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Return of the Rentals? In More Ways than One

Crain's reporter Julie Satow seems to be in the business of making bold real estate trend claims that get the juices flowing. Just one week after proclaiming the death of Brooklyn, she files this interesting piece about the cooling of condos as a whole, and the resurgence of the rental. It's a topic many people have been wondering about. In fact, a commenter on last week's post about that Brooklyn story asked: "When are these developers going to build more rental luxury apartments as opposed to more condominiums? There is a market you know." Satow points to One Carnegie Hill and some other new buildings to show the revitalized commitment to rentals, but we're most intrigued by Hudson Mews (right), two 18-story rental buildings that just got the go-ahead from the Port Authority. They'll be built on platforms above the Lincoln Tunnel, with an estimated cost of $450 million.

And get this! The Rentals, the non-Weezer Weezer band that went on hiatus six years ago, are getting back together and playing Irving Plaza in August. Coincidence, or striking while the iron is hot?

BONUS: The Real Deal gives the rental market the full treatment in this month's issue. Kids, it ain't pretty out there.
· Rentals rebounding as market changes [Crain'sNYBiz]
· Port Authority Approves $450M Complex [Globe St.]