Do Rent Incentives Make Luxury Rentals in Manhattan More Affordable?

225 East 39th Street offers 2 months free rent on a 14 month lease When moving into a new apartment, everybody is looking to get some sort of deal to offset the cost of the monthly rent, but do these incentives really make a difference when it comes to your bottom line?

Concessions were offered on 29 percent of transactions involving luxury rentals in Manhattan in April 2017. Most of the concessions are centered around the amount of the monthly rent and the length of the lease. Does it really matter that you sign a 14 month lease, and pay for 12 months? When you are paying almost $5000 per month in rent, I think it does.

The second most popular concession involves the broker fee. If the landlord picks up the broker fee, the potential tenant saves an additional 10% of the annual rent. On that same amount of rent, the broker fee comes out to $6,000. That is an expense you won’t have to pay if you decide to stay put and renew your lease.

At 225 East 39th Street, there is a 1 bedroom, 1 bathroom apartment available with a listed price of $4256 per month when you sign a 14 month lease. The actual price of the apartment is $4965 per month for 12 months, but you get to live there for 2 months before you have to start paying rent. One would be wise to set aside at least a portion of the rent during those two months. The listing on Streeteasy.com also indicates you won’t be charged a broker fee.

At first, the incentive made sense to me, but then I sat down and really considered what was being offered. The advertisement makes it appear as though you are saving just over $700 per month, but in reality you are paying the original $4965 per month, you just have 2 months to prepare for it. In my mind, the incentives don’t make it more affordable, it just defers the amount you have to pay up front.

What happens when it is time to renew your lease? Do you get the same deal or do you have to renegotiate your lease terms?

 

Comfortable Residences in Manhattan Sure Have Changed Since President Roosevelt

comfortable residences in manhattan have changesBack in 2001, the NY Times published an article on the changes occurring in Murray Hill – a Midtown Manhattan neighborhood known for its brownstones and low-rise residential community. Families such as the Tiffanys, the Morgans, the Rhinelanders and the Roosevelts once called Murray Hill home.

In 1905, Franklin and Eleanor Roosevelt lived close by Franklin’s mother, Sara Roosevelt, in the Murray Hill neighborhood. Murray Hill was concerned that their comfortable historic parish would be destroyed with the progress of high-rises being built.

In 2003, the Murray Hill Historic District was listed on the National Register, documenting a period of history from 1853 to 1953. At that time the district boundaries were selected to correspond to those properties that met the fifty year requirement for eligibility and listing, resulting in a smaller boundary within the greater Murray Hill neighborhood. In light of the passage of time and the now eligible stock of buildings from the late 1950s and early 1960s, the Murray Hill Historic District (Boundary Expansion) provides the opportunity to establish a boundary that unifies much of the neighborhood’s historic resources from a period of significance from 1853 to 1961.

Today, Murray Hill has a whole new look while still sustaining the historical legacy of this timeless neighborhood. Just imagine President Roosevelt coming back to his home today to see the house still there but it is now Hunter College’s Public Policy Institute and the skyline filled with new, high-rise structures surrounding his once community.

One of the fore-mentioned high-rises President Roosevelt would see today is House 39, located at 225 East 39th Street. House 39 offers top notch amenities including a concierge, a roof deck with cabanas and BBQ stations, an outdoor movie screen, a fireplace, bocce ball, shuffle board, a photo booth, a live-in superintendent, a children’s playroom, a curved swimming pool, a library, a fitness center, a driveway, a plaza, and courtyard garden.

The luxury apartments are probably the most comfortable residences in Manhattan. The exterior structure looks like it entered a pinball wizard contest with its many vertical façade strips that interrupt its very smooth, reflective façades.

Top 5 Green Restaurants Near Your Apartment in NYC

green apartments for rent nyc
Photo Courtesy of Culture Trip

I live in Chelsea and was wondering what were the best sustainable or healthy restaurants were in my hood. I came across this article on ecocult.com that features the best 24 sustainable restaurants in New York City.

Here’s what I found…

  1. Westville Chelsea, 246 West 18th Street (between 7th Avenue & 8th Avenue) – Fresh produce & locally sourced meats lead the list of ingredients. Great food, great prices, exceptional service and unique tasting dishes. You just have to try the brussel sprouts! Even if you hate them, these are not your average sprouts. From the bar, definitely try the green-colored prosecco lemonade cocktail.
  2. Bareburger Chelsea on 8th Avenue serves American (Traditional) and organic and all-natural burgers and salads on 153 8th Avenue. Eco-minded Bareburger features lots of exotic burgers – duck, boar, elk, bison and more. The onion rings delicious and the meats are lean but well cooked.
  3. Dirty Bird To Go at 204 West 14th Street (and 7th Avenue.) is an organic fried chicken joint also offering rotisserie chicken. Homemade sides include rich and creamy mac n’ cheese and a buttery garlic kale. Thirsty? Try the watermelon lemonade.
  4. The Grey Dog located at 242 West 16th St (between 7th & 8th Avenues) is a homey cafe luring locals for coffee, eggs, sandwiches and salads with a coffeehouse chill atmosphere. Veggie burger, avocado toast, salmon/avocado salad, tofu wrap with spinach, portobello mushrooms and ginger, the Grey Dog club, seafood gumbo, the Grey Dog breakfast, mustard brussel sprouts are just a few of The Grey Dog’s amazing things.
  5. Blossom Du Jour located at 259 West 23rd Street near 8th Avenue specializes in health-conscious (Kosher, Local/Organic, Vegan, and Vegetarian) eats, with a juice bar and serves vegan American fare including gluten-free options. Little Italy sandwich with soy meatballs, grilled un-chicken sandwich, vegan butterfinger shake, Midtown Melt, Beet Burger and the Protein Bowl with marinated kale, quinoa, black beans, lemon un-chicken, guacamole and tahini dressing are just a few of their healthy yummies.

With all this outstanding food surrounding you, why wouldn’t you live in Chelsea? And if you’re searching for green apartments for rent in NYC, check out EOS NoMad over at 100 West 31st Street. EOS NoMad is a new, modern, eco-friendly and magnificent 47 story glass tower. Top notch amenities for exercising your body, mind and spirit. And the best foods are available just around the corner.