What's this, a rare mid-month appearance from the Curbed Roundtableâ„¢? And why is French design phenom Philippe Starck propping up the table with his curly locks? Let us explain. Though he has six months remaining on his lease at Dwell95?the Philippe Starck-designed rental conversion of the former JP Morgan Chase building at 95 Wall Street?a Curbed reader writes that he has already received his renewal notice from the FiDi building:
Just got a "special" early renewal offer at 95 Wall to renew my lease at the current rate and get one month free. However, I'm getting two free right now (pay 12 of 14 months) so this amounts to a 7-8% effective increase in the worst economy in decades in a part of town with a new condo renting units each day. Meanwhile, I spoke with a friend who's at The Epic in Midtown. They want a 10% increase from her. Obviously we'd never renew at these rates, but it would be great to see what people are being offered and what buildings end up agreeing to. Mine's a no-go without two extra months tacked on. Call me stupid or cheap, but do these landlords actually think college grads are getting bankrolled jobs or that foreigners can still afford with the recent strong dollar? Time will tell... Just is much more fun to be a renter.
Well, we know for a fact that Dwell95 isn't the most sensitive building when it comes to responding to hardships within the Financial District, so maybe it just didn't get the rentals-in-free-fall memo. Whatever the case, just like our tipster we're curious about what concessions other high-end rental buildings are offering, and if taking a hard line during negotiations can get you anywhere with building ownership. Any anecdotes from the front lines, renters?
· All Rental Market coverage [Curbed]