Earlier this month, there was an article I saw at DNAinfo that was comparing the rental cost of luxury and non-luxury buildings in New York. According to the article, a luxury building is defined as having a doorman and/or fitness center, and generally located in a high rise building. Reports have shown that landlords in luxury complexes are giving many more concessions on leases which is driving down the cost of luxury rentals across the city.
The Theater District apartments for rent had the narrowest of gap between luxury and non-luxury rentals. A luxury one bedroom was averaging $3,321 per month, while a non-luxury one bedroom was averaging $3,235 per month. Shane Leese, a data scientist for RentHop, spoke to DNAinfo and said the residents pay for the location and the types of apartments in the area are not all that different. A luxury apartment in the Theater District isn’t the same a a luxury apartment in other parts of the city. Leese told DNAinfo “ A doorman isn’t a high priority, and there’s a Crunch fitness or New York Sports Club within walking distance.”
In DUMBO, the average rent of a non-luxury apartment was actually higher than a luxury apartment. The median price of a luxury one bedroom was $3,780 per month, and the median price of a non-luxury apartment was $3,945 per month. This was the only area where the report showed non-luxury units to be more expensive than the luxury units.
Just outside of the Theater District I found a small building that has 7 stories and 17 rental units at 424 West 55th Street. The building, West of Ninth, was finished in the summer of last year, and all 17 units were listed as affordable housing. Studio apartments were rented for $1,146 a month, and three bedrooms were rented for $1,709 a month. Of course, you had to qualify for these apartments through NY Housing Connect. The list of amenities is short, with only on-site laundry, bike storage, and an outdoor courtyard. There is no doorman, or fitness center, but there is a Planet Fitness directly across the street. You can get a “no-commitment” membership for just $10 a month, or a “black-card” membership for $19.99 a month.
Next week, I will do some research on luxury vs ultra-luxury apartments to see what the cost difference is. I would like to know if it would be better to rent at a place like West of Ninth, or go BIG at a rental like Via 57 West.