Rental costs in Midtown - Far West Side

$1700 for a studio in the middle of nowhere is hardly "shockingly low".

We've just been so used to prices that have been shockingly HIGH that we don't recognize the approach to normalcy when we see it.

450sf with terraces and amenities are renting for under $2000! Some allegedly in the $1700 range. Jeeze.

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don't worry! i'll be surprised if renters are ok with so little space in this mkt.

there are rents that cheap in tudor city place also

Hmm. A quick check of the building's website finds the cheapest available studio renting at $2124/month -- for 411 square feet.

SHOCKINGLY LOW!

Matt -- nope:

http://www.streeteasy.com/nyc/building/455-west-37th-street-new_york

And the moral is -- ask and ye shall receieve -- I was told that leases for terraced studios are being signed in the $1,700s.

ok, perhaps 'shockingly low' is a bit hyberbolic, but cookie cutter studios were renting in my building for $2200 a year ago. I'm thinking I'd be lucky to rent mine out for $1500 now with that competition nearby. But that 30% cut would be consistent with the overall drop being reported -- just sucks when it's MY cash flow being affected :-O

guess accepting a lower rent might help you avoid vacancy, a vacant unit is the worse case scenario for a landlord that owns a few units. info is power though, check out the 1st report of miller on rentals. hey, a mkt you can tap on are international students. they have a tough time getting approved and some landlords ask them for crazy deposits.

How can someone live in 411 square feet?

Not difficult if there are no douchebags like you in there as well.

You're such an idiot.

Anything below 1,500 sq ft is very cramped.

Short term, yes. but perhaps long term the "neighborhood improvement" will balance this out. historically, the "first project in" has gotten hit with low prices. Now, you could say this isn't the first project in because you are already there, but it's the first project of it's kind. If all the buildings which are in the pipeline actually get completed, there's no question that the area will be much more of a "neighborhood" than the almost total mom-neighborhood it is currently.

But even without these new apartments, I'm not so sure those numbers wouldn't end up being what you fear anyway. Classically, when the market went down, it is what happened in that area to the Coop's already there for years. Certainly looking at the historic numbers for 433 West 34th Street (where I and my partners have owned a number of units), I am not shocked in any way by those kind of rental numbers, which in fact are HIGHER than we have gotten for similarly sized units historically. I think getting more than that for such units in the area was an aberration, not the other way around. Now, IF you want to insist on only talking about units with terraces, i think you may be setting up a bit of a straw man, because those are almost non-existent not only in the prewar building in the area now, but in prewar buildings in other areas in general.

Even as recently as 2006, studios in 433 were renting for under $1,500. Plus as far as 411 SF being "too small", a lot of studios at 433 at substantially smaller than that!!!!! And as a result, "cookie cutter" studios in that building were never - in general - renting for $2200. If one rented for $2200, THAT was an aberration. At their peak, I think 1600 to 1700 was a much more likely target.

I don't believe that this is simply a case of a falling market. That building is in a terrible location, directly above the Lincoln Tunnel entrance. Buses idle in front, etc., etc.

I don't know if I'd really call that "Hudson Yards".
I call it 'above the entrance to the Lincon Tunnel.'

Middle of nowhere would be a staggering improvement.

Dear pster "The NY housing recession is over" Wonderboy... you really trying to call *other* people idiots?

"I don't believe that this is simply a case of a falling market. That building is in a terrible location, directly above the Lincoln Tunnel entrance. Buses idle in front, etc., etc."

They already have plenty of experience with that. Look at Plaza West @ 444 West 35th St which they also own (which coincidentally backs right up onto 433 West 34th Street). They have almost a decade worth of experience in the market for "right on top of the Lincoln Tunnel" rentals.