Rental Market

This one increasing prices.
https://streeteasy.com/building/1-union-square-south-new_york

There's a lot of new supply in the market in midtown west now. It is probably going to vary quite a bit by area of the city.

Also the American Copper Building is bringing 761 new units to murray hill.

I should put that on my benchmark list. High luxury in not so desirable area.

That one looks like a disaster. Just like 1 Manhattan Square is for new condo.

Yeah but who cares if you're renting. You're not buying into the long term value of the building and they probably provide shuttle to the subway etc for all the rent they charge.

I think renters care more than buyers at high price point. Renters want immediate gratification as they do not benefit from improvement in the area. Also, they tend to be younger and wanting to be in the middle of the action rather than families some of who may want peace and quiet.

referring to BK but seems to hold for all these luxury rentals

“We all like to complain because we’re in New York City that I have to give a month free to get an apartment rented,” Vogel said, “but every apartment that we are asking the proper rent, we’ll rent this weekend. Unfortunately for the renters out there, we generally don’t like to ask the proper rent because we’re greedy.”

https://therealdeal.com/2018/05/16/wait-rent-concessions-in-brooklyn-are-going-down-now/