For Rent! Manhattan Vacancy Glut!
If you are looking for a Manhattan rental, now is the time to look. It’s reported in Zero Hedge that vacancies are at an all time high in the Big Apple. The article blames the rise in vacancies on the cost to rent an apartment in Manhattan, but also in Australia, China and Miami as the culprit behind the glut in the NYC real estate market. According to the article economic conditions don’t support the prices of the luxury flats and NYC apartments for sale on townrealestate with many carrying a price tag of a million dollars. Zero Hedge states that the median rent is only $8,537.00 per month.
Andrew Heiberger, founder and CEO of Town Residential will find his niche in the new market for Manhattan Real Estate. His firm last year had over $958,754,849 in sales, and his luxury apartments sell for less than $230,000 and have monthly maintenance fees of under $2,000. Those prices are for a penthouse at his Cityspire complex with wrap around terraces and all the amenities of a five start hotel. These spacious apartments have lots of space, gourmet kitchens, luxurious baths, hardwood floors and every other appointment and more as that of the $8,500.00 a month models have.
Town Residential developments include the Buttonwood, the Icon, Twenty Exchange and the Charles. They all feature doormen, garages with building access, spas, roof top entertaining, meeting rooms all set in beautiful surroundings. Mr. Heilberger of Town Residential believes his success lies in his company’s transparency with its clients, and his encouraging his brokers to be available to their clients even on social media. He also believes that real estate prices will rise and fall, but in the long term they are on a steady upwards trend.
Town Residential and Mr. Heilberger are reclaiming neighborhoods all over the city, and he believes that investment protection in New York City real estate will keep the buyers and renters coming. Mr. Heilberger is on a quest to redevelop neighborhoods and offer full service condominium, apartments, studios and penthouses to his customers. Town Residential has over 500 licensed brokers across New York City, and they focus on service to the client.
Town and Mr. Heilberger has recently started developing full luxury real estate in Miami. He has joined with Fortune International Group to look for redevelopment opportunities across southern Florida. You can read original article about the recent vacancies at Zero Hedge.