The brand new Arabella 101 on Avenue D is hitting the market next week, and the Post is taking the building's launch as an opportunity to look at the changes of Alphabet City?namely, that rents are rising, even in the eastern stretches of the neighborhood. The Post says that for many New Yorkers, "Alphabet City" conjures "sordid images of Tompkins Square Park in the 1980s, with its infamous homeless encampments and crack vials. And violent crimes and graffiti. And the musical 'Rent.'" Now, luxury rental buildings are popping up, asking for prices not seen before in the area. By next year, Arabella 101 will be joined by another high-end rental at 316-318 E. Third Street on the corner of Avenue D. The building will likely have rents around $50 per square foot. Like all gentrification stories, the Post says the real estate changes are likely caused by the new restaurants, bars that have opened in the East Village and Lower East Side. But on the other hand, higher rents in any Manhattan neighborhood shouldn't be that surprising, considering that rents are rising all across the borough.
· Love Letters: New construction, high prices and a younger crop of renters and buyers hit Alphabet City [NYP]
· As Credit Tightens, Manhattan Rentals Go Ever Higher [Curbed]