Rentals

Policy, Rentals

Image courtesy of Creative Commons

The city’s Rent Guidelines Board on Thursday released a report recommending a rent hike for rent-stabilized apartments due to an increase in operating costs for landlords over the last 12 months. According to the agency’s 2022 Price Index of Operating Costs report, owners saw costs rise by 4.2 percent. Using three formulas, the board recommended an increase in rent of between 2.7 percent and 4.5 percent for one-year leases and between 4.3 percent and 9 percent for two-year leases. The suggested rent increase comes after the board voted to not raise rents for six months last year and fully freeze rents in 2020.

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Bronx, mott haven, New Developments, Rentals

Rendering courtesy of ArX Solutions

The priciest private development in the Bronx opened its first residential tower this week with rents to match. Developed by Brookfield Properties, the $950 million mixed-use Bankside project is one of the largest private investments in Bronx history and sits on 4.3-acres along the Mott Haven waterfront. On Thursday, rents for the market-rate apartments at Third at Bankside were revealed, with prices ranging from $2,455/month for studio apartments to $7,334/month for a three-bedroom unit with a private terrace.

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Cool Listings, hudson yards, Rentals

Photo courtesy of Rich Caplan. Image is virtually staged

A never-lived-in-before luxury penthouse in Hudson Yards has been listed for $70,000/month, a record-breaking asking rent for the neighborhood. The four-bedroom, five-bathroom apartment is on the 87th floor of 15 Hudson Yards, a 914-foot-tall tower designed by Diller Scofidio + Renfro. Measuring over 5,000 square feet, the unit is one of the largest residences in Hudson Yards. The massive apartment is the result of combining two units, 87C and 87D, which were purchased by the same private buyer pre-construction, combined, and renovated. The previous most expensive rental in the area was last asking $32,000/month.

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Long Island City, New Developments, Queens, Rentals

All photos: Durst Organization/ Giles Ashford

Leasing officially kicked off this week at the second tallest building in Queens, a 71-story rental in Long Island City. Located at 27-29 Queens Plaza North, the building, dubbed Sven, has 958 apartments, with a mix of studios to three-bedroom units priced from $2,950/month. Originally expected to become the borough’s tallest building when plans were announced, the tower was surpassed by the Skyline Tower in 2019. Not only do the rentals come with stunning skyline views, but the building is the first in New York City to offer “Spireworks,” an app that lets users change the colors of lights at iconic city skyscrapers.

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Downtown Brooklyn, Interiors, New Developments, Rentals

Photos by Nicholas Calcott unless otherwise noted

About six months after developers of One Boerum Place pivoted from condominiums to high-end rentals, new images were released this month that show off the condo-quality interiors. Developed by Avery Hall with SLCE as the architect of record, One Boerum Place rises 22 stories, contains 138 total rentals, and boasts a luxury amenity package. 6sqft got an exclusive first look at the tower’s model unit, a $15,000/month four-bedroom designed by Gachot Studios and decked out by Brooklyn-based Cl-oth.

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affordable housing, housing lotteries, Long Island City, Rentals

All renderings courtesy of VUW Studio

Waterfront luxury living in New York City doesn’t have to be out of reach. Located on the East River in Hunter’s Point South, Gotham Point is a mixed-use complex with over 1,100 apartments, 75 percent of which are priced below the market rate. Applications are now being accepted for 270 rent-stabilized apartments at the Long Island City development’s South tower. The building is open to New Yorkers with a wide range of household income levels, between 30 percent and 165 percent of the area median income (AMI), or between $15,806 and $244,200 annually. That means a single person who earns between $15,806 and $25,090 annually would pay $738/month for a studio and a four-person household with an income range of between $126,686 and $196,845 would pay $3,580/month for a three-bedroom.

Find out if you qualify

Architecture, condos, Construction Update, Design, Downtown Brooklyn, Major Developments, Rentals

Photo by Selvon Ramsawak

The tallest tower in Brooklyn officially topped out this week. Located at 9 DeKalb Avenue, newly christened The Brooklyn Tower reached its summit of 1,066 feet, the first and only supertall building (300 meters in height or taller) to rise in the borough. Developed by JDS Development Group and designed by SHoP Architects, the mixed-use tower incorporates the landmarked Dime Savings Bank of Brooklyn into both the skyscraper’s design and use; the iconic bank building will hold new retail space and an entry to the residential tower through its colonnade. With occupancy expected next year, the 93-story Brooklyn Tower offers 550 residences, with 150 condos for sale and 400 rentals.

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Major Developments, New Jersey, Rentals

Rendering: KRE Group

The final tower of a massive three-building luxury complex in Journal Square broke ground this week, which will eventually add hundreds of apartments to Jersey City’s burgeoning residential neighborhood. Dubbed Journal Squared, the development at the intersection of Pavonia and Summit Avenues includes three high-rise rentals, two of which have already opened. This week local officials joined Kushner Real Estate (KRE) Group and National Real Estate Advisors to celebrate the completed leasing of the 704-unit second phase tower and break ground on the third and last tower, a 60-story structure with 600 residences.

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Downtown Brooklyn, New Developments, Rentals

All renderings courtesy of RXR Realty

Ahead of its opening this fall, a sleek new rental building in Brooklyn has launched leasing. Located where Fort Greene and Downtown Brooklyn converge, The Willoughby rises 34 stories and houses 476 rental units. Developed by RXR Realty and designed by Perkins Eastman, the 435-foot-tall building sits within the Long Island University campus and overlooks a new athletic field funded by the project. Starting rents are $2,870/month for studios, $3,840/month for one-bedrooms, and $5,660/month for two-bedrooms.

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Downtown Brooklyn, Major Developments, New Developments, Rentals

Renderings courtesy of Alloy

After securing $240 million in financing, Alloy Development announced construction will kick off this month on its huge mixed-use, multi-building project in Downtown Brooklyn. Formerly known as 80 Flatbush, Alloy Block includes five buildings with 850 apartments, 200,000 square feet of office space, 40,000 square feet of retail, and two public schools designed to meet Passive House standards. Since first announcing the project roughly four years ago, developers have cut the height of the residential towers, swapped out planned office space for additional residences, and pushed back the expected completion date.

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