Alex Rodriguez may have his own reasons for living at 15 Central Park West, but plenty of other well-heeled New Yorkers are choosing to rent high-profile properties for top dollar. Hesitancy in the ultra-luxury buying pool has buoyed the market for rental properties priced over $20,000 per month. Currently there are over 230 listings priced above $20,000 throughout Manhattan, with the priciest being a townhouse on East 64th Street asking $85,000. It remains to be seen if all of these trophies are fetching the asking rents but over 30 transactions with rents of more than $20,000 per month have taken place in 2009 already. The prize goes to a penthouse on Houston Street with a monthly nut of $75,000. This variety in location and steep rents clearly demonstrates that those with disposable income are seeking special properties without the risk of purchasing in this market.
Since they were first listed, the two contiguous units on the 35th floor at 15 Central Park West have garnered considerable attention and received tremendous traffic from potential tenants. At this time, leases are out for both units individually at full asking rents to immaculately qualified applicants. One individual initially offered considerably below the asking price for both units and returned with a year-up-front cash offer above ask a little too late in the game. Numerous other people have requested to be put on a waiting list.
The bottom line is, an iconic building such as 15 CPW will always draw well-heeled crowds. You can rent in one of the most famous buildings in the world for a fraction of what it would cost to buy; although money isn’t really the issue with most of the people, 15 CPW affords a certain level of lifestyle that exists only in a handful of buildings in NYC. Robert A. M. Stern’s limestone-clad building has more in common with pre-war buildings on CPW and Fifth and Park Avenues. This building conveys a certain lifestyle most of the residents already have. It is traditional enough where it looks like it has always been there, but yet, offers all the modern amenities desired by its demanding occupants. This is a building that will withstand the test of time and be adulated by many.
On another famous street in New York City at the high-profile 15 Central Park West, there have been strong indicators of a resurgent market. Two exclusive rental listings occupying the entire south side of the 35th floor in The Tower section of the building have seen tremendous activity in the past two weeks with visits from magnates in every professional arena. These exceptional residences have garnered the attention of well-heeled clientele since the first day they were listed in mid January with the owner entertaining two offers for the entire floor.
Prospective tenants truly appreciate the privacy the building offers but are wary of dispensing the cash to purchase. They prefer to afford the hefty monthly outlay while investigating the option to buy.
Who knows, maybe one of the bull riders competing at Madison Square Garden recently will stick around New York in some fancy new digs?