Results tagged “rental”

The Real Estate Group of New York released its August data on the Manhattan rental market yesterday, "Renters have been able to take advantage of relatively bargain prices, which continue to significantly lag in year-over-year trends, while this flurry of activity has led to decreasing inventories around Manhattan good news for landlords and property managers." Notably, in non-doorman buildings, rents for studios dropped 8.03% vs. August 2008, while one-bedrooms were down 5.92% and two-bedroms fell 8.24%; in doorman buildings, studios were -7.09% (vs. August 2008), one-bedrooms -10.02% and two-bedroms -6.87%. TREGNY says "we’ve seen some landlords begin to test the market again this month with price increases," but "it seems to us that this is still a gamble unless one truly feels their current inventories can withstand the market’s current volatility." TREGNY's CEO Dan Baum added that landlords want their tenants, "The concessions out there right now are pretty aggressive."

A lawyer for the $65 billion-dollar Ponzi scheme man says that there will be no appeal for 150-year sentence handed down to Bernard Madoff last week. Ira Lee Sorkin said, "The decision has been made, and that's it." Next up for Madoff is finding out where he'll spend the rest of his life—he requested to be sent to the Otisville federal prison. CNN Money notes that it's "70 miles northwest of New York City, where he used to reside in a $7 million apartment, ...and one of the closest medium-security prisons to New York City, where Madoff has family." Also, there's a "prison camp, textile factory, a full-time rabbi," and, according to a prison consultant, "one of the largest and most active religious programs for Jewish inmates in the Bureau of Prisons."

Back in March, the economy forced developer Bruce Ratner to scale back plans for a 76-story Frank Gehry-designed building called Beekman Tower to just a 38- (or 40-) story structure. Now, the NY Times reports that a deal between Ratner's company and labor unions will help save "as much as 20 percent on labor costs" and allow construction to resume at Beekman Tower. Forest City Ratner executive MaryAnne Gilmartin said, "We’re thrilled to be going back to work. It’s a great project and a great building." Beekman Tower, which will be the tallest residential building in the city at 867 feet, was originally planned as a condominium, but FCR made it a rental (given the economy). Gilmartin also said, The savings we achieved go a long way toward insulating the project from any dip in rents or any protracted period of time required to lease up the building. We’re really bullish on this building."

The NY Times' real estate section's big feature is about the very nice deals renters are finding these days. Not only are renters trying to downsize to save money (one couple moved to a slightly smaller place to save $600/month), sometimes they're able to trade up AND pay less. For instance, there's a woman who, when she couldn't find a decent Lower East Side in her budget last year, moved to a Midtown studio—that smells of burgers—for $1,800/month; now, after her landlord refused to lower the rent, she found a bigger LES one-bedroom for $1,700/month—with no burger smell! Of course, a Citi Habitats broker admits, "Probably somebody who’s relocating would still be surprised today: ‘This is the size of apartment I get for this price?’ But New Yorkers think this is great right now. Maybe you appreciate it more if you spend more time here."

What better time to go condo than during a credit crisis? The Real Deal reports that the owners of 36 Gramercy Park South, the landmarked and last rental building right on the private park, sent its tenants a "red herring" condo offering plan (red herring because it needs to be approved by the Attorney General's office first). And some details: "The 53 units at 36 Gramercy Park East are being offered for sale at an average price of $2,448 per square foot, though large units facing the park are going for much more. The most expensive apartment, a 2,078-square-foot, three-bedroom on the ninth floor facing the park that is currently rent-controlled, has been priced at $6,545,700, or roughly $3,150 per square foot. The least expensive, a 323-square-foot studio at the back of the building, has been priced at $484,500, or roughly $1,500 a square foot." At those prices, you'd think you'd be able to picnic in the park, but no.

The AP reports that rental brokerage Citi Habitats found rents for all apartments (except one-bedrooms) fell slightly during the third quarter, versus last year. (One-bedroom rental prices grew 1.7%.) "The dip may seem to indicate a weakness in the market, but the firm says there has been no precipitous decline in rental rates or substantial increase in vacancy rates," adding that it's rented more apartments between July and September this year than last. The next quarter's data should be interesting!

A class action lawsuit was filed in New York federal court yesterday, alleging that real estate firm "Brown Harris Stevens Brooklyn LLC (BHS) and its senior vice president and two real estate agents discriminate against families with children attempting to rent apartments in Brooklyn."

Property owners are not holding their breath for a citywide ban on domestic smoking, like the ones barring lighting up in bars or restaurants, but non-smoking is increasingly becoming a requirement for renters in New York City.

Looks like someone took that pirate trend a little too far. The NY Times is reporting on Brian Markey and Owen Cahillane, who are sailing the high seas in their floating abode. Okay, no sailing is involved, but the two roommates, recently transplanted from New Orleans and channeling the spirit of Davy Crockett, live day in and day out on a houseboat in the Bronx.