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Ny Times - Looking To Rent? Large Rent Increases Manhattan

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http://www.nytimes.com/2011/10/16/realestate/rents-in-manhattan-rebound-to-record-highs.html?hp

A LITTLE more than two years ago, Tom Graney was paying a reasonable $2,200 for a spacious two-bedroom apartment on 11th Avenue and 52nd Street.

When Mr. Graney learned in early 2009 that his rent would be rising to $2,500, he decided to see if he could do better for his money. After all, it was just months after the collapse of Lehman Brothers, and many of New York’s most luxurious apartment buildings were desperate to find tenants, offering wildly generous incentives and cut-rate deals.

Mr. Graney settled on the Helena, a new glass tower at the corner of 11th Avenue and 57th. He found a one-bedroom with a home office for $2,840, and the management paid his broker’s fee and gave him one month’s free rent on a two-year lease.

“When you add in the month’s free rent,” he said, “it was really not much more than I would have been paying at my old place.” The new building was posh, with a fitness center and a rooftop deck that had stunning views. “It was nice,” said Mr. Graney, 28, a video producer, “and it felt like I was making progress.”

Fast-forward to June 2011, when his lease was up.

“I got a letter in the mail notifying me that they wanted to raise my rent to more than $5,000 a month,” he said. “I looked at it and just started laughing. I could not believe they were serious.” He immediately began to look for a new apartment.

Across New York, rents have not only rebounded from the depths of two years ago, but are also surpassing the record high of 2007 during the real estate boom, according to figures from Citi Habitats, a large rental brokerage, and other surveys.

So he was paying out around $26.5k a year and that's reasonable!!!

Still good to know that rents are surpassing the 2007 record highs, clearly the global economy is in recovery.

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http://www.nytimes.com/2011/10/16/realestate/rents-in-manhattan-rebound-to-record-highs.html?hp

So he was paying out around $26.5k a year and that's reasonable!!!

Still good to know that rents are surpassing the 2007 record highs, clearly the global economy is in recovery.

Remember: these are mad yanks who have a very insular view. Meanwhile in the real world...

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http://www.nytimes.com/2011/10/16/realestate/rents-in-manhattan-rebound-to-record-highs.html?hp

So he was paying out around $26.5k a year and that's reasonable!!!

Still good to know that rents are surpassing the 2007 record highs, clearly the global economy is in recovery.

Yes, that's reasonable for Manhattan. I don't know if the global economy is in recovery, but NYC and London property prices both experienced a brief slowdown a few years ago and are now continuing upward. It seems everyone in the world wants to live in those two cities.

Those "mad yanks" as Simon Brown says here are confined to NYC. And you have people just as mad living in London. Real estate conditions in the rest of the US are not to be envied, other than a few bright spots here and there.

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Property taxes must be a good whack in manhattan , must be living. In a 1mill apartment so at least 10-12k to pass on fully to the tenant

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Property taxes must be a good whack in manhattan , must be living. In a 1mill apartment so at least 10-12k to pass on fully to the tenant

theres no problem with them being passed on to the tenant at whatever level the market will allow, its no doubt offset by the sub 10% income tax rate, that would be 50% in the UK

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  • 277 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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