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

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.

Newly Renovated Building Features: Gym, Amazing Roof Deck with view of East River, Brooklyn Bridge, Manhattan Bridge. Located Steps from the Fulton Street Subway Station A,C,E, 2,3 J,M,Z 4,5 Trains

Two Grocery Stores within 2 blocks. Lots of Shops and Restaurants. Southstreet Seaport is two blocks away.

Located on Water Street Steps from the south street seaport,

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.

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.

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.

Craigslist has provided tenants the ability to search various listings and make direct contact with landlords and management companies without having to pay a broker to gain access to their exclusive inventory.

Is that the end of real estate brokers for Manhattan Rentals?   Hardly…

The best part about the shift in the market place is that it has forced the brokerage community and many landlords to adapt.  This in addition to the poor economy and softer rental market has caused many Manhattan Landlords to start paying the real estate broker’s fees as an incentive to bring them tenants.  Landlords in the financial district of New York like Rockrose Properties have been paying the brokers fee for years.

Just today I searched for 2 bedroom apartments on Murray Hill and the Upper East side which historically were very competitive and almost never offered to pay a fee to a rental broker.  I was able to find 22 apartments in my client’s price range including luxury doorman buildings that are corporately owned, small walkups, and even a few privately owned coops listed through real estate brokers.

This is a great convenience for tenants

You may ask,  if the apartments are available on craigslist why would someone still use a broker?

Manhattan is still a fast moving market with hundreds of listings coming on and off the market daily.  Tenants can utilize a real estate broker’s experience and expertise to drastically reduce their search time to find what they are looking for.

A broker who has experience in a neighborhood will help guide a tenant through the many buildings available in Manhattan.  A good broker after showing 1-2 buildings at most will be able to get enough feedback to tailor the future search to units that are a good fit for the perspective tenant.

In conclusion, Craigslist has been a great benefit to the real estate business in a number of ways.  It has provided more inforamtion to the tenant to make an educated decision and has also allowed the real estate agent and tenant to work together saving the tenant money and finding an available apartment.

Finding an apartment, particularly a no fee apartment in Manhattan, is so overwhelming that most people use a broker to find one.  If you give a broker the location, the type of housing that you want, such as a brownstone, elevator, walk up, or any other specific type, and the fact that you only want to find a no fee apartment, they should be able to find your apartment and set up a showing with the greatest of ease.  NewYorkNoFeeApartments.com can provide you a list of available apartments and a broker who will find you a great deal without having to pay a fee.

How are we able to do this?  Many landlords are starting to offer commission and finders fees to a broker who brings a qualified tenant.  This allows us to work for you free of change and receive our payment from the landlord.

Only about 20% of available inventory of Manhattan Apartments are no fee.  This fluctuates depending on the time of the year and the neighborhood.  Neighborhoods like the financial district of Manhattan have many no fee options.  The Upper West side for example has less available no fee apartments typically.

Don’t rely on Craigslist or Kijiji to find your next apartment. A lot of those listings are just brokers looking for leads to find a person willing to pay their 15% fee, and you will not get access to the actual place to live until you pay them their fee.

Please fill out the contact form and let us help you find your next apartment.

Various apartments are available in the building with Studio Apartments Starting at $2100 and 2 Bedroom with offices that can convert to flexible 3 bedrooms or even 4 bedrooms are also available and top out at around $4600 per month.  

Amenities include washer/dryer in many of the units, granite counter tops, stainless steel appliances including dish washer.

Full two story gym with free weights and machines.  5 treadmills and 3 elliptical machines.  Fitness room with nightly classes

The lounge includes two pool tables, a ping pong table, 3 plasma Tv’s and a full Movie Screening room available for free use or to rent out for private events.  

For a limited time I’m going to offer an incentive to our members!!  

If you rent a unit in 37 Wall Street using our site as a referral between now and July first we will pay your moving expenses. (Up to $500 Dollars)

If you rent any other building on our list and use one of our recommended real estate brokers you are eligible for up to $100 credit towards your move! 

You can stop in to visit 37 Wall at any time 10-7 on weekdays and 10-4 on weekends.  You must say that you were referred to the building by “John Krupey” to qualify for the up to $500 in moving expenses.  

I would be happy to answer any questions related to live and ammenities in the building as I do live there.  

Please feel free to e-mail info@newyorknofeeapartments.com

Location: Financial District

Bedrooms: Studio – 3/4 

Price: $2200-$4600

Description:

Located on Wall Street between William and Nassau Street 37 Wall Street is centrally located near almost all major subway lines.  The 2-3-4-5-J-M-Z are within 1 block and the R-W-A-C-E are within three blocks.  

The building has a Free Gym, Beautiful Lounge with 2 pool tables, plasma TV’s and a movie screening room.  

Apartments include free Direct TV in the apartment! Very Large and Spacious apartments!   

Many units have Washer/Dryer inside the unit in addition to a full laundry room downstairs.  

These no fee apartments also feature Granite Countertops, Stainless Steel Appliances including Dishwasher.

The 2bedroom with office units convert very well into 3 and 4 bedroom apartments.  This is a great opportunity for roommates to live in a luxury high rise building while paying a reasonable rent.

This building is so nice I actually live here myself! 

Please fill out the form below to receive an updated list of apartments available in this building.