Landlords cutting rent 

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Some Manhattan landlords are cutting rents to get apartments leased. “The market is softening and it’s taking longer to rent apartments,” said Steve Fuchs, director of leasing for Besen Residential. He said a landlord lowered rents for Upper West Side studios from $1,850 to $1,700 and one-bedrooms from $2,650 to $2,400. The brokerage Citi Habitats reports that rents are similar to last year’s levels, except for studios, which dropped citywide by 2 percent. Rents for studios in Soho and two-bedrooms on the Lower East Side dropped significantly, the brokerage reported. 

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