high-end rental market weakness
Started by inonada
about 14 years ago
Posts: 7945
Member since: Oct 2008
Discussion about
I was poking around the high-end listings for rent (condos, coops, and one-off things above $10K, say), and pricing looked pretty weak. There were a good number of places sitting for months, price drops down to 2009 levels for the same unit, with no takers. Reminiscent of the late 2008 market to me. Anyone here on the front lines for such places currently?
2008 and 2009 was record high
I just googled 'caonima'. Interesting.
examples? We're in the market, and are seeing very few attractive units / attractive prices. In fairness, we were not looking at high end rentals in 2008 or 2009, so I don't have a basis for comparison.
"2008 and 2009 was record high"
Record high concessions, maybe.
newbuyer99:
Not my thing, but if you like this sort of thing, pretty good to pick up at $12K (asked $6.2M, sold for $3.76M, discounted price for distressed building that a tenant won't deal with):
http://streeteasy.com/nyc/rental/790516-rental-390-west-end-avenue-upper-west-side-new-york
Could be interesting at $12-13K if you like townhouses:
http://streeteasy.com/nyc/rental/809590-rental-615-west-end-avenue-upper-west-side-new-york
I'm very surprised this one took upwards of a year and probably went for something like $12.5K:
http://streeteasy.com/nyc/rental/725217-rental-300-central-park-west-upper-west-side-new-york
Asking 7% more than its 2009 last ask, but now there is another unit that is very similar in competition:
http://streeteasy.com/nyc/rental/808206-rental-25-columbus-circle-lincoln-square-new-york
Prices are flat. Places stay on the market because sellers won't come down, and too may buyers don't qualify. The sellers realize lowering price only invites a vulture buyer. Volume is just down.
nada, thanks for the examples. I think I am erroneously defining "high-end" in my head as big truly family-sized places over $10K, whereas your definition is probably the more accurate top apartments with top finishes in top buildings, regardless of size.
We are not townhouse people, and none of your examples have enough rooms for us. We took a very serious look at
http://streeteasy.com/nyc/rental/803469-condo-225-west-83rd-street-upper-west-side-new-york
but someone offered more than we did. We started out looking to buy a 2000SF place (either a 4-bedroom or a large 3-bedroom that we could make into a 4-bedroom without screwing up the rest of the apartment), give or take, preferably with an outdoor space, with a budget of just over $2MM, and really didn't find much that we liked. We then started looking to rent the same with a budget of $12K, and, to our surprise, have not found many options either. Either way, the idea was that this would be our long-term place.
We haven't completely given up on either, but are leaning more and more towards renting a 1500-1700SF 3-bedroom for $7K-9K, and (sigh) moving again in a couple years.
If you're not a townhouse person, you're not a townhouse person. But the 2nd one above is huge: 3600 sq ft over 3 floors of a 20x60 townhouse, plus a bit extra and a little terrace (which I know makes the newbuyer99 family very happy). Here's the floorplan:
http://img.streeteasy.com/nyc/attachment/show/699923-615-west-end-avenue-new_york.gif
What ever happened on that place on Park Ave, BTW?
There were a good number of places sitting for months, price drops down to 2009....
absolutely agree....... and see a lot lower than 2009 levels in some areas.
newbuyer99, how about downtown? Here are a couple I like -- one on the market for 2.5 months, the other 5.5 months:
http://streeteasy.com/nyc/rental/799462-rental-132-west-22nd-street-chelsea-new-york
http://streeteasy.com/nyc/rental/774594-rental-141-west-24th-street-chelsea-new-york
Pretty cool spaces IMO, and huge to boot. Both within spitting distance of your $12K. Something like this up your alley, or are you looking for more conventional spaces?
nada, do you find it disconcerting that the only person who is actively in the market at this price contradicted you?
>nada, do you find it disconcerting that the only person who is actively in the market at this price contradicted you?
And now that person is on nada's "shit list".
scary place to be.
why?
>columbiacounty
2 minutes ago
ignore this person
report abuse
why?
Well, according to inododo, the "shit list" comes after a "hey buddy" warning. So the "shit list" is pretty serious shit.
what happens?
Beats me.
then why did you say what you said?
I'm just recounting it as inododo tells how he gets a good rental deal. It sounded impressive. Impractical, but impressive.
what about the supposed shit list? more stuff that you made up?
The "shit list" is inododo's list that potential landlords could get on if they don't listed after a "hey buddy" warning. Haven't you been paying attention?
yes. more crap that you've made up.
Actually, you are right, I just found the original and "shitlist" is one word, not two as I'd been using. Thanks for pointing out.
Feel free to read step 6 here:
http://streeteasy.com/nyc/talk/discussion/27390-se-index-up-for-may-2011
6. Once you've got your favorite, get a lease signed promptly and keep the a backup or two warm conscientiously during this process. Nothing like "Hey buddy, I told you I'm a straight shooter and am going with your place above the others, but if you want to hemm and haww on the terms you agreed to three days ago, you're going on my shitlist and I'm gonna start talking to the others again."
wow. are you majoring in SE?
I've already been graduated.
do you realize that you're nuts?
yes, I'm featured on the front page of the NY Times today.
just to clarify...can you post the link?
It's the front page of the New York Times. How much of an idiot can you be that you can't find the FRONT PAGE of the NEW YORK TIMES??
Oh, do they have a different edition up in Columbia County?
just the link.
Today's paper, front page:
http://www.nytimes.com/pages/todayspaper/
link is the same every day.
can you link to the article?
nada, unfortunately the townhouse doesn't work for us both because it's a townhouse and because it's outside our school zone criteria - PS 199, 87, 9, 452 on the UWS, probably in that order. On the UES, looking at PS 6, 290, 183, 267, 258, probably in that order. Only looking on UES and UWS. Thanks again, though.
honestly: what income is reasonable to afford these places?
let's be honest here. I make at least 1.4/year (the minimum). I wouldn't spend anywhere near those prices for a rental.
so: who are the clients?
disclosure:I never ever rent.
I guess people who have better uses for their money.
Choice #1: Spend $15.5K a month on rent.
http://streeteasy.com/nyc/rental/672298-condo-25-columbus-circle-lincoln-square-new-york
Choice #2: Negotiate the same thing down from $8.8M to $7.5M, still paying $6K in monthlies. Amortize $900K in transaction costs & upkeep / renovation over 10 years, $7.5K a month. So you put up $7.5M in cash to save $2.5K a month. A 0.4% yield.
http://streeteasy.com/nyc/sale/496478-condo-25-columbus-circle-lincoln-square-new-york
What was wrong with this one, newbuyer99? 3000 sq ft as 4-5 BR in PS183 asking $10K:
http://streeteasy.com/nyc/rental/729289-rental-305-east-72nd-street-upper-east-side-new-york
inonada
30 minutes ago
stop ignoring this person
report abuse What was wrong with this one, newbuyer99? 3000 sq ft as 4-5 BR in PS183 asking $10K:
http://streeteasy.com/nyc/rental/729289-rental-305-east-72nd-street-upper-east-side-new-york
What's wrong with it? Second Ave subway construction, dead-end feeling to 72nd street that far east, half mile to the local 6, horrendous traffic and noise on 2nd ave.......
http://streeteasy.com/nyc/rental/728478-rental-360-east-57th-street-sutton-place-new-york
you can definitely get this at a discount off the asking and the beekman school is highly rated, plus they're building a whole foods one block away. and this apartment is quite big.
>Amortize $900K in transaction costs & upkeep / renovation over 10 years, $7.5K a month.
The not so secret to this amortization is that by definition it isn't a current cash cost.
nada, good post. 305 east is 2500 sq ft and prices $4 per sq feet. This is fair price for upper east side post war low ceiling building. There is potentially an issue with second avenue subway construction.
Not sure Time Warner will sell for more than $5mm.
newbuyer-
we actually rent a 4500 sq ft townhouse in chelsea and are in the process of buying a 2-3br apt on the same block (2500') with beautiful outdoor space that we will be renting out for 18 mos-2.5 years (our closing is slated for feb 1)...my kids had gone to PS6 on UES then got into Lab School on 17th st from 6th grade on, which is fantastic (older kid went to Stuy for HS and rode his bike from apt). Chelsea Market, The Highline, Chelsea Piers and the park along the river all make for a great neighborhood for families. If any interest and timing can work and , shoot me your email...
I think $5M is way off -- park view for $2700 a sq ft in that building isn't anywhere near where that building trades. Here's what's sold there since 2010.
52G at $2700 a sq ft for 1600 sq ft facing the other tower, with side park view if you lean your head against the window.
53E at $2450 a sq ft for 1450 sq ft facing the river.
52/53A at $3400 a sq ft for 2000 sq ft, with 2 of 4 main rooms facing the park.
74/75B at $4500 a sq ft for 3500 sq ft, with all main rooms facing the park.
62CE at $4700 a sq ft for 4400 sq ft, with 70 ft of windows on the park.
Now maybe you give 74/75B some premium for height and combo, still leaves you at $4000 a sq ft ($7.5M). Maybe you pick it up at $3500 ($6.5M) at best, but that's about as good as it could possibly get.
Also it appears that 59B (one floor above the one that rented for $15.5K) sold for $8.1M last month in a transaction to two related LLCs.
Nutty from all sides if you ask me, but I think probably best explained by "disclosure: I never ever rent".
thanks Nada. Did not realize that Time Warner was selling at $4000 per sq ft. I will obviously be renting it for $15k rather than buying it.
Mercer, check out the insane 4000 sq ft loft in the Village asking $11K. Definitely not your cup of tea, but I like it.
nada: 305 east 72nd is a ton of space for the price and looks great. But... it's on the second floor and smack in subway construction hell. Each of those would likely be deal-breakers on their own, and together they definitely are.
chelseamom: appreciate the thought, but we're not looking at Chelsea.
midtowner: not following your logic. $12K/month is $144K year. In order not to spend more than 1/3 of income on housing, income would have to be $435K / year. Now, that might be stretching, especially since that family probably pays a fair amount in taxes, but I think someone making $600-800K / year can pretty easily afford $12K / month in rent. Certainly no less easily than they can afford mortgage, maintenance and RE taxes that it would cost to buy the same place.
If you're very flexible on location, then there are loads of high-end rentals that are on the market. If you are restricted to a very small area for whatever reason, there never seems to be any inventory.
nyc10023, that sums it up nicely, regardless of price.
Nada, Which one? Could not find it. Curious.
300_mercer: 130 West 3rd
nyc10023: Absolutely if you are trying to hit a tight window both location- and time-wise. But it comes & goes in weird cycles. I've noticed periods where, for example, downtown lofts are completely dry or flush. Or else other periods where uptown townhouses were a dime-a-dozen. But everything eventually comes up.
In other words if take out all the variables that make finding a home difficult, it is actually very easy, right Nada?
Nada love that apt but there is something shady about it.
It's history makes me think it's a broker's apt and a bait listing
StreetEasy History
08/19/2008Previously Listed by Brown Harris Stevens at $11,995.
09/17/2008Previously Listed by Brown Harris Stevens at $6,950.
01/29/2009Brown Harris Stevens Listing rented. Last priced at $5,500.
03/22/2009Brown Harris Stevens Listing rented. Last priced at $8,250.
10/22/2009Previously Listed by Brown Harris Stevens at $12,000.
11/21/2009Brown Harris Stevens Listing rented. Last priced at $11,000.
01/11/2010Previously Listed by Brown Harris Stevens at $11,000.
03/30/2010Brown Harris Stevens Listing rented.
07/15/2010Previously Listed by Brown Harris Stevens at $5,500.
08/03/2010Brown Harris Stevens Listing rented.
11/12/2010Previously Listed by Brown Harris Stevens at $5,750.
12/15/2010Brown Harris Stevens Listing rented.
04/01/2011Previously Listed by Brown Harris Stevens at $12,500.
04/15/2011Previously Listed by Brown Harris Stevens at $6,000.
04/29/2011Brown Harris Stevens Listing rented.
05/10/2011Brown Harris Stevens Listing rented.
11/10/2011Listed by Brown Harris Stevens at $11,000.
I don't think so, truthskr10. The building is classified as a townhouse to SE, and they jumble all the rental listings together in such instances even if they are clearly different places. I've seen it elsewhere as well, in buildings whose actual rental history I am familiar with. The building's page gives a less-tangled history of apts 3S, 3N, 4 (the one in question), and PHS:
http://streeteasy.com/nyc/house/130-west-3-street-manhattan
This one last rented in early 2010 after a couple of months on the market. You'll also notice that the brokers on all the listings are the same ones from BHS, with a set of current listings that are inconsistent with fishing tactics.
inonada
about 11 hours ago
stop ignoring this person
report abuse 300_mercer: 130 West 3rd
nyc10023: Absolutely if you are trying to hit a tight window both location- and time-wise. But it comes & goes in weird cycles. I've noticed periods where, for example, downtown lofts are completely dry or flush. Or else other periods where uptown townhouses were a dime-a-dozen. But everything eventually comes up.
"if you are trying to hit a tight window both location and time-wise" describest 95% of people looking for an apartment, especially those with means. they don't or can't live just anywhere and are in current leases or have just sold a place, etc.
but absolutely please continue to tell us how easy it is to find just what we want inonada
Nada your right, I should have clicked on a couple links, it's all jumbled into the one unit's history.
A bug for SE to fix.
I thought I'd add some more nice well-priced high-end rentals to this thread.
Soho loft on a quiet, classic, cobble-stone Soho block. Nicely renovated, good light given a 50' wall of windows and relatively shallow apt depth. 2100 sq ft asking $7000, or $3.3 ppsf:
http://streeteasy.com/nyc/rental/835532-condo-111-wooster-street-soho-new-york
Nice super-high floor & great-light rarity in Fidi, 2300 sq ft interior plus 500 sq ft exterior, fancy interiors, $11K. Decently priced, could be better.
http://streeteasy.com/nyc/rental/833291-condo-15-broad-st-financial-district-new-york
Can you say choppy-choppy? Top 2 floors of a 18x64 townhouse in Greenwich Village, on a block that is as good as it gets in the Village. 2000 sq ft, great Village charm, nicely renovated, great light (all rooms within 20' of a window), $8000. Downside is walkup & low ceilings on the 2nd floor of the apt.
http://streeteasy.com/nyc/rental/770106-rental-30-west-10th-street-greenwich-village-new-york
06/03/2011 Listed by Corcoran at $14,900.
07/21/2011 Price decreased by 7% to $13,900.
09/01/2011 Listing is no longer available.
09/09/2011 Re-listed by Corcoran.
09/09/2011 Price decreased by 10% to $12,500.
11/08/2011 Price decreased by 12% to $11,000.
12/01/2011 Listing is no longer available.
01/25/2012 Re-listed by Corcoran.
01/25/2012 Price decreased by 27% to $8,000.
The 4000 sq ft boho palace at 130 W 3rd in the Village asking $11K (referenced above) seems to have found its customer (unsurprisingly):
http://streeteasy.com/nyc/rental/815649-rental-130-west-3rd-street-greenwich-village-new-york
130 W 3rd street is about the worst location in the village, above 2 bars, next to Mcdonalds, across the street from west 4th basketball courts...
We have our condo on the market for rent, and I guess based on its size and quality reno it could be argued to be modestly 'high end'. It was expensive to buy and to renovate, and we did it intending to live there for a long, long time.
http://streeteasy.com/nyc/rental/810190-condo-240-west-98th-street-upper-west-side-new-york
Situations change, though, so we've moved down near the West Village (close to wife's work), and are seeking to rent our "dream home" for a while - with a vision of returning in the future.
The experience with this rental, so far, has me concluding that there is a limited market for homes in this size and price category. It's taking some time to rent because of this and because we want to rent to a family that we feel we can have a good landlord/tenant relationship with, and will be likely to care for it like their own home.
We have been told that we're underpricing the place when Comparables are evaluated, but in this category Comparables are only so comparable.
Luckily we are in no rush to find the right tenants.
We have interest in the home and will hopefully conclude a lease soon -- stay tuned and wish us luck!
uws_buyer, nice place. Here are some thoughts:
- You're not under-pricing. Under-priced apts don't sit for 3+ months, certainly not at these price points.
- The "problem" with your apt is that few people want 2200 sq ft split into 5 bedrooms. No question a family with 4 kids would love such a layout, but most people in the market don't want that many rooms. That limits the market interested in bidding off your $11.5K ask.
- For someone with a very particular need for specifically what the apt offers, I can it going for $10.5K or so -- i.e., within striking distance of your asking rent. But that can take time. If you price it a notch lower (say asking $10K), it'll go quickly at a price of $9K or so.
Good luck!
uws_buyer, as a fellow small landlord, I try to slightly "underprice" my 2 units. They are both in great shape, one with outdoor space, great downtown location, etc, etc, but instead of going for the last dollar, I hit in the middle of the range. As a result, I hear "that's the best looking place I've seen in my search" quite a bit. Why do I do that? Not out of the goodness of my heart, but because it allows me to be somewhat picky. Not only I want people with good credit, but also reasonable, down-to-earth, busy, happy, who need exactly what I have and won't move out in December.
I am not familiar with the neighborhood and type of apt. you are renting, so I can't really help there about the range, but 3 months is unreasonable. You would have done better to offer 25% cheaper rent, have your pick of the best renters because of the value.
maly, how much do you charge?
$11.5 @ The Sabrina???
It seems the hopes for a white knight on this listing have faded:
http://streeteasy.com/nyc/rental/668328-condo-111-fulton-st-fultonseaport-new-york
07/06/2010 Listed by Synergy NYC at $10,000.
08/13/2011 Listing is no longer available.
09/14/2011 Previously Listed by Synergy NYC at $13,000.
09/16/2011 Re-listed by Synergy NYC.
09/16/2011 Price increased by 30% to $13,000.
09/16/2011 Synergy NYC Listing is no longer available.
10/12/2011 Price decreased by 8% to $12,000.
12/02/2011 Price decreased by 17% to $10,000.
12/29/2011 Price decreased by 5% to $9,500.
01/03/2012 Price increased by 5% to $9,999.
01/13/2012 Price decreased by 0% to $9,950.
01/23/2012 Also Listed by Citi-Habitats at $9,950.
http://streeteasy.com/nyc/rental/838107-rental-111-fulton-street-fultonseaport-new-york
07/06/2010 Also Listed by Synergy NYC at $10,000.
09/14/2011 Previously Listed by Synergy NYC at $13,000.
09/16/2011 Re-listed by Synergy NYC. Last priced at $9,950.
09/16/2011 Synergy NYC Listing is no longer available.
01/23/2012 Listed by Citi-Habitats at $9,950.
02/02/2012 Price decreased by 16% to $8,350.
Often these high end apartments are paid for by corporations housing relocated workers(read banks). When it comes to hig end money, those paying for there own units are apt to be more tight when it comes to rentals vs purchases, as those earning the money view renting as "throwing money away" and that's an attitude that isn't applied the same way when it comes to purchases.
>Often these high end apartments are paid for by corporations housing relocated workers(read banks). When it comes to hig end money, those paying for there own units are apt to be more tight when it comes to rentals vs purchases, as those earning the money view renting as "throwing money away" and that's an attitude that isn't applied the same way when it comes to purchases.
huh?
Rent is throwing thEir money away? Wow you better tell Bank of Amercia. Their newest and greatest plan to 'right' their ship is to sell and then lease back all their locations!
So you fking retarded 'my coop on riverside is never going down in price' ninny, better call Charles Rangel to stop this dastardly act by BofA.
Riversider do you know you are my least favorite poster on SE. I hate hypocrites.
"Soho loft on a quiet, classic, cobble-stone Soho block. Nicely renovated, good light given a 50' wall of windows and relatively shallow apt depth. 2100 sq ft asking $7000, or $3.3 ppsf:
http://streeteasy.com/nyc/rental/835532-condo-111-wooster-street-soho-new-york"
This place rented. Seems to have gone from first listing to executed and board-approved lease in 26 days.
i have been looking for a high end rental for about a month -- looking for great finishes 1200 sq. feet upper westside or upper eastside
any leads?
ino: 30 west 10th rented for $7500. Quite a comedown from $15k. that corcoran outfit sure knows what they're coin.
Yep, I saw that. That $15K ask was delusional.
“Everything at this point is going in landlords’ favor,” said Gary L. Malin, the president of Citi Habitats, one of the city’s largest rental agencies.
http://www.nytimes.com/2012/02/12/realestate/for-rentals-no-ceiling-in-sight.html?pagewanted=1&_r=1
how come riversider got greyed out ?
I do think that manhatta will become even more management company / rental dominated which in turn will make the value of ownership for those that have purchased at reasonable prices that much more valueable.
Hmm...
Article says 5th floor Village walkup went at $6.2 ppsf. Above listing Village listing started $7.25 and ended at $3.75.
Article says Gehry is $12K for the 3BR. Their own website has it as 2 free months, so $10K. You know what they were asking last year? $16.8K with one month off => $15.4K. For the math-challenged, that's 35% less. Was $15.4K delusional? Sure. Was it worth mentioning in an article about the rental market where this specific building was mentioned? Hardly, after all you are shilling for your advertisers who are still flogging this building for tenants a year later. Making idiots froth at the mouth with such tall tales is just a side-benefit.
generally speaking...doesnt the thought of shelling out anything over 3k a month in rent for nothing, bother anyone ? ist kinda like the $8 beer...Its just wrong in principle
Spending 3,000 for rent doesn't necessarily bother me if the after tax cost of[ interest on the mortgage real estate tax]+ common charge is more.
marco... R U KIDDING ME?
WHY DOES STARBUCKS NOT OWN ALL THEIR LOCATIONS?
ARE THE SHAREHOLDERS ninnies for investing in a mgmt company who pays $20K/month for a location but "can't own?"
NO WONDER WE HAD A MASSIVE BUBBLE.....all you need is two MARCOs, one with a bigger income... and a bank willing you lend you any amount..... BOOOM.... MASSIVE CREDIT BUBBLE.
$8 beer..." NOT GONNA PAY IT."
"Honey we are in NYC in a KOOL bar... can't we just splurge?"
NOPE, not gonna do it, and STFU and drink the SAME BEER from Walmart. Stop whining about the 20 minute walk. DRINK.
Funny enough, I was in the Sydney aquarium and they take a picture of the family as you go in.... of course @ the exit, they charge you $30AD for a photo album with the family superimposed on 12 areas of the aquarium and some nice fish stickers....
MY wife was like "hell NO."
I was like, "$8K airfares, $4K in hotels, $3K in food/misc... and you are not gonna pay $30 for pictures of the entire family?"
FINANCIAL INSANITY IN MY OWN HOUSEHOLD...
"Its just wrong in principle"
Say you got $10M.
Option 1 is to purchase a $10M apt with it and shell out $12.5K in common charges & taxes. Monthly cash-flow of -$12.5K, your prospects of capital appreciation hitched to a bubble whose deflation has been successfully eased to a slow hiss by the Fed. Transaction costs of $700K, will owe the tax man 25% of any capital gains beyond $500K (peanuts here) with no credit against $150K paid out every year.
Option 2 is to rent it for $25K and put your $10M in AT&T stock, which hands out $50K in dividends every month, pay $12.5K to the tax man. Monthly cash flow of +$12.5K, your prospects of capital appreciation hitched to a duopoly that owns the wireless infrastructure of a rapidly increasingly mobile society. Transaction costs of $3K for the stock and $36K for the rent, will owe tax man 25% of any capital gains with no further taxes due on the $150K you gained each year.
Now which seems wrong?
what if the CFO of ATT is found giuilty of fraud and the stock gets cut in half and the dividend suspended?
direct investment in RE at an economically responsible level gives the investor a lot of options and a fair amount of control over thier economic fate.
yeh, what if you bought anywhere near the peak of the greatest RE BUBBLE known to man? and you are leveraged 5 to 1 and your income is based in NYC FINANCE? Then WHAT?
IF i buy Sprint thru Etrade.... yeh that's not DIRECT investment.... that's irrational... Sprint at $2.4/share....
Diversify, genius.
>Article says Gehry is $12K for the 3BR. Their own website has it as 2 free months, so $10K. You know what they were asking last year? $16.8K with one month off => $15.4K.
I also got $20 off on my first order of $50 from Fresh Direct. 40% off! How do I get that to continue month after month because I need that $20 to be able to feed my cat. FLMAOZzzz.
>generally speaking...doesnt the thought of shelling out anything over 3k a month in rent for nothing, bother anyone ?
WTF? For nothing? How about for a place to live for a month.
"ist kinda like the $8 beer...Its just wrong in principle"
Option 1: Take $1000 and spend it on 125 drinks across 125 nights at nice places. Awesome spaces, high ceilings, nice vibe, good-looking crowd dressed to impress, being served by professionals.
Option 2: Buy one square foot in some mediocre apt in some mediocre neighborhood. Stack up cases of $1.5 beer from Fresh Direct on said square foot.
You've got your priorities backwards, son.
Excellent realistic scenarios.
This article seems to contradict this entire thread.
http://www.nytimes.com/2012/02/12/realestate/for-rentals-no-ceiling-in-sight.html?_r=1&hp
See my post about 10 up. The Gehry building they prominently feature actually has asking rents 35% lower than last year. All captured on SE. Go figure, I wonder why they didn't mention it...
One of my favorite apts, just rented with an asking rent of $14K vs. $15K in 2009:
http://streeteasy.com/nyc/rental/837036-rental-23-beekman-place-beekman-new-york
03/13/2009 Previously Listed by Prudential Elliman at $20,000.
11/07/2009 Prudential Elliman Listing rented. Last priced at $15,000.
11/08/2009 Previously Listed by Corcoran at $15,000.
12/11/2009 Corcoran Listing is no longer available.
01/18/2012 Listed by Corcoran at $14,000.
02/17/2012 Listing is no longer available.