Morningside Heights is starting to live up to its lofty name in the real estate market. Developers Stonehenge Partners and SL Green are poised to the list the penthouse of 1080 Amsterdam Avenue for a stunning $10,500. That'll make it the priciest available rental in the neighborhood, a title that currently belongs to a $7,705 three-bedrrom, two-bathroom rental at 1 Morningside Drive.
1080 Amsterdam's penthouse occupies a full floor, but has just two bedrooms. The pièce de résistance, though, is its 1,300-square-foot wraparound terrace. Even so, renters might scoff at the idea of paying that much for a pad in what is arguably not the most desirable neighborhood. "The company is betting that ongoing gentrification of the area by the expanding Columbia University will keep ushering in higher rents," NYDN explains of the pad's price tag. The neighborhood has seen steady upward rent hikes in recent years, with ambitious pads like the 1080 Amsterdam penthouse and one of the penthouses of nearby 220 St. Nicholas Avenue, which rented for $7,500.
· Landlord will $10,500 a month for an apartment on Harlem's border [NYDN]
· All 1080 Amsterdam Avenue coverage [Curbed]