent demand in the city’s luxury rental market, where wealthy residents returning from the suburbs have gobbled up inventory, pushing prices higher. Last month, average luxury rents in Manhattan rose to the highest level ever recorded as inventory fell to its lowest level since 2015, according to Douglas Elliman’s rental report.
Adding to the demand are prospective buyers widening their search into rentals amid a record year for the city’s luxury market. Last month, Manhattan set an all-time sales record with $11.4 billion in luxury contracts signed, with three months in the year still to go.
In a nod to the flexible living arrangements New Yorkers have sought out post-lockdown, the penthouse’s Streeteasy listing markets “the epitome of indoor/outdoor living,” including 2,200 square feet of outdoor space spread across a seventh-floor terrace with a fire pit and a rooftop sundeck with clear views of downtown Manhattan and a color-changing infinity-edge swimming pool.