“Midtown sees a rental boom”
Brookfield Office Properties is known for developing office space. This makes the recent announcement that Brookfield is considering devoting a portion of an upcoming, four-tower project to residences something of a surprise. The huge site will span from 31st to 33rd streets and from Ninth to Dyer avenues.
The sheer number of residential — mostly rental — units that have come or are coming to the area from so many of the city’s biggest developers in recent years is staggering. We’re talking in the thousands: TF Cornerstone constructed 394 rental units at 455W37 and 835 units in 505W37’s two towers; Emerald Green, two towers developed by Glenwood on 38th Street between Eighth and Ninth avenues, has 569 rentals; the first tower at Related’s MiMa on 42nd Street between Dyer and 10th avenues had 500 rental units; and the 98-unit Mantena on 37th Street between Ninth and 10th avenues just started leasing.
Add to those in existence the thousands of apartments yet to come.
It’s true that during lease-up at many of these buildings — because of their sheer size and their developers’ desire to fill the buildings quickly — renters have benefitted from concessions that offset part of their rent.
But in truth, rents aren’t that much lower than in neighboring areas.
“You used to only take a budget client to this part of Manhattan,” says Clifford Finn, president of new development marketing at Citi Habitats. “But as Chelsea pushed north and Hell’s Kitchen pushed south, suddenly there are more people who are open to this neighborhood.”
Finn is part of the team leasing Mantena, where studios go for $2,625 to $2,900. One-bedrooms start at $3,775, two-bedrooms at $5,675 and three-bedrooms at $9,200.
According to the MNS Manhattan Rental Market Report for April, these numbers are on par with rents in doorman buildings across the city, if not above them. MNS says Manhattan studios overall average $2,629, one-bedrooms $3,722 and two-bedrooms $5,831.
“You used to only take a budget client to this part of Manhattan,” says Clifford Finn, president of new development marketing at Citi Habitats. “But as Chelsea pushed north and Hell’s Kitchen pushed south, suddenly there are more people who are open to this neighborhood.”
Finn is part of the team leasing Mantena, where studios go for $2,625 to $2,900. One-bedrooms start at $3,775, two-bedrooms at $5,675 and three-bedrooms at $9,200.
According to the MNS Manhattan Rental Market Report for April, these numbers are on par with rents in doorman buildings across the city, if not above them. MNS says Manhattan studios overall average $2,629, one-bedrooms $3,722 and two-bedrooms $5,831.
Categories: Magazine · Newspaper · Rental Market Report