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......

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. The Post reports Tishman Speyer, which bought the development for $5.4 billion in 2006, is facing 5-10% vacancy rates, while the average......

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." The 58,000 square-foot space is being offered together or subdivided and may become another retail space or (wait for......