Manhattan’s apartment market is heating up in the busiest season for moving, sending rents to a five-year high and shifting the advantage back to landlords after a brief respite for tenants.
Manhattan apartment prices dropped in the first quarter as condominium sales plummeted and new- development deals made up the smallest share of the market in almost seven years.
Manhattan apartment rentals more than doubled in the second quarter from a year earlier as the city’s job market improved and tenants gained confidence.
Brooklyn apartment rents rose to a record in March and new leases more than doubled, extending a surge in housing demand in the New York borough that was once seen as a refuge from Manhattan’s high costs.
Manhattan’s Billionaires’ Row is spreading south.
Lower Manhattan’s landmark Woolworth Building, once the tallest skyscraper in the world, is setting another record.
"Most of the efforts that have been done on the state and local level have actually extended the crisis."
- Miller Samuel on Apr 26, 2012
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