Manhattan’s residential rents are now reaching into the high $100s per square foot in some elite buildings. According to StreetEasy, 160 Central Park South even has multiple apartments with asking rents approaching $200/SF. A unit there rented for $16,000/month or $174/SF. Other luxury buildings which command the same asking rents include 170 East End, 40 East 66th Street, 240 Park Avenue South, and 40 Bond.
As lofty as these rents seem, New York City is still a relative bargain compared to other major global cities. According to ECA international, the average rent for a New York City two-bedroom apartment was only 17th on the list as the most expensive city. The top three were Tokyo, Moscow, and Hong Kong. In Tokyo, ECA reported that the average two-bedroom rented for $4,352 per month. After incorporating some of the above mentioned rents, I think it’s safe to say that New York City will vie for one of those top slots in 2011.
One sale which benefited from these $100 /SF rents was The Corner at 200 West 72nd Street. According to the The Wall Street Journal it sold to TIAA-CREF, a major retirement system, for $209 or around $1 million per unit. The sellers, Philips International and Rhodes Associates, assembled the site for the 196-unit building on Broadway and 72nd St. The venture will keep the 48,000 square feet of retail space in the property, whose tenants include Trader Joe's and Duane Reade...
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