A new StreetEasy report found that streets like Greenwich and Greene in Soho are among the most expensive for rentals
New York City rents have reached record highs in recent years, but there are certain neighborhoods and streets in the city—well, Manhattan—where rents are ridiculously high.
In a new report, StreetEasy looked at where, exactly, the most expensive blocks in the borough are located, using its Rent Score tool, which ranks NYC rental buildings from least to most expensive. The score takes into account the number of bedrooms in a unit, whether it’s a penthouse or not, and the floor it sits on; to come up with a score that represents how expensive a building is and then what stretches of street blocks have the most expensive ones.
Fifth Avenue between East 14th and East 31st streets had the highest score, thanks, in part, to buildings like 212 Fifth Avenue, where the median asking rent is a whopping $26,500/month. StreetEasy points out that to rent an apartment in that building, you’d need to make at least $1 million per year. But there are also buildings on that street that are relatively affordable: the median asking rent at 284 Fifth Avenue is $2,550/month.
Following Fifth Avenue is Greenwich Street in Soho and Laight Street in Tribeca, both of which scored 9.81 (Greenwich Street’s most expensive rental building, No. 481, has a median rent of $22,375); and Hudson Street in Tribeca, with a score of 9.79. Rounding out the top 10 are Greene Street, Mercer Street, Warren Street, Washington Street, Lispenard Street, and Crosby Street.
Five out of the ten most expensive streets are in Tribeca and four are in Soho, which isn’t much of a surprise: Those two neighborhoods are consistently the priciest ones in the city, thanks to the high demand for rentals (and the lack of inventory compared to other neighborhoods), as well as the large amount of new development that’s come on to the market in the past few years.
But there’s some good news: According to StreetEasy, even if rents in specific buildings on these streets are through the roof, you might still find cheaper options. Prices may fluctuate within one street since newer buildings tend to be more expensive, while prewar buildings tend to be cheaper (though that’s not a hard and fast rule). For instance, rents at 508 Greenwich Street are 65 percent cheaper than the median price of a Soho rental, which is $3,600/month.
SOURCE: Curbed NY – All – Read entire story here.