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Manhattan's Ultra-Luxury Rental Market Has Cratered

National Real Estate Investor, 2020-08

COPYRIGHT 2020 Penton Media, Inc., Penton Business Media, Inc. and their subsidiaries ;Copyright Penton Media, Inc., Penton Business Media, Inc. Aug 5, 2020 ;ISSN: 0027-9994

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  • Title:
    Manhattan's Ultra-Luxury Rental Market Has Cratered
  • Author: Bloomberg
  • Subjects: Apartments ; Condominiums ; Leases ; Rentals
  • Is Part Of: National Real Estate Investor, 2020-08
  • Description: (Bloomberg)—Manhattan’s super-high-end rental market, comprising apartments that start at $22,000 for a month’s rent, has slowed to a trickle as wealthy foreign and domestic renters refuse to return to New York. The difference between the very top of the market and the rest, Wu says, is “these are rentals in condos and co-ops, so they don’t behave the same as the overall rental market where someone lives in the apartment, their lease expires, and the apartment comes back on the market.” Rich renters aren’t in the city, and rich apartment owners normally interested in cashing in on their empty apartments are willing to wait for the market to pick up.
  • Publisher: Atlanta: Penton Media, Inc., Penton Business Media, Inc. and their subsidiaries
  • Language: English
  • Identifier: ISSN: 0027-9994
  • Source: AUTh Library subscriptions: ProQuest Central
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