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New Luxury Rentals: Gift or Curse for the Market?

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It's a new month, which means it must be time for the state o' the market roundtable, where we call on Curbed readers to help us consider some of the major questions facing the New York City real estate market. This month's topic: what's going on with all those new luxury rentals? On the Upper West Side, there's the dueling Aire and The Corner, the bigger-is-better Columbus Square, and the sporty Sessanta. The Far West Side has Silver Towers, Ohm, and 505W37. And over in Williamsburg, where newbie 34 Berry gets a Real Deal profile this month, there's also 184 Kent. And that's just the tip of the luxury rental iceberg!

With recent rental market reports showing rents on the way up and concessions slowly disappearing, what does all this new product mean for the market? The developers of 34 Berry tell The Real Deal they expect to lease 30 units a month. But there and at the other new luxury rentals, will there be enough renters to fill the units? And since some of these rentals were originally planned as condos, will the switch help the sales market by preventing a flood of condo inventory? Or will the luxury rental market quickly get saturated with billiards, tennis courts, and misting walls?
· In Williamsburg, a ripened Berry [Real Deal]

34 Berry

34 Berry St., Brooklyn, NY 11249

Ohm

312 11th Avenue, New York, NY 10001 Visit Website

The Corner

200 West 72nd Street, New York, NY 10023 Visit Website