The ultraluxury rental market falls to earth

Landlords finally drop prices, offer incentives

From the June issue: In the decade since Robby Browne bought a two-bedroom condo at 15 Central Park West, the Corcoran Group agent has amassed a “nice little nest egg” renting it out for $18,500 a month.

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Each time the lease was due to expire, he said, tenants and agents lined up to fill the apartment, which he rarely had to list before bagging a tenant, often one willing to pay the whole thing up front.

But this time around, he knew he’d have to do something different. Not only did he spruce up and furnish the place, he also dropped the price to $16,250 a month.