FirstService Residential Reveals the Top 10 Luxury Rental Buildings in NYC

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Leading property management firm shares results of year-long study into luxury housing trends

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Luxury rental buildings are redefining the new normal, with residents shifting their desires to more than just square footage. With this in mind, FirstService Residential, North America’s leading property management company, has announced the results of its year-long study which analyzed more than 7,400 unique apartment vacancies at 119 of New York City’s luxury rental buildings.

The comprehensive report reveals the top 10 luxury rental properties in New York City, all of which are in Manhattan, based on average annualized asking rent per square foot, and additional insights into current luxury housing trends from asking rents and apartment type to commercial conversions and number of units.

“New York City’s luxury housing market continues to set new records,” says Robert Scaglion, executive managing director of FirstService Residential. “Our goal was to not only call out the top buildings in New York, but also analyze trends in operations across the city to gain better insight into what is driving success.”

Based on the company’s study, New York City’s Top 10 luxury rental buildings are:
1.    Grand Tier
2.    The Corner
3.    Hawthorn Park
4.    2 Cooper Square
5.    Prism at Park Ave South
6.    Beatrice
7.    New York by Gehry
8.    The Larstrand
9.    The Caledonia
10.    600 Washington Street

While these buildings did show an average asking rent of $90 per square foot, the rate did decrease slightly from a year ago, and these buildings were more likely to offer a lease concession to their residents.

In addition to Manhattan, FirstService Residential also gathered data from high-rises in Long Island City, Downtown Brooklyn and Williamsburg. Key insights include:

  • Across the board, luxury rentals tracked in this report asked more per square foot for studio apartments than for one- and two-bedroom apartments.
  • Buildings with at least 300 one- and two-bedroom apartments tended to have higher asking rents.
  • Only 12 percent of Manhattan buildings offered an owner-paid fee as a lease concession, while 25 percent of the Top 10 offered this concession.
  • In buildings that were converted from a commercial space (e.g. warehouse, offices or other non-residential space) to residential, units tend to be large with asking rents trending upward, nearly 10 percent higher in Q3 2015 than Q3 2014.

In New York City, FirstService Residential’s management portfolio comprises more than 500 rental, condominium, and cooperative properties with an aggregate value of more than $6 billion. This includes more than 70,000 residences that are home to over 200,000 people in properties ranging from luxury towers and new developments to prewar landmark buildings and apartment complexes.

For additional insights into New York’s luxury housing market, and to view the complete report findings, visit http://www.fsresidential.com.

About FirstService Residential
FirstService Residential is North America's largest manager of residential communities and the preferred partner of HOAs, community associations and strata corporations in the U.S. and Canada. FirstService Residential's managed communities include low-, mid- and high-rise condominiums and cooperatives, single-family homes, master-planned, lifestyle and active adult communities, and rental and commercial properties.

With an unmatched combination of deep industry experience, local market expertise and personalized attention, FirstService Residential delivers proven solutions and exceptional service that add value, enhance lifestyles and make a difference, every day, for every resident and community it manages. FirstService Residential is a subsidiary of FirstService Corporation, a North American leader in the property services sector. For more information, visit http://www.fsresidential.com.

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Paige Rosenthal
FirstService Residential
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Jennifer Kennedy
FirstService Residential
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