Real Estate
Vacancy rate rockets up in Chelsea & Midtown E.
BY SHAYE WEAVER
Chelsea and Midtown East both
saw the highest vacancy rates in
New York City last month, according
to Citi Habitats.
The real estate fi rm released a report
this month stating that the neighborhoods
each have a 1.5-percent vacancy
rate while the overall Manhattan rate
was at 1.3 percent.
The Chelsea neighborhood has also
seen a lot of retail vacancies in the past
years — since 2007, Chelsea South had
254,552 vacant square feet with Greenwich
Village and SoHo with more —
265,230 square feet of empty space,
according to a report by Comptroller
Scott Stringer’s offi ce.
Stringer’s report cited the rise of internet
shopping, the increase in regulatory
hurdles and rising rent.
According to Citi Habitats, as the
number of apartment rentals increased
for the fourth month in a row, the number
of vacancies increased. It’s likely
that apartment seekers are resisting the
current high pricing, Citi Habitats says.
“Renters are price sensitive and they
are doing their research,” explained
Gary Malin, the president of Citi
Habitats. “With the holiday season approaching,
landlords will likely need to
add value – through rent adjustments
or increased incentives – to drive traffi c
to their properties versus the competition.”
Rents have risen slightly in both
Manhattan and Brooklyn year-overyear
but they seem to have stabilized,
the company states.
In October, the average monthly
rental price for a Manhattan studio
was $2,628, with SoHo/TriBeCa leading
the charts with an average monthly
rent for a studio apartment at $3,990
per month. Chelsea was fourth highest
at $2,925 per month. Midtown east was
at $,2580 per month.
Brooklyn studio apartments weren’t
much cheaper at about $2,568 per
month on average with DUMBO as the
most expensive neighborhood in October
with a median rent of $5,875, followed
by Williamsburg at $4,050 per
month.
PHOTO BY JEREMY BALES
Chelsea had the most apartment vacancies in October, according to
Citi Habitats.
The Villager Sales Guide
Listings selected at random. Courtesy StreetEasy.com and Google Maps
GREENWICH VILLAGE SOHO LOWER EAST SIDE CHELSEA
Bleecker Street Sixth Avenue Orchard Street West 21st Street
Under $1 million
175 W. 12th Street #8K
Price:$945,000
Beds: 1
Bathrooms: 1
Broker: Southebys
Under $3 million
63 E. 9th Street #5L
Price: $1,150,000
Beds: 1
Bathrooms: 1
Broker: Halstead
Under $5 million
40 Bleecker Street #7A
Price: $4,500,000
Beds: 2
Bathrooms: 2.5
Broker: Douglas Elliman
Under $1 million
77 Charlton Street #S3E
Price:$995,000
Studio
Bathrooms: 1
Broker: Toll Brothers
Under $3 million
210 Lafayette Street #3A
Price: $2,250,000
Beds: 2
Bathrooms: 2
Broker: Corcoran Group
Under $5 million
145 Sixth Ave #5BA
Price: 500,000,000
Beds: 3
Bathrooms: 4.5
Broker: Compass
Under $1 million
167 Allen Street #2A
Price:$539,000
Beds: 1
Bathrooms: 1
Broker: Restricted
Under $3 million
196 Orchard Street #9B (Photo)
Price: $2,245,000
Beds: 2
Bathrooms: 2
Broker: Nest Seekers
Under $5 million
252 South Street #43C
Price: $3,849,000
Beds: 3
Bathrooms: 3
Broker: Extell
Under $1 million
420 West 23rd Street #7C
Price:$599,000
Studio
Bathrooms: 1
Broker: Dg Neary
Under $3 million
77 Seventh Ave. #4D
Price: $1,475,000
Beds: 2
Bathrooms: 2
Broker: Compass
Under $5 million
117 West 21st Street #4
Price:$4,995,000
Beds: 3
Bathrooms: 3.5
Broker: Nest Seekers
26 November 21, 2019 Schneps Media
/StreetEasy.com
