With college graduation season in full swing, New York is about to be invaded with this year's crop of postgrads following the legends they've heard of this safe version of New York City that now apparently even promises affordable apartments in neighborhoods they've seen in movies since they were kids. The Times talks to recent transplants and realtors about just how affordable Manhattan apartments have gotten recently. One apartment hunter tells them, “I can type in my search criteria now and see 50 listings in Manhattan...they are definitely there and two years ago, they weren’t.” Others say that they're just satisfied with how spacious apartments are in neighborhoods they find pleasantly surprising such as Gowanus and Harlem. A recent grad described how many college friends she has in Astoria saying, “I guess it’s the same idea as immigrants—they find ways to stay near one another." One realtor tells the paper that things certainly have changed since the 32,000 graduates who arrived in 2007 when "Wall Street gave them $60,000 a year and $10,000 in moving fees.” more ›

Wall Street rebounded at the end of the week, but the commercial and residential real estate markets are getting ready for financial sector fallout. The NY Sun reported that Bank of America's acquisition of Merrill Lynch may mean another 4.2 million square feet of office space on the block. Still, brokers and the city are relieved that Barclays is taking Lehman's 7th Avenue office and the feds saved AIG, as they make up 6.2 million square feet. On the residential side, the Real Deal suggests landlords may offer more concessions, like out-of-state guarantors on top of free month's rent and owner-paid commissions. One rental firm said a landlord "called and asked me how many of our tenants work for Lehman Brothers." more ›

The Real Estate Group of New York released its Manhattan Rental Market Report and writes that given the "continued softening" of the rental market and diminished demand, one- and two-bedroom rental prices have dropped, anywhere between 2-5%. However, studio rentals are up (driven by people trading down from bigger spaces to save money, oddly enough) and in the grand scheme of things, given the nutty NYC real estate market, rentals can still ridiculously expensive (see graphic above). more ›

One month's free rent! Pets allowed! These are some of the new strategies from Tishman Speyer for its market-rate rentals at Stuyvesant Town-Peter Cooper Village complex. Which is a far cry from its past as a complex where building workers would be rewarded with $150 gift certificates if they narced on pet-owning tenants. more ›

Word on the street is that Union Square's mammoth Virgin Megastore is closing up shop sometime between now and February 2009. Billboard reports the space is "being offered by a real estate broker for 2009 availability. According to retail sources, New York-based Winick Realty is shopping the space and has sent out packages highlighting its features." more ›