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New rentals rev up
With more wealthy New Yorkers looking to lease, not buy, development market tips toward rentals
From left to right: Evan Stein, president of J.D. Carlisle Development Corp.; “Fleeing new(ish) buildings”; the Related Companies’ Susan De Franca; and new development marketer Nancy Packes
From the November issue: Just as The Real Deal was going to press, the New York Post
reported that the Knicks’ Amar’e Stoudemire rented a $37,500-a-month,
five-bedroom penthouse at 99 Jane Street in the West Village. There’s no
denying it: Rentals are hot right now, at least at the very high end of
the market. While overall rents are still down from the peak of the
market and concessions — like one or two months free — are reappearing
as the slow winter months approach, “there is a kind of mini-boom in
high-end rentals in terms of activity,” said real estate appraiser
Jonathan Miller, the CEO and president of Miller Samuel. [more]