Mortgages Blog

Finance Blogs » Mortgages » Rent for $60,000 per month

Rent for $60,000 per month

By Judy Martel · Bankrate.com
Tuesday, March 27, 2012
Posted: 7 am ET

Since the housing market collapsed, rental demand has increased, along with prices. But how much would you pay to live in a premier property? The owners of the tallest residential building in the Western hemisphere, in Lower Manhattan, are betting renters will pay up to $60,000 per month. That's right: per month.

Looking up at the New York by Gehry building. Photo by Adam Garelick.

The 76-story building, called New York by Gehry, has three penthouses that will be ready to rent this spring for $40,000 to $60,000 per month. From the top units, residents will have a sweeping view that goes all the way across Brooklyn to the Atlantic Ocean.

The Wall Street Journal reports that developers have been shying away from constructing huge residential towers, either as condos or apartments, because renters have been choosing to live in low-rise buildings and units.

But developer Forest City Ratner is betting that the demand in the city will include renters who want an unparalleled view. Part of the rental demand comes from single professionals who choose not to own and from international residents. That has sparked a desire for high-end amenities including pools and concierge service. Originally the top floors were going to be offered as condos, but the developers changed course in 2006 when they predicted a glut of condos in the city.

Units on lower floors have been leased, but for thousands per month less than the penthouses. The real estate agent for the building says that 50 percent of the renters above the 52nd floor earn more than $500,000 per year and 20 percent of them earn more than $1 million.

Keep up with your wealth and mortgages and follow me on Twitter.

Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.

«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
9 Comments
Kim
May 22, 2012 at 8:34 pm

Shows you whats wrong with America, we are becoming a nation of rich pigs and serfs.

glenda
May 09, 2012 at 7:37 pm

I only wish it was me. But considering you have to be a millionaire or billionaire to afford this, you might as well buy it for 60 thousand a month.

charlie
April 27, 2012 at 3:35 pm

God bless them if they can afford it you only get one time in this life no rehersals so enjoy .the story of life is quicker than a wink of an eye live on Brothers and sisters keep your heads to the skyy

Alex
April 17, 2012 at 5:05 pm

New York sucks. I'm glad I live in Southern California.

Leslie Lee
April 14, 2012 at 12:44 am

I am sincerely grateful to the New York entrepreneurs who are siphoning off some of the more objectionable neo-wealthy idiots and, hopefully, diverting them from Sarasota and Charlotte counties in Florida. To be sure, we have some of these fools here, but most of the uber-rich that find their way to our shores are, at least, courteous and civilized. Please keep the New York-styled "celebrities" in New York. They're really not an asset in a more cultured environment.

Ed Dixon
April 11, 2012 at 6:00 am

That's nothing compared to prices these days in London, England. I work as a relocation consultant here, and landlords asking £10,000 per week ($70k per month) is nothing unusual. Add in the forthcoming Olympics and things are really starting to get out of hand. One landlord was recently featured in the press asking for £100,000 per week to let his home during the Olympics. And no, it does not overlook the stadium, it's about 30 minutes away by public transport.

Justin
April 09, 2012 at 11:43 pm

All things being equal, I'd rather have a beach house on "The Strand" in Manhattan Beach, CA....

Michael Donelly
April 09, 2012 at 3:42 am

Wow you get a concierge included. Really?