Pursuits
Manhattan Luxury Rents Slide as Condo Buyers Seek Tenants
- Buyers at new towers add to supply by listing homes for rent
- Median luxury rent fell 4.2% in February to $8,000 a month
NYC Luxury Real Estate Market Slows
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At One Riverside Park, a new luxury-condo tower on Manhattan’s Upper West Side, a never-lived-in four-bedroom apartment is available for rent at $22,995 a month -- about $2,000 less than the owner was seeking in January.
The 2,830-square-foot (260-square-meter) dwelling, with floor-to-ceiling windows and panoramic views of the Hudson River, has competition for tenants. Forty-five percent of the 161 units that sold in the building have been put up for rent, according to an analysis by listings website StreetEasy.com.