In this final installment of the New York Apartment rental survey put together by the NY Daily News, we look at the state of the rental market for Manhattan Apartments. We all know how this is going to start…
Flying off the shelves applies more to Manhattan rentals than it does to the new iPad. Average rental prices have soared in the last year, reaching an all-time high of $3,418, according to Citi Habitats, the city’s leading rental agency with more than 13,000 transactions per year. There is even competition over apartments, with vacancy at 1.22%. Landlord concessions are down because of the high demand all over the borough.
Two new strong rental projects will hit the market within the year. At 70 Pine, a commercial tower recently purchased by downtown loft converters Metro Lofts, over 900 units will hit the market before the building is fully restored. When completed, the tower will be the tallest residential building in North America, surpassing New York by Gehry, just down the street. On the upper West Side, the Windermere puts a hip, young, Miami-style décor in a historic prewar building. An indoor pool highlights the amenities package. Studios are expected to fetch almost $3,000.
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