FirstService Residential Reveals the Top 10 NYC Luxury Rental Properties
Luxury rental buildings are redefining the new normal, with residents shifting their desires to more than just square footage. With this in mind, FirstService Residential has announced the results of its year-long study which analyzed more than 7,400 unique apartment vacancies at 119 of New York City’s luxury rental buildings.
The comprehensive report reveals the top 10 luxury rental properties in New York City, all of which are in Manhattan, based on average annualized asking rent per square foot, and additional insights into current luxury housing trends from asking rents and apartment type to commercial conversions and number of units.
“New York City’s luxury housing market continues to set new records,” says Robert Scaglion, executive managing director of FirstService Residential. “Our goal was to not only call out the top buildings in New York, but also analyze trends in operations across the city to gain better insight into what is driving success.”
Based on the company’s study, New York City’s top 10 luxury rental buildings are:
- Grand Tier
- The Corner
- Hawthorn Park
- 2 Cooper Square
- Prism at Park Ave South
- New York by Gehry
- The Larstrand
- The Caledonia
- 600 Washington Street
While these buildings did show an average asking rent of $90 per square foot, the rate did decrease slightly from a year ago, and these buildings were more likely to offer a lease concession to their residents.
In addition to Manhattan, FirstService Residential also gathered data from high-rises in Long Island City, Downtown Brooklyn, and Williamsburg. Key insights include:
- Across the board, luxury rentals tracked in this report asked more per square foot for studio apartments than for one- and two-bedroom apartments.
- Buildings with at least 300 one- and two-bedroom apartments tended to have higher asking rents.
- Only 12 percent of Manhattan buildings offered an owner-paid fee as a lease concession, while 25 percent of the top 10 offered this concession.
- In buildings that were converted from a commercial space (e.g. warehouse, offices, or other non-residential space) to residential, units tend to be large with asking rents trending upward, nearly 10 percent higher in Q3 2015 than Q3 2014.
To learn how we can help improve the value of your property, please contact us today!