There was an interesting article in the New York Times regarding rent increases in Manhattan and the end of incentives.

I tend to agree with this article, rents starting to creep back up and rent incentives going away. The financial district which had major incentives over the last two years is even starting to scale back. 2 Gold Street one of the luxury no fee buildings downtown recently stated that as of May 1 2010 they are planning to end their 1 month free promotion in the building. Last summer nearly all the buildings were offering 2 months free rent and had a lot of availability in their new tower. Now they are close to fully occupied and the few apartments available move very quickly.

200 Water Street is still providing 2 months free rent on a 14 month lease. I expect this building to be fully leased up by the end of the busy summer season.

I would recommend anyone who is looking to move to try to lock in something good this summer as buildings fill up and the economy improves this may be the last summer to take advantage of these incentives for a few years.

If you or anyone you know is looking for a no fee apartment please contact us at 917-414-7880

Article Link:

http://www.nytimes.com/2010/04/25/realestate/25cov.html?partner=rss&emc=rss

Curbed has a great report on rental prices for 2009. The report shows a drop of 5-8 percent depending on size of apartment and whether it is a doorman or a walked building.

In addition to the actual drop in rent there are many other factors to consider when looking at overall rental prices. First, with the down economy there has been an increase in no fee apartment listings. This can accounting for a 12-15% savings to the tenant by not having to pay a brokerage fee for an apartment.

Additionally, many landlords have been offering between 1 month free and 2 months free rent on their apartments instead of dropping the price of the rent. The Financial District, (Fidi) has been one of the best areas to secure free rent. A majority of the buildings let by those owned by Rockrose and TF Cornerstone, primarilly 2 Gold Street, 200 Water St, and 45 Wall Street are offering 2 months free rent at nearly all of their downtown buildings along with no fee apartments. Other buildings such as 37 Wall, 63 and 67 Wall (The Crest), 95 Wall and mostly followed suit with similar incentives.

Other neighborhoods that have seen bargains have been Midtown, The East Village and the Lower East Side.

The Upper West Side is a neighborhood we have seen an increase in no fee buildings over the last year or two. There are typically 15-30 available no fee apartments in the Upper West Side depending on your price point at any given time.

You can check out the article on Curbed at http://curbed.com/archives/2010/01/04/rent_too_high_09_manhattan_rental_report_has_the_answer.php

For information on finding no fee apartments and free rental incentives throughout Manhattan please contact us at info@newyorknofeeapartments.com or fill out our form below.

For a limited time 90 West Street is offering three months free rent for their studio apartments. This brings the net effective rent for a no fee studio in that building down to under $1600 per month.

90 West Street is located on the West Side Highway only blocks from all major subways, grocery stores, New York Stock Exchange, Pace University Downtown Campus, Battery Park and Battery Park city. Studios start at around 400 square feet with a few different layouts available.

If you are looking for a no fee studio apartment in the New York City, Downtown Manhattan, The Financial District, Chelsea, Midtown, Murray Hill, UES, UWS, or any other Manhattan Neighborhood please contact us immediately to schedule an appointment to view any of our no fee apartments.

I showed some great no fee apartments this weekend at 200 Water Street. 200 Water Street has one of the best rooftop’s in a New York Rental Building.

Best No Fee Apartment Rooftop View in Downtown Manhattan

First, 200 Water Street has some of the largest studio apartments in Manhattans Financial District. I showed a Studio over 500 square feet for under $2000 net effective rent.

What really sets 200 Water Street apart is their affordable convertable three bedroom shares. I’ve written before about how great 2 Gold Street’s layout is for conversion. 200 Water Street has similarly large apartments that are great for conversions or shares with more availability and at a lower price.

200 Water Street has 3 bedroom converted apartments for as low as $1150 per person. There are two specific layouts that have spectacular views of the East River, Brooklyn and Manhattan Bridges.

When converting these apartments you will utilize a company that will install a pressurized wall. There are 2-3 approved contractors per building that are allowed to install the wall. The cost for the wall typically runs between 700 and 1200 dollars depending on the size. Additionally the building typically charges $300 fee for the permission to install the wall.

Inventory is constantly changing. Please contact us for the latest updates and availability for this or any no fee apartment building in Manhattan or New York City.

Finding a no fee apartment in New York City can be very challenging. Many advertisements on Craigslist and various internet sites are simply generic apartments that either do not exist or are no longer available. Newyorknofeeapartments.com strives to provide its readers FREE access to the most up to date listings through our network of NO FEE Landlords and NO Fee Brokers.

Receive a free custom report of no fee apartments available in your area within a few hours

I visited a number of the top no fee apartment buildings in the financial district yesterday afternoon.  The inventory is shifting and I recommend the following buildings for having the best deals.

Best 3 bedroom Converted Apartments

200 Water Street:

There are two different 3 bedroom two bathroom layouts.  The Cheapest one is just barely over $3300 Net Effective Rent meaning 3 roommates can split an apartment for about $1100 each.

There are also layouts with a GREAT VIEW of the East River for $3600 net effective rent or $1300 each.  These units are just over $1000 square feet and feature oversized rooms with plenty of closet space.

All rooms have windows and heating/ac units and the converted room has plenty of closet space just outside of the room.

Cheapest Conversion in the financial district under $1000 dollars Each Person:

The Crest currently has 3 bedroom converted apartments for as low as $2750 Net Effective Rent after 3 months free on an 18 month lease.  These are smaller units and one bedroom has no window however a share right on Wall Street for less than $1000 per person is still a great deal for a luxury building with free gym, lounge and a nice rooftop.

For more information or to set up a showing for any of these apartments please call 917-414-7880 and fill out the contact form below.

Midtown Manhattan is a great area to live.  Many think of Midtown for its tourist attractions, shops, restaurant and office space however there are a number of luxury no fee apartment buildings in and around the area.

The Magellan: Currently a no fee building and offering 1 month free rent.

Located on 33rd Street Between Fifth and Sixth Avenue

Studio Apartment:  Starting at $2,195

One Bedroom Apartment: Starting at $3,195

Two Bedroom apartment: $5695

Shares are allowed however walls can only be built on the following lines:  F Line and 2BR apartment D Line only.

Other top no fee buildings in Midtown are:

Herald Towers

Located on 34th Street at the edge of Herald Square.  This luxury rental building is across the street from the world famous Macys department store.  It is also directly above the BDFV and NRQW Subway Station.  It is a 1 block walk to Penn Station and a short walk to the 456 East Side subway line.   A New York Sports club is also located inside the building on the 25th Floor

Herald Towers features Studio, One Bedroom, and Two Bedroom Apartments.  The 25th floor has a number of 2 bedroom lofts that can be converted to 3 bedrooms at a reasonable price with the third bedroom located upstairs in the loft.

Studio Apartments Starting at $1800

One Bedroom Apartments Starting at $2,300

The Chelsea Centro is the premier no fee apartment building in the neighborhood.  It is an 18 story building located off seventh avenue on west 26th street.  It has spacious apartments with large windows and plenty of natural light.

Amenities Include:  Two Roof Decks, Concierge, Fitness Center, Valet, and Garage

The Chelsea Centro currently has the following availability

1br Apartments Starting at $2862

2br Apartments Starting at $4445

Please fill out the form below for more information or to set up an appointment to view this building.

This was a busy summer for the rental market in the financial district.  Two Gold Street was very aggressive with leasing their second tower and for much of the summer this was the prime place to rent.  I saw Penthouse units going for $2700 per month Net Effective Rent which is a great deal.

Things have calmed down a bit and although their is still availability I have found the prices have risen slightly.  The average 1br apartment is now renting for around $2620 Net Effective Rent rather than $2500 earlier this summer.

200 Water Street is now continuing its very aggressive offers.  They have Studio, One Bedrooms, Two Bedrooms, and Three Bedroom apartments available.  All except their loft units are very good for shares.  The net effective rent for a share can be as low as $1100 per person

For more information on available apartments in the financial district at these or any other buildings please contact me below.

Why All of these incentives?

Due to the current state of the economy landlords are providing numerous incentives to lure tenants into their buildings in the financial district.

The financial district has been a growing residential neighborhood over the last 10 years.  Numerous commercial buildings have been fully renovated and converted into luxury condo’s coops and rental properties.  Tenants will find that there are amazing incentives provided by the landlord to rent apartments in the financial district.

The following are key incentives provided by a majority of the buildings in the financial district.

1. No Brokers Fees: Buildings downtown typically do not charge the tenants any brokers fees. In addition they will typically pay 1 month rent as a commission to a broker that brings a tenant into their office. This fee does not cost the tenant any additional rent and does not cause them to lose any incentives such as free months rent. For example 2 Gold Street which is owned by Rockrose Development is currently providing 2 months free on a 14 month lease whether or not you use a broker to find the available apartments.

2. Free Rent Incentives: Many buildings downtown are providing 1 or 2 months free rent when signing a 12+ month lease. The buildings will provide the free rent credit in a number of different ways. Some buildings will provide either your first or last months free. Many other buildings will allow you to average your free rent into the overall monthly price and allow you to pay the Net Effective Rent. This is essentially a discount however buildings like to keep the gross rent higher for a number of financial reasons.

For a free list of available apartments available with incentives please contact us using the form below.