Manhattan apartment rents fell for the first time in two years last month as tenants were lured to the homebuying market and those who remained pushed back on landlord increases, a sign rates may be close to a plateau.
The last time Douglaston Development built something big in Brooklyn, New York, it was a 565-unit condo project across two towers in Williamsburg that debuted in 2008, when credit markets were freezing and mortgages were hard to get. Now, Douglaston is taking a different path, building a 510-unit luxury rental tower right next door.
With $1 million to spend and no need for a mortgage, Laiyan Wong expected to be able to easily buy a two-bedroom apartment on Manhattan’s Upper West Side. What she didn’t anticipate was how much competition she’d have.
The Reserve is a six-bedroom, 11- bath Art Deco mansion in Los Angeles that Kristoffer Winters spent more than two years rebuilding and decorating down to its monogrammed bathroom towels. His asking price was $25 million.