New Jack City
November 1st, 2004, 11:14 PM
NY POST
DOWNTOWN LOOKING UP
By ANGELA MONTEFINISE
October 31, 2004 --
Manhattan rents have gone up across the board for the first time since before 9/11 — and nowhere are the increases greater than in neighborhoods near Ground Zero, according to a new report.
The fourth edition of the biannual Black and White Report compiled by real-estate company Citi Habitats says that, for the first time since 2001, average rents for Manhattan apartments of all sizes — including studios, one-, two- and three-bedrooms — have increased.
The hikes were greatest in lower Manhattan, signaling the recovery of the Manhattan real-estate market in the wake of Sept. 11, according to Citi Habitats president Andrew Heiberger. "Sept. 11 is behind us from a marketing perspective," he said. "Emotionally it's definitely very much with us. But I think in a very positive way, 9/11 has created a downtown spirit."
The new report is based on a sample of nearly 11,000 rental agreements in Manhattan between November 2003 and April 2004.
In that time period, the report says, the average monthly rent for a Manhattan studio went from $1,625 to $1,676; a one-bedroom from $2,308 to $2,310; a two-bedroom from $3,231 to $3,393; and a three-bedroom from $4,403 to $4,531. Vacancy rates declined slightly.
While rents in Midtown, Murray Hill, and the Upper West and East sides stayed relatively stable, rents in Chelsea, the West Village and SoHo/TriBeCa shot up.
According to the report, SoHo/TriBeCa had the largest average increases and is the most expensive place to live.
A studio there cost an average of $2,214 a month in April.
"There was really no other way for those areas to go but up," Heiberger said. "They were so depressed at one point that the rebounds are almost exaggerated."
In the Citi report, SoHo/TriBeCa is treated as one neighborhood, even though prices and rents can vary significantly between the two downtown neighborhoods.
Heiberger said lower Manhattan has become a prime location because "you get more for your buck there. There's unique housing with high ceilings."
DOWNTOWN LOOKING UP
By ANGELA MONTEFINISE
October 31, 2004 --
Manhattan rents have gone up across the board for the first time since before 9/11 — and nowhere are the increases greater than in neighborhoods near Ground Zero, according to a new report.
The fourth edition of the biannual Black and White Report compiled by real-estate company Citi Habitats says that, for the first time since 2001, average rents for Manhattan apartments of all sizes — including studios, one-, two- and three-bedrooms — have increased.
The hikes were greatest in lower Manhattan, signaling the recovery of the Manhattan real-estate market in the wake of Sept. 11, according to Citi Habitats president Andrew Heiberger. "Sept. 11 is behind us from a marketing perspective," he said. "Emotionally it's definitely very much with us. But I think in a very positive way, 9/11 has created a downtown spirit."
The new report is based on a sample of nearly 11,000 rental agreements in Manhattan between November 2003 and April 2004.
In that time period, the report says, the average monthly rent for a Manhattan studio went from $1,625 to $1,676; a one-bedroom from $2,308 to $2,310; a two-bedroom from $3,231 to $3,393; and a three-bedroom from $4,403 to $4,531. Vacancy rates declined slightly.
While rents in Midtown, Murray Hill, and the Upper West and East sides stayed relatively stable, rents in Chelsea, the West Village and SoHo/TriBeCa shot up.
According to the report, SoHo/TriBeCa had the largest average increases and is the most expensive place to live.
A studio there cost an average of $2,214 a month in April.
"There was really no other way for those areas to go but up," Heiberger said. "They were so depressed at one point that the rebounds are almost exaggerated."
In the Citi report, SoHo/TriBeCa is treated as one neighborhood, even though prices and rents can vary significantly between the two downtown neighborhoods.
Heiberger said lower Manhattan has become a prime location because "you get more for your buck there. There's unique housing with high ceilings."