Elite Rentals e-Magazine

23
MORE BROKER PER SQ FT JANUARY/FEBRUARY 2010 RENTALS

Transcript of Elite Rentals e-Magazine

Page 1: Elite Rentals e-Magazine

M O R E B R O K E R P E R S Q F T

J a n u a ry / F e b r u a ry 2010Rentals

Page 2: Elite Rentals e-Magazine

PUBLISHER and EDITOR-IN-CHIEF

Christopher Dente, Director of PR [email protected]

WRITER

Alicia Marenzana [email protected]

GRAPHIC DESIGN

Chris Miolla [email protected]

CITI HABITATS’ EXECUTIVE TEAM

Gary Malin, President

Gordon Golub, Sr. Managing Director

Greg Young, Director of Sales

Citi Habitats is owned and operated by NRT LLC.

Page 3: Elite Rentals e-Magazine

In this Issue

On the Cover .............................................................1

Sutton Place ..............................................................4

SoHo .............................................................................5

Upper West Side.......................................................6

West Village ...............................................................7

Guid To Renting .......................................................8

Rental Market Analysis: 4th Quarter ..............10

Quick Clicks / Citi Habitats Services & Programs .............................................................17

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Owned & Operated by NRT, LLC

experience speaks louder than words

Clifford Finn | Managing Director of New Development Marketing | 212 685 7777 | chmarketinggroup.com

Christopher Miolla

& Jill Kosow

Sandi Rotkoff

Matthew Van. Damm

Graphic Design

Senior Project Manager

Project Manager

Project Manager

New Development Planning & Marketing

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Office LocationsCorporate Headquarters250 Park Avenue S, 11th floor 212.685.7777

Upper East Side400 East 84th Street 212.794.1133

Upper East Side1456 First Avenue 212.774.3800

Upper West Side465 Columbus Avenue 212.957.4100

Upper West Side222 West 72nd Street 212.712.2722

Chelsea155 Seventh Avenue 212.937.9677

Gramercy/Flatiron32 East 22nd Street 212.260.9720

Gramercy/Flatiron27 East 22nd Street 212.685.7300

Sales/Relocation Headquarters250 Park Avenue S, 12th floor 212.685.7777

Union Square250 Park Avenue S, 5th floor 212.683.8300

West Village 114 Perry Street 212.400.2500

East Village37 Third Avenue 212.937.8500

Greenwich Village 214 Sullivan Street 212.253.2525

• Over 900,000 visits per month • Top 1% ranking among NYC-based real estate firms

• Feeds to Google and New York Times

• Top “real estate” ranking with the #1 search engine

• Extensive resourses for buyers, sellers, and renters

We find more New Yorkers homes than any other firmC i T i - H a b i T a T s . C O m

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EliteRentals 1

Lux LivingOn the Cover

Gramercy Park $9,999/mo Web ID # 666574

3 bedrooms 3 bathrooms duplex

340 EAST 23RD STREET

One-of-a-kind duplex designed by Philip Starck

Gorgeous views of the city from your private terrace

Kit w/ breakfast bar, exotic marble counter-tops & Viking appliances

Remote control window treatments & custom walnut closets

Library lounge w/ fireplace, screening room & game room w/ bar & pool table

Landscaped outdoor deck w/ cabanas & fireplace

2,600 sq ft fitness center w/ steam & sauna

Brian Morgan 646.872.9700 Luciane Serifovic 212.6857777

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Alcove Studios from $1,9151 Bedrooms from $2,340 2 Bedrooms from $3,865

Immediate Occupancy

A high-rise rental offering the very best in amenities and conveniences. Plus, it’s LEED certified, making eco-living as easy as walking in your door. Distance-wise, it’s one subway stop from Manhattan, but attitude-wise, it’s worlds away.

For Details Please ContactItzy Garay212.400.2500 | [email protected]

Jay Heydt212.683.8300 | [email protected]

Eric Hamm212.957.4100 | [email protected]

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RETHINK THE RENTAL

STUDIO RESIDENCES FROM $2,250, 1BR’S FROM $2,945, AND 2 BR’S FROM $4,335.

NOW LEASING FOR IMMEDIATE AND FALL OCCUPANCY.

Layouts are diverse, luxe and spacious. Sophisticated studio, one and two-bedrooms feature innovative design, natural materials and high ceilings.

Views are spectacular. Curtain window walls and multiple corner exposures capture panoramas of the city and Hudson River.

Amenities focus on an ideal urban lifestyle. Enjoy the park, outdoor terrace, inner courtyard, and unrivaled 75-foot pool.

Rentals reconceived for the 21st Century by Larry Silverstein.

FOR DETAILS PLEASE CONTACT

Russell Miller [email protected]

Eric [email protected]

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4 EliteRentals

Upper East Side $8,500/mo Web ID #347763

3 bedrooms 3 bathrooms

315 EAST 68TH STREET

1900 sq ft

Pre-war charm w/ high beamed ceil-ings & custom built-in storage

Two wood-burning fireplaces

Separate dining area

Walk-in closets

Natural light with views facing west & south

Full-service building

Roof deck

Tracie Hamersley 917.647.0056 Elizabeth Hamersley 917.560.7309

Murray Hill $6,700 /mo Web ID # 737196

2 bedrooms 2 bathrooms

52 PARk AVENUE

Roof deck

Available Furnished

Bright living room w/ working fireplace

Beautiful entry foyer

Marble bath w/ jacuzzi tub

Eat-in kitchen w/ top of the line appliances

Master bed w/ en-suite bath

Washer/dryer

Doorman, concierge

Amedeo Pelin 917.262.7479 Luciane Serifovic 212.685.7777

Sutton Place $16,500/mo Web ID # 405354

5 bedrooms 4+ bathrooms High Rise

360 EAST 57TH STREET

2500 sq ft (aprx)

Floor-to-ceiling windows

Oversized unit

3 wraparound terraces

Views facing north & east, over 59th Street bridge

Chef’s kitchen w/ large counter space

Washer/dryer

Full-time doorman

Robin Schneiderman 917.847.3700 Luciane Serifovic 212.685.7777

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EliteRentals 5

Upper West Side $9,500/mo Web ID # 174661

3 bedrooms 2.5 bathrooms Triplex

Private roof deck

Natural light throughout w/ 360° views

High ceilings, walnut floors, exposed beams & recessed lighting

Home office w/ views of Manhattan

Chef’s kitchen w/ breakfast bar, granite & S/S appl.

Master suite w/ 15’ of closet space, en-suite bath & full-size Jacuzzi

Keyed elevator

Pet friendly

Steps away from Central Park

Thomas McNichols 917.435.0420 Russell Miller 212.712.2722

SoHo $7,400/mo Web ID # 382737

loft 2 bathrooms

489 BROOME STREET

2300 sq ft

Top floor, corner unit loft with fantastic natural light

Soaring 12’-18’ ceilings

Expansive, spacious living space

Private bedrooms

Eat-in kitchen w/ new appliances

Central A/C & heat

Washer/dryer

David Feldman 917.449.4260 Eric McCarthy 212.685.7300

Chelsea $8,300/mo Web ID # 704333

2 bedrooms 2 bathrooms duplex

153 WEST 18TH STREET

1100 sq ft private roof deck w/ Pergola and outdoor shower

Four wood-burning fireplaces

Eat-in kitchen w/ modern appliances

Spacious layout w/ double living rooms

Washer/dryer

Pets Allowed

David Feldman 917.449.4260 Eric McCarthy 212.685.7300

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6 EliteRentals

Upper West Side $16,000/mo Web ID #459148

5 bedrooms 4 + bathrooms

101 WEST END AVENUE

Unique wraparound terrace w/ city and Hudson River views

Over 3135 sq ft w/ natural light

2 separate entrances

Double-sized living room w/ gas fireplace & separate dining area

Master chef’s kitchen

Custom lighting fixtures & separate laundry room

Private health club, landscaped roof deck,

in-house valet & maid service

Nathaniel Faust 917.774.1473 Alexis Fleming 917.225.8414

West Village $11,500/mo Web ID # 839707

2 bedrooms 2 .5 bathrooms triplex

176 CHRISTOPHER STREET

Two private terraces w/ Hudson River views

State of the art open kitchen w/dining alcove

Central A/C, hardwood floors, and exposed brick

Two Wood-burning fireplaces

En- suite marble baths w/ radiant heated floors

Home office

Pet Friendly

Mariola Hodun 917.312.7415

Upper West Side $16,000/mo Web ID # 285134

4 bedroom-duplex 4 bathrooms Building

257 W 93RD ST

2550 sq ft triplex w/ patio

Modern furnishings

Angola granite countertops

Kitchen w/ mosaic tile backsplash

Heated marble floors in bath

Japanese jetted soaking tub

16’ ceilings in living room

Large gas fireplace

Juliet balcony w/ sliding doors

Sonia Rehani 917.686.9656 Concetta Testa 212.937.9677

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EliteRentals 7

West Village $10,000/mo Web ID # 303265

Convertible 3 bedroom 2 bathrooms

76 BEDFORD STREET

Three fully renovated floors & finished base-ment

Open kitchen w/ island

Exposed beams and four decorative fireplaces

Two balconies overlooking private garden

Washer/dryer

Heart of the West Village

Pets Allowed

Ehud “Udi” Eliasi 646.382.7378

Upper West Side $11,950/mo Web ID # 112631

4 bedrooms 3 bathrooms

172 WEST 79TH STREET

Classic 7

Plenty of natural light

Views of the city

Kitchen w/ ample counter space and wood cabinetry

Huge bedrooms

Great closet space

Washer/dryer

Doorman & elevator

Pets allowed

Andreas R. Metzger 917.945.9697 Sonya Smith 917.945.9697

West Village $12,000/mo Web ID # 208934

2 bedrooms 2.5 bathrooms

122 GREENWICH AVENUE

Floor to ceiling reflective glass windows

Marble spa baths

Custom open Molteni kitchen w/ top of the line appliances

Massive closet space

Shared landscaped courtyard roof deck

24-hour concierge, valet service and fitness center

LEED-registered Green building

Mitchell Cashwell 646.379.5830 Dan Marrello 212.794.1133

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8 EliteRentals

I t has never been easy to rent an apartment in Manhattan—and now with exceptionally low vacancy rates and the lack of new rental inventory

in Manhattan.

For those hoping to find a rental in the coming months, the market tightens even further during the peak season of May through September. Preparation is key—those who are famil-iar with Manhattan’s unique rental process and are prepared will have the best chance of securing an apartment.

Following is a step-by-step guide to renting in New York City:

First, gather your documents. Many a disappointed renter has missed an opportunity to live in their dream apartment because they took too much time searching for the paper-work. While there may be some exceptions, if you gather all the following, you will have the documentation needed to apply for virtually any apartment:

• letter from your employer stating position, salary, and length of employment (or anticipated start date)

• last two pay stubs (if already working)

• last two years’ tax returns

• last two months’ bank statements

• name, address, and phone number of previous landlords

• two personal reference letters

• two business reference letters

• verification of other assets such as real estate, securities, etc.

• photo identification.

Find a qualified real estate agent. There is no substitute for a good broker. With their knowledge of the market and inventory, they can guide tenants through the search and application process quickly and efficiently. An agent can conduct a comprehensive assessment to establish your needs, determine a budget, and set up a time frame for your search. (For an example of what a broker would know that the average renter may not, apartments in doorman buildings are available to view by prospective tenants and

their agents thirty days prior to the expiration of the cur-rent tenant’s lease.) The time fame for viewing potential non-doorman apartments tends to be less, anywhere from two weeks to a few days prior to future occupancy. If you attempt to begin your housing search too early, you may find that your viewable housing options are extremely limited.

What you should let your agent know. Before you begin your search, discuss your financial and pet situation. Un-derstanding what your requirements are and what is pos-sible up front will save you both time and energy.

If you have yet to open a New York City bank account or do not have a social security number, let your agent know.

The apartment search. Appointments can take anywhere from fifteen minutes to several hours. Plan on spending two hours on each appointment. It might take one appoint-ment to find your apartment, or it may take quite a few.

Guide to Renting

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EliteRentals 9

Top Three Reasons to Rent Luxury...Because you are renovating your primary residence and need a fabulous apartment until the repairs and construction are complete.

Because you are currently in the market for a new home or considering a new neighborhood and perhaps are undecided as to a decision of whether to rent or buy.

Because you deserve the best!

Applying for the apartment. Once you find an apartment

that suits you, you must fill out an application, submit doc-

umentation, and pay application fees. Your agent will over-

see any negotiation of terms with the landlord.

Financial requirements. Most landlords require that

your guaranteed income be between 40 and 50 times the

monthly rent. For example, if the monthly rent were $3,000

a month, you would need to show a guaranteed income of

at least $120,000 per year. ($3,000 x 40 = $120,000)

• An estimated bonus may be considered if a documented

history of bonuses can be provided.

• If your guaranteed yearly income falls below the land-

lord’s requirement, there are other factors that may be

taken into consideration, such as income form other

sources, housing allowances, or the use of a guarantor.

• Landlords may accept roommates’ combined incomes

to determine financial qualification for an apartment.

In other words, if the rent for an apartment is $2,500,

the landlord would want to see a total income of about

$100,000. If both roommates make at least $50,000 annu-

ally, they could combine their incomes in order to qualify

for the apartment. If the landlord does not allow for com-

bined incomes, or if the combines total is not enough,

they will require a guarantor or lease cosigner, a person

who accepts financial liability in the event you or your

roommates fail to pay the rent.

Criteria for guarantors. Landlords require that guarantors

must make between 80 to 100 times the monthly rent in an-

nual income. This means that for a $2,000 apartment a guar-

antor must show a guaranteed income of at least $160,000.

($2,000 x 80 = $160,000)

• Most landlords prefer that you use a guarantor from the

tristate area, i.e., New York, New Jersey, or Connecticut.

Some landlords are more flexible and will accept guar-

antors from anywhere in the U.S. If you intend to use a

guarantor from outside the tristate area, notify your agent

before you start your search.

• The guarantor will be required to produce the exact

same paperwork as the potential tenants.

Pets may limit your choices. The majority of landlords in

Manhattan do not allow dogs. Some allow cats but not

dogs; some allow one dog only. Certain landlords have a

weight requirement for dogs, usually 20 pounds or less.

It may also depend on the breed and temperament of

the dog. If you plan on keeping a pet, notify your agent

prior to your apartment search so they can screen out the

buildings that do not accept pets. Moving an animal into

a building if the policy prohibits pets will jeopardize your

tenancy rights.

Application fees. Typical application fees can range from

$0 to $100 and are nonrefundable.

Sign leases, present checks, set a move-in date: Rent,

security, and any brokerage fees are due at lease signing in

the form of certified funds. When you have received official

approval you will need to arrange for a move-in date with

your landlord or the building superintendent, which may

involve reserving a service elevator. Move-ins are gener-

ally limited to Monday through Friday, 9 AM to 5 PM.

Renting an apartment in New York is an adventure, and as

with any adventure, if you are prepared, you’ll be able to

handle and even appreciated the unexpected.

Page 15: Elite Rentals e-Magazine

RESIDENTIAL RENTAL MARKET REPORTFourth Quarter 2009 / Year-End Review

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Citi Habitats Residential Rental Market Report4th Quarter / Year-End Review 2009 Our results for December 2009 continued the pattern seen during the prior eight months of 2009 of minor price adjustments providing us with further evidence that the Manhattan rental market had found its footing in terms of pricing. Additionally, vacancy rates which historically increase during this period actually decreased slightly over November’s rate, indicating positive absorption in the market.

Results for the 4th Quarter 2009 vs. 3rd Quarter 2009 also were atypical of past market trends. Because the 3rd Quarter figures include peak season rental tallies, adjustments in rental prices and vacancy rates in the 4th Quarter are usually notable. However, during this 4th Quarter we saw only nominal decreases in both rental pricing and a marginal increase in the vacancy rate.

As we expected, the 2009 rental market underwent price corrections. Prices on average are approximately 7% lower than in 2008 and this adjustment does not include landlord incentives such as free rent which, when factored in, would make price reductions greater. Vacancy rates are marginally higher in 2009 (but continue to remain below 2%) from 2008 totals. However, over 3,700 new rental units came to market during 2009 (south of 96th Street) and we saw incredible absorption with respect to this new product. During this period, CHMG, Citi Habitats’ development marketing group, rented Silver Towers at a very brisk pace, renting over 40% of market-rate units during its launch phase as well as the lease-up or completion of Dwell95, The Westbourne, Greystone, and The Hub.

In 2009 Citi Habitats reached the incredible milestone of renting over 12,900 apartments in one year, an increase of 23% as compared with the 2008 total of more than 10,500 rental transactions. Many factors came into play during the year that contributed to achieving this incredible feat. 2009 was a great year to be a renter; because of the combination of lower prices and landlord incentives, amazing rental opportunities existed in the marketplace. Some, previously priced out of the Manhattan market and living in an outer borough were now able to afford an apartment in Manhattan. Many upgraded and moved to a larger space or a neighborhood closer to their job for less or equal rent. In any event, these indicators are a clear testament to the health and vitality of the rental market and the long-term prospects of our great City.

Please note the following with respect to this report:

1. The statistics in this report were compiled using solely Citi Habitats closed transactions during the stated period(s).2. Average rents cited in this report are, for the majority, gross rents, not net effective rents, and do not include

landlord incentives, unless the face rent reported on the lease was the net-effective amount. Factoring in rent concessions, average rents may be between 5% to 7% lower. However, not every rental transaction contains a landlord concession.

We hope you will find this study informative and we welcome any questions you may have regarding it. Sincerely,

Gary Malin, President We find more New Yorkers homes than any other brokerage firm.

0

1000

2000

3000

4000

5000

1800+

2600+

4Q 2008 4Q 2009

total 2009 Rental tRansactions

Overall transactional volume for Citi Habitats for the 4Q 2009 was more than 2,600 transactions, representing an increase of more than 30% in the total number of transactions from the 4Q 2008 total of more than 1,800 transactions.

total 4Q Rental tRansactions

Overall transactional volume for Citi Habitats for 2009 was more than 12,900 transactions, representing an increase of 23% in the total number of transactions from the 2008 total of more than 10,500 transactions.

0

5,000

7,500

10,000

12,500

15,000

10,500+

2008 2009

12,900+

Page 17: Elite Rentals e-Magazine

RENTAL MARKET ANALYSIS: 4th Quarter 2009

AVERAGE RENTS: Q4/09 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: Q4/09 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.

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aVeRaGe Rent sUMMaRY: Q4/09

location stUDio 1BR 2BR 3BR

Chelsea 2048 2908 4381 5239

East Village 1804 2281 3224 4100

Gramercy/Flatiron 2035 2852 3912 5047

Harlem 1112 1438 1680 2215

Lower East Side 1698 2033 2782 3490

Midtown East 1818 2370 3520 5026

Midtown West 1926 2494 3428 4422

Morningside Heights 1321 1851 2262 3012

Murray Hill 1731 2398 3157 4213

VacancY sUMMaRY: Q4/09

location stUDio 1BR 2BR 3BR

neiGHBoRHooD VacancY Rate

BPC / Financial Dist 2.05%

Chelsea 1.33%

East Village 1.72%

Gramercy 2.09%

Midtown East 2.18%

Midtown West 1.53%

Murray Hill 2.05%

SoHo/TriBeCa 1.05%

neiGHBoRHooD VacancY Rate

oVeRall BlenDeD aVeRaGes: Q4/09

New Development w/ DM* 2434 3573 5972 8396

Doorman 2144 3054 4402 5659

Elevator*** 1758 2452 3723 5412

Walkup** 1602 2041 2686 3910

BlDG classiFication stUDio 1BR 2BR 3BR

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1.881.962.36

ManHattan Rental VacancY Rates: Q4/09

Q4/08 Q1/09 Q2/09 Q3/09 Q4/09

* New Developments include all rental and condo buildings built after 2003. **Walkup averages include brownstone and townhouse rentals. ***Elevator averages in the downtown neighborhoods include a significant number of loft rentals compared to other neighborhoods.

SoHo/TriBeCa 2130 3145 5042 6898

Upper East Side 2.24%

Upper West Side 2.06%

West Village 1.34%

overall Vacancy: Q4/09 1.79%

overall Vacancy: Q3/09 1.71%

Difference 0.08%

Wall Street/BPC 2054 2728 3781 4943

Upper East Side 1569 2087 3043 5131

Upper West Side 1688 2351 3484 5401

Washington Heights 1073 1360 1800 2049

West Village 1993 2845 3916 5383

average: Q4/09 1733 2343 3294 4438

average: Q3/09 1760 2423 3381 4591

% change -1.5% -3.3% -2.6% -3.3%

average: Q4/08 1841 2527 3551 4712

% change: Q4-08/09 -5.9% -7.3% -7.2% -5.8%

overall Vacancy: Q4/08 1.96%

Difference: Q4 - 08/09 (0.17%)

1.71

1.76

Page 18: Elite Rentals e-Magazine

RENTAL MARKET ANALYSIS: 2009 vs 2008

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 represent-ing 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.

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aVeRaGe Rent sUMMaRY: 2009 vs 2008

location stUDio 1BR 2BR 3BR

Chelsea 2058 2959 4369 5463

East Village 1824 2372 3286 4281

Gramercy/Flatiron 1994 2965 4124 5132

Harlem 1170 1504 1855 2192

Lower East Side 1719 2162 2951 3750

Midtown East 1805 2399 3819 5210

Midtown West 1866 2457 3574 4664

Morningside Heights 1372 1952 2455 2999

Murray Hill 1835 2408 3255 4364

VacancY sUMMaRY: 2009 vs 2008

location stUDio 1BR 2BR 3BR

BPC / Financial Dist 2.02%

Chelsea 1.58%

East Village 2.10%

Gramercy 1.99%

Midtown East 2.36%

Midtown West 1.76%

Murray Hill 2.09%

SoHo/TriBeCa 1.35%

neiGHBoRHooD VacancY Rate

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2.50

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ManHattan Rental VacancY Rates: 2009

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

SoHo/TriBeCa 2181 3230 5086 7097

neiGHBoRHooD VacancY Rate

Upper East Side 2.38%

Upper West Side 1.98%

West Village 1.64%

overall Vacancy: 2009 1.93%

overall Vacancy: 2008 1.42%

Difference: 2009/2008 0.51%

Wall Street/BPC 2069 2819 4001 5081

Upper East Side 1608 2167 3070 5164

Upper West Side 1760 2366 3497 5475

Washington Heights 1064 1393 1820 2092

West Village 2037 2945 4009 5431

average: 2009 1757 2406 3411 4560

average: 2008 1883 2608 3700 4898

% change -6.7% -7.7% -7.8% -6.9%

overall % change -7.3%

2.28

1.72 1.621.65 1.671.83 1.86 1.87 1.84

Page 19: Elite Rentals e-Magazine

RENTAL MARKET ANALYSIS: December 2009

AVERAGE RENTS: 12/09 Market-wide for Manhattan, the average December 2009 rental price for a studio was $1,740, representing an increase of 1% from November 2009; a one bedroom, $2,299 representing a decrease of 2% from November 2009; a two bedroom, $3,278 representing a decrease of 1% from November 2009; and three bedroom, $4,375 representing a decrease of 2% from November 2009.

VACANCY RATES: 12/09 The overall vacancy rate for Manhattan for December 2009 was 1.84% representing a 0.03% decrease in the va-cancy rate from the November 2009 rate of 1.87%.

A comparison of vacancy rates, by neighborhood, reveals that the Chelsea area had the least amount of available apartments at 1.20%, while Mid-Town East, at 2.24%, ranked highest.

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* New Developments include all rental and condo buildings built after 2003. **Walkup averages include brownstone and townhouse rentals. ***Elevator averages in the downtown neighborhoods include a significant number of loft rentals compared to other neighborhoods.

ManHattan Rental VacancY Rates: 12/09

aVeRaGe Rent sUMMaRY: 12/09

location stUDio 1BR 2BR 3BR

Chelsea 2100 2909 4384 5150

East Village 1841 2159 3289 4050

Gramercy/Flatiron 2075 2804 3883 5087

Harlem 1120 1455 1648 2132

Lower East Side 1731 2031 2725 3500

Midtown East 1826 2413 3491 5028

Midtown West 1904 2544 3351 4338

Morningside Heights 1340 1767 2199 2898

Wall Street/BPC 2053 2637 3778 4877

Murray Hill 1701 2234 3130 3710

SoHo/TriBeCa 2190 3048 5130 6900

Upper East Side 1504 2056 3026 5150

Upper West Side 1605 2276 3466 5400

Washington Heights 1050 1330 1813 1973

West Village 2065 2827 3857 5425

average 1740 2299 3278 4375

location stUDio 1BR 2BR 3BR

VacancY sUMMaRY: 12/09

neiGHBoRHooD VacancY Rate

BPC / Financial Dist 1.86%

Chelsea 1.20%

East Village 1.90%

Gramercy 1.86%

Midtown East 2.24%

Midtown West 1.53%

Murray Hill 2.03%

SoHo / TriBeCa 1.23%

Upper East Side 2.16%

Upper West Side 2.17%

West Village 1.41%

overall Vacancy 1.84%

neiGHBoRHooD VacancY Rate

oVeRall BlenDeD aVeRaGes: 12/09

New Development w/ DM* 2430 3681 5977 8784

Doorman 2096 2978 4322 5695

Elevator*** 1708 2419 3690 5279

Walkup** 1539 1988 2601 3751

BlDG classiFication stUDio 1BR 2BR 3BR

Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec 09

0%

1.25%

2.50%

2.24 2.24 2.46 2.372.28

1.72 1.65 1.671.86

1.621.83 1.87 1.84

Page 20: Elite Rentals e-Magazine

RENTAL MARKET ANALYSIS: November 2009

AVERAGE RENTS: 11/09 Market-wide for Manhattan, the average November 2009 rental price for a studio was $1,728, representing no change from October 2009; a one bedroom, $2,345 representing a decrease of 2% from October 2009; a two bedroom, $3,298 representing no change from October 2009; and three bedroom, $4,445 representing a decrease of 1% from October 2009.

VACANCY RATES: 11/09 The overall vacancy rate for Manhattan for November 2009 was 1.87% representing no change in the vacancy rate from the October 2009 rate of 1.86%.

A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at .98%, while the BPC/Financial District, at 2.22%, ranked highest.

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* New Developments include all rental and condo buildings built after 2003. ** Walkup averages include brownstone and townhouse rentals. *** Elevator averages in the downtown neighborhoods include a significant number of loft rentals compared to other neighborhoods.

ManHattan Rental VacancY Rates: 11/09

aVeRaGe Rent sUMMaRY: 11/09

location stUDio 1BR 2BR 3BR

Chelsea 2006 2898 4434 5215

East Village 1754 2292 3308 4099

Gramercy/Flatiron 2013 2842 3925 5017

Harlem 1125 1402 1653 2156

Lower East Side 1750 2009 2799 3466

Midtown East 1816 2376 3555 5028

Midtown West 1920 2486 3402 4428

Morningside Heights 1300 1838 2267 3095

Wall Street/BPC 2089 2784 3745 4925

Murray Hill 1750 2385 3164 4410

SoHo/TriBeCa 2134 3199 4999 6889

Upper East Side 1577 2081 2998 5175

Upper West Side 1674 2378 3502 5360

Washington Heights 1083 1341 1800 2089

West Village 1936 2863 3913 5325

average 1728 2345 3298 4445

location stUDio 1BR 2BR 3BR

VacancY sUMMaRY: 11/09

neiGHBoRHooD VacancY Rate

BPC / Financial Dist 2.22%

Chelsea 1.50%

East Village 1.59%

Gramercy 2.20%

Midtown East 2.18%

Midtown West 1.44%

Murray Hill 2.00%

SoHo / TriBeCa .98%

Upper East Side 2.15%

Upper West Side 2.07%

West Village 1.38%

overall Vacancy 1.87%

neiGHBoRHooD VacancY Rate

oVeRall BlenDeD aVeRaGes: 11/09

New Development w/ DM* 2406 3550 5942 8330

Doorman 2137 3042 4391 5575

Elevator** 1766 2472 3713 5386

Walkup*** 1592 1985 2621 3953

BlDG classiFication stUDio 1BR 2BR 3BR

Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct nov 09

0%

1.25%

2.50%

2.042.24 2.24 2.46 2.37

2.28

1.72 1.65 1.671.86

1.621.83 1.87

Page 21: Elite Rentals e-Magazine

RENTAL MARKET ANALYSIS: October 2009

PEAK SEASoN AVERAGE RENTS: 10/09 Market-wide for Manhattan, the average October 2009 rental price for a studio was $1,731, representing a decrease of 1% from September 2009; a one bedroom, $2,384 representing a decrease of 1% from September 2009; a two bedroom, $3,307 representing a decrease of 1% from September 2009; and three bedroom, $4,494 representing a decrease of 1% from September 2009.

PEAK SEASoN VACANCY RATES: 10/09 The overall vacancy rate for Manhattan for October 2009 was 1.86% representing a slight increase in the vacancy rate from the September 2009 rate of 1.83%.

A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at .95%, while the Upper East Side, at 2.41%, ranked highest.

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* New Developments include all rental and condo buildings built after 2003. ** Walkup averages include brownstone and townhouse rentals. *** Elevator averages in the downtown neighborhoods include a significant number of loft rentals compared to other neighborhoods.

ManHattan Rental VacancY Rates: 10/09

aVeRaGe Rent sUMMaRY: 10/09

location stUDio 1BR 2BR 3BR

Chelsea 2039 2916 4325 5353

East Village 1817 2393 3075 4150

Gramercy/Flatiron 2016 2911 3928 5038

Harlem 1090 1458 1739 2358

Lower East Side 1613 2058 2821 3505

Midtown East 1811 2322 3515 5023

Midtown West 1954 2453 3530 4500

Morningside Heights 1322 1948 2319 3042

Wall Street/BPC 2019 2762 3820 5026

Murray Hill 1742 2576 3176 4519

SoHo/TriBeCa 2067 3187 4998 6905

Upper East Side 1625 2123 3104 5068

Upper West Side 1786 2398 3485 5444

Washington Heights 1086 1410 1786 2086

West Village 1977 2846 3977 5400

average 1731 2384 3307 4494

location stUDio 1BR 2BR 3BR

VacancY sUMMaRY: 10/09

neiGHBoRHooD VacancY Rate

BPC / Financial Dist 2.06%

Chelsea 1.30%

East Village 1.66%

Gramercy 2.20%

Midtown East 2.12%

Midtown West 1.61%

Murray Hill 2.12%

SoHo / TriBeCa .95%

Upper East Side 2.41%

Upper West Side 1.93%

West Village 1.22%

overall Vacancy 1.86%

neiGHBoRHooD VacancY Rate

oVeRall BlenDeD aVeRaGes: 10/09

New Development w/ DM* 2465 3489 5998 8075

Doorman 2199 3141 4493 5708

Elevator** 1801 2465 3765 5571

Walkup*** 1675 2149 2836 4027

BlDG classiFication stUDio 1BR 2BR 3BR

Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep oct 09

0%

1.25%

2.50%

1.71

2.042.24 2.24 2.46 2.37

2.28

1.72 1.65 1.67

1.86

1.621.83

Page 22: Elite Rentals e-Magazine

17 EliteRentals

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Residential Rental Market Report 4th Quarter Report

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Quick Clicks

The Black & White Report 11

A comprehensive analysis of the Manhattan real estate market

for 2008.

RESIDENTIAL RENTAL MARKET REPORTFourth Quarter 2009 / Year-End Review

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