Articles on Manhattan Rents

High Rents Create a New Homebuyer Mentality

With Manhattan apartment rents soaring, condos begin to seem much more affodrable by comparisonBuying Manhattan property has never looked so appealing. As rents in the city soar to record heights, the price gap that separates renting and buying an apartment is currently the smallest it’s been since 2006. And with Manhattan still exhibiting the highest cost of buying relative to renting in the United States, the fact that renting apartments is falling in popularity is truly saying a lot. Yet for many residents, buying property with a mortgage is beginning to seem immensely preferable to paying ever-increasing rents. While residents are showing more and more distaste for continuing to rent property, there’s an increasing willingness to bite the bullet and buy a condo or co-op.

Rezoning North Tribeca: Will Prices Finally Come Down?

Recently, New Construction Manhattan noted that changes in zoning could have a major impact on a neighborhood. It’s no secret that, square foot by square foot and new construction Manhattan condominium for new construction Manhattan condominium, New York City is one of the nation’s most expensive cities in which to buy an apartment. But, as anyone who has searched Manhattan apartment listings recently knows, condominium prices in Manhattan -- while not exactly cheap anywhere -- are highly variable from neighborhood to neighborhood, and even between neighborhoods that share borders. In practical terms, this reveals some practical conclusions -- averaging prices for Manhattan studio apartments, one-bedroom apartments, and two-bedroom apartments reveals that Tribeca condo listings are the priciest in Manhattan, while Harlem is home to the cheapest. That may not surprise you all that much, but other revelations -- for instance, condos on the Upper East Side are less expensive per square foot than apartments in the East Village or on the Upper West Side -- may elicit a head-shake or a whaddaya-know. These numbers didn't come out of nowhere, of course -- these are established neighborhoods with established brands. But what happens when, as recently happened in North Tribeca, an old section of an established neighborhood gets a new life thanks to a new zoning designation? The answer, we think, is something very promising indeed.