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May, 2005 >> return to MAI in the news The state of the apartment rental market
HIGLIGHTED MANAGERS:
In a wildly profitable real estate market like the one we’ve seen in the last five years, few developers can resist the temptation to put up a condominium tower and move on to the next project. But recently a host of important builders have decided they want to maintain a permanent stake in New York City, constructing or converting large-scale apartment buildings to hold and rent. And to attract renters in a condominium-mad market, they’re producing apartments that are as luxuriously appointed and amenity-rich as the new for-sale properties. Meanwhile, the heyday renters have been enjoying for the past few years, with promotional giveaways and big discount pricing, is drawing to a close. “The market,” says Bridget Smalley , Director of Rentals for Manhattan Apartments Inc., “is not what it was. It’s tightened up in the prime areas like Chelsea and the West Village. You have to wait or pay more in those areas. There’s not a lot of inventory.” Other hot areas include the Upper West Side, Fifth Avenue in the 50s, and anyplace close to central Park. Yet there are still some good deals for those who don’t need to be right in the heart of the best neighborhoods. Smalley suggests looking “in the new buildings on the outskirts, like Tenth Avenue in Chelsea.” According to Adjina Dekidjiev, Manager of Operations for Manhattan Apartments, Inc., “The best deals right now are on the Upper East Side, especially if you’re willing to go to York Avenue of East End Avenue. You can get a larger apartment there for less money. And you can still get a good deal in the Clinton area – the West 40s and 50s, closer to Ninth and Tenth Avenues. There’s a lot of development over there, even doorman buildings, offering incentives.” The array of rental buildings scheduled for completion in 2005 and 2006 display an unprecedented level of quality and responsiveness to the needs and lifestyle of the ever more discerning New Yorker. And many of them are in exciting, fast-growing new neighborhoods. |
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