With supply and concessions on the rise, owners struggle to fin上海夜网论坛

d renters for luxury apartments Owners are taking deep price cuts at the toniest addresses in the city

40th floor unit at One57, previously rented for $13,000/month

Even wit爱上海龙凤419桑拿

h steep price cuts and a slew of concessions, owners are struggling to secure renters for their luxury apartments.

Developers are increasingly offering free rent — in some cases three months worth — and it s becoming difficult for individual owners to compete, the Wall Street Journal reported. Supply is also high: Currently, 1,100 apartments (mostly in Manhattan) are listed for $10,000 a month or more. A recent Douglas Elliman report noted that just under 24 percent of Manhattan leases signed in October had some type of concession.

“The 新上海贵族宝贝论坛

market has changed completely,” Sherri Shang, a Douglas Elliman Broker, told the Wall Street Journal. “I never expected three years later that even with a Central Park View, that it would be so hard to rent out now.”

Shang is struggling to find a tenant for a 40th-floor condo at One57, a Midtown  luxury supertall developed by Extell Development Company. The apartment has previously commanded $13,000 a month, but Shang now c爱上海同城对对碰

an t seem to find a tenant willing to pay even $10,000. She s not alone. At an apartment at Trump Tower, asking rent for a two-bedroom apartment dropped from $25,000 in 2013 to $18,000 阿拉爱上海同城

in October.

According to appraiser Jonathan Miller, about 20 percent of new condo sales in Manhattan are to investors, many of whom rent the units before selling again. [WSJ] — Kathryn Brenzel 

Tags: one57, trump tower
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