Development

New York City, After the Boom

After an extraordinary era of construction and renovation, demolition and replacement, there will almost certainly come a long period in which little to nothing gets built…We have inherited, from the good years, a glut of housing, almost all of it of the unaffordable kind—condos galore—and an increase in office space amid a sudden, steep decrease…

by lisa
12/04/2008 43

After an extraordinary era of construction and renovation, demolition and replacement, there will almost certainly come a long period in which little to nothing gets built…We have inherited, from the good years, a glut of housing, almost all of it of the unaffordable kind—condos galore—and an increase in office space amid a sudden, steep decrease in the need for it. Throw in the high cost, or total unavailability, of capital, owing to the credit freeze, and you have a New York that may be frozen in time. – The New Yorker

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  1. Yep rents are definitely droping in Manhattan. I have a two bedroom apt in a prime part of UWS that over the last 5 years has rented within 2 days of going on the market (and with a rent increases). This time no takers in two months.Dropped the rent by 10% one month ago it still has not moved.
    I have however in that time rented a Clinton Hill apartment and gotten a rent increase. I wouldn’t have believed it if I didn’t experience it myself.

  2. Dave,

    You just listed the most expensive neighborhood in Manhattan.

    There ARE neighborhoods in Manhattan which are cheaper to rent in than parts of Brooklyn. Murray Hill has some cheaper places than in Brooklyn Heights, as does the far Upper East Side over near York Avenue. Same goes with parts of the Lower East Side.

    As a whole, no…Manhattan is more expensive. But Brooklyn Heights, Park Slope, Cobble Hill do in fact have some more expensive listings than part of Manhattan. Now you might get more space in Brooklyn for that price, but still…

  3. “I think the glut is building up. Give it time.”

    What is that based on? It’s not logical.

    Increasing population not decreasing population in NYC + slowdown in building = LESS oversupply coming not more.

  5. Dec. 4 (Bloomberg) — Manhattan apartment rents fell for a
    fourth consecutive month in November and vacancy rates reached 2 percent for the first time since at least January 2007.
    The city’s most expensive neighborhood remained the
    Soho/TriBeCa area, with studios renting for an average of
    $2,395, one bedrooms for $3,637, two bedrooms going for $5,300 and three bedrooms for $7,045, according to a report today from New York-based real estate broker Citi Habitats.

    2%….ghastly

    And show me where there’s a studio anywhere in brooklyn renting for anything close to $2,395.

    Crazy talk santa.

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