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4th Quarter/Year-End 2009 Report - Manhattan Residential Rental Market
January 14, 2010
Media Coverage:
Manhattan Apartment Rents Drop 9.4% as City Job Losses Mount
By John Gittelsohn
Jan. 14 (Bloomberg) -- Manhattan apartment rents dropped 9.4 percent in the fourth quarter of 2009 from a year earlier as Wall Street jobs vanished in the recession.
The median rent fell for all apartment sizes except two- bedrooms, which were little changed, according to a report today by broker Prudential Douglas Elliman Real Estate and appraiser Miller Samuel Inc. A separate tally by broker Citi-Habitats Inc. showed the average apartment price declined 7.3 percent for the year. The company didn’t report medians. (read full article)
Average Manhattan rents dropped 4% last year
By Amanda Fung January 14, 2010
(Crains New York) Manhattan apartment rents ended the year down 4% from where they started 2009, but that decline helped to strongly boost the number of new leases signed, according to two market reports released Thursday.
In the final quarter of 2009, the average rent fell to $3,789 down 4% from the same quarter of 2008, according to Prudential Douglas Elliman and appraisal firm Miller Samuel Inc. That figure does not take into account rent concessions. (read full article)
Manhattan apartment rents and vacancies off in '09
NEW YORK, Jan 13 (Reuters by Nick Zieminski) - Vacancy rates for apartments in New York City's borough of Manhattan, the largest U.S. apartment market, declined in 2009, as lower rents and better landlord incentives attracted tenants, according to a quarterly brokerage report. (read full article)
Manhattan rental deals up in 4Q: reports
January 14, 2010 By Candace Taylor
(The Real Deal) Manhattan rental transactions surged in the fourth quarter of 2009, according to market reports released by two large city brokerages today (see full reports below).
A marketwide report released by Prudential Douglas Elliman estimated that the number of rental deals in Manhattan leaped 47.6 percent to 2,456 in the fourth quarter, from 1,665 in the same period of 2008. Citi Habitats, the city's largest rental brokerage, said it did more than 2,600 transactions in the fourth quarter, an increase of 30 percent from roughly 1,800 in the prior-year-quarter. (read full article)
Manhattan Apartment Rents Drop 9.4% as City Job Losses Mount
January 14, 2010 By John Gittelsohn
(BusinessWeek) Manhattan apartment rents dropped 9.4 percent in the fourth quarter of 2009 from a year earlier as Wall Street jobs vanished in the recession.
The median rent fell for all apartment sizes except two- bedrooms, which were little changed, according to a report today by broker Prudential Douglas Elliman Real Estate and appraiser Miller Samuel Inc. A separate tally by broker Citi-Habitats Inc. showed the average apartment price declined 7.3 percent for the year. The company didn’t report medians. (read full article)
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4th Quarter/Year-End 2009 Report - Manhattan Residential Rental Market
January 14, 2010
Average Rents | 4Q 2009
Market-wide for Manhattan, the average 4Q 2009 rental price for a studio was $1,733, representing a decrease of 1.5% from 3Q 2009; a one bedroom, $2,343 representing a decrease of 3.3% from 3Q 2009; a two bedroom, $3,294 representing a decrease of 2.6% from 3Q 2009; and three bedroom, $4,591 representing a decrease of 3.3% from 3Q 2009.
Vacancy Rates | 4Q 2009
The overall vacancy rate for Manhattan for 4Q 2009 was 1.79% representing a 0.08% increase in the vacancy rate from the 3Q 2009 rate of 1.71%.
A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at 1.05%, while the Upper East Side, at 2.24%, ranked highest.
Average Rents | 2009
Market-wide for Manhattan, the average 2009 rental price for a studio was $1,757, representing a decrease of 6.7% from 2008; a one bedroom, $2,406 representing a decrease of 7.7% from 2008; a two bedroom, $3,411 representing a decrease of 7.8% from 2008; and three bedroom, $4,560 representing a decrease of 6.9% from 2008.
Vacancy Rates | 2009
The overall vacancy rate for Manhattan for 2009 was 1.93% representing a 0.51% increase in the vacancy rate from the 2008 rate of 1.42%.
A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at 1.35%, while the Upper East Side, at 2.38%, ranked highest.
Please click on the image to view the Manhattan Residential Rental Market 4th Quarter / Year-End 2009 Report.
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Exceptional Spaces: 51 Warren Street, #5-6W
January 12, 2010
Exceptional opportunities in the sales and rental markets...exclusively from Citi Habitats
51 Warren Street, #5-6W
TriBeCa
$2,800,000
SPECTACULAR 2 Bedroom + Sleeping Mezzanine, 3Bath, 3 Fire Place with 400 SF Private Terrace(approx.).
This Goegeous Penthouse Triplex Loft with Huge Skylight, Tree lined street and Beautiful City Views and Flushed with Sun-light, Over sized Floor to Ceiling Windows.
Grand Living/Dining Area, Marble Counter Top with Open, Island Kitchen and Fireplace. Stainless Steel Appliances with Maple Cabinets.
Huge Master Bedroom with Fireplace and Jacuzzi Bath, Marble Counter Top, Oceanside Skytone Mosaic Shower Tile, Steamer for extra Comfort. Exposed Brick wall throughout Apartment with Walk in Closet every Room.
Modern Staircase to Second level with Library/Den/Bedroom Space, Floor to Ceiling Windows, Limestone Tile Outdoor Terrace with beautiful South East Views. Second Bathroom with Limestone with Mosaic detail.
Spiral Staircase leads to Mezzanine that can be used as Extra Bedroom with Skylights.
Sun-flushed Rooms, North and South Views with Dramatic Windows and Skylight. Stackable Washer/Dryer.
Close to Historic buildings, City Hall, Court House. Dining out at World famous restaurants like Boulay, Nobu. Organic Home-grown Farmer's market, Amish market. Conveniently located near Subway 1,2,3,4,5,6,A,C,E,J,M,Z,R,W.
Contact: Songhee Debarbieri
View entire listing.
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Mortgage Rate Update
January 12, 2010
Source: BankRate.com
View: three months
5/1 A.R.M. 4.40%
15-Year Fixed 4.78%
30-Year Fixed 5.30%
5/1 Jumbo 4.76%
15-Year Jumbo 5.62%
30-Year Jumbo 6.06%
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4th Quarter 2009 Manhattan Sales Market Report
January 06, 2010
Please click on the image to view the entire 4th Quarter 2009 Manhattan Sales Market Report
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