Union Square One Bedroom Rental - REDCUED BELOW MARKET VALUE

Gramercy Park/Union Square Rent Stabilized One Bedroom Rental - REDUCED TO RENT! Below Market Value...$1725 per month.

Contact JAD Realty Group for further details and appointment times:

610-781-8417

Gramercy Park/Union Square Rent Stabilized One Bedroom Rental - REDUCED TO RENT! Below Market Value...$1725 per month.

Contact JAD Realty Group for further details and appointment times:

Brand New New York City Rentals / Below Market Value - JAD Realty Group

Brand New Rental Listings Weekly! Studios, One Bedrooms, Two Bedrooms, and Three Bedrooms. Below Market Priced Apartments. Upper East Side, Gramercy, Murray Hill, Midtown East/West, and Union Square.

Contact JAD Realty Group for current availabilities or to schedule an appointment - 610.781.8417

www.jadrealtygroup.com/JAD_Realty_Group/Home.html

Brand New Rental Listings Weekly! Studios, One Bedrooms, Two Bedrooms, and Three Bedrooms. Below Market Priced Apartments. Upper East Side, Gramercy, Murray Hill, Midtown East/West, and Union Square.

Contact JAD Realty Group for current availabilities or to schedule an appointment - 610.781.8417

Upper East Side Two Bedroom Share - Below Market Value - Brand New East 91st Street

Upper East Side Two Bedroom Rental - Below Market - East 92nd Street

Contact JAD Realty Group for showing times:

610.781.8417

LOCATION: Upper East Side/East 91st Street DESCRIPTION: Well maintained, walk-up building Second floor unit Separate windowed kitchen including appliances and new cabinetry Tiled bathroom Large living room Two equally sized bedrooms (not converted) Each can fit a queen size bed and has a storage closet New hardwood floors Live in super New windows Priced below market value Excellent Upper East Side location; near all transportation, restaurants, the Upper West Side, Midtown, Hunter College, and Central Park TRANSPORTATION: LISTED RENT: $1,595 CONTACT: Name: Jeffrey Phone: 610.781.8417

Upper East Side Two Bedroom Rental - Below Market - East 92nd Street

Contact JAD Realty Group for showing times:

610.781.8417

Murray Hill Share - Three Bedroom - Park Avenue - East 30S

Murray Hill Share - Three Bedroom - Park Avenue - East 30S

Contact JAD Realty Group for a showing:

610-781-8417

LOCATION: Murray Hill / Park Avenue DESCRIPTION: Well maintained townhouse building Separate kitchen including appliances and new cabinetry Two full bathrooms, new fixtures Large living room featuring a wall of windows and a decorative fireplace Each bedroom can fit a queen size bed and extra furniture Southern exposure view, bright apartment New hardwood floors Live in super Washer and dryer in unit Excellent Murray Hill location; near all transportation, restaurants, Park Avenue, Lexington Avenue, Gramercy, Midtown, Union Square, and Grand Central Station TRANSPORTATION: LISTED RENT: $3,800 CONTACT: Name: Jeffrey Phone: 610.781.8417

Murray Hill Share - Three Bedroom - Park Avenue - East 30S

Contact JAD Realty Group for a showing:

610-781-8417

Answering the Biggest Real Estate Questions

Declines for Inflated Home Markets?

Tom Stratton, a 26-year-old Purdue University PhD candidate, thinks the market as a whole has probably stabilized but wonders whether price declines are in store for markets where values are still inflated compared with local incomes. Stratton is especially interested in Berkeley, Calif., where he'd like to start his academic career. The median home value in Berkeley in July was $665,000, down just 4% from a year earlier, according to Zillow.com. And the median income for a family in 2007 was $93,297, according to the U.S. Census.

"You have families out here making $150,000 a year but can you really afford an $800,000 home on that salary?" Stratton asked.

Existing residents can afford to live in pricey markets such as Berkeley because many of them bought houses decades ago before property taxes and home values reached stratospheric levels. Once longtime residents leave (a likelihood if unemployment rises), prices could take a dive. Berkeley has the advantage of being home to the University of California; college jobs have been relatively recession-resistant. Real estate consultant John Burns said the worst-hit markets have already fallen back to 2002-2003 prices. The other high-priced markets could follow.

Baby Boomers' Influence on Prices

Wes Dumey, a 31-year-old software engineer in Tampa with a graduate degree in economics, wonders how the aging baby boomers will determine future housing trends. Dumey's parents, now in their late 50s, recently told him they'd likely leave their three-bedroom home and find a smaller condo when they retire. Dumey questions whether younger buyers will step in to fill the large homes the boomers vacate.

"From my personal experience, there's no way I would buy a large house like that," Dumey said, "when you factor in insurance, property taxes, utilities, and—if you look at the state of Florida—you can have a $400 or $500 electric bill for air-conditioning a house for 10 months out of the year."

Burns expects that homes smaller than 3,000 square feet will be in greater demand in the future. So-called echo boomers prefer urban digs to suburban sprawl and they prize energy efficiency, not only because it's good for the environment, but because it's cost-efficient.

"Baby boomers are going to be interested in downsizing because smaller homes are easier to maintain," Burns said. "Generation Y is much more interested in urban environments and not spending their time on the freeway."

10 Questions Answered

1. Is this the bottom of the housing market?

The housing market appears to be bottoming, with home sales and prices rising, though from very low levels. Many economists say that the worst might be behind us, but the market could bounce around at the bottom for years before rising again. Some analysts are even warning about serious troubles ahead. Mortgage defaults are rising, and prices could plummet if too many foreclosed homes are dumped on the market at the same time. Millions of so-called pay-option adjustable-rate mortgages (ARMs) could also default in the next few years, adding to the problem.

2. If you have a less-than-perfect credit score, how hard is it to get a mortgage these days? And what interest rate are you likely to pay?

Getting a mortgage isn't as easy as it was during the housing boom, but that's not necessarily a bad thing. Lenders reserve the best rates for borrowers with at least a 720 FICO score. But it's possible, with a score in the 600s, to secure a mortgage at a higher interest rate as long as the borrower has an otherwise solid portfolio. It helps to be buying in a neighborhood where prices have been relatively stable. Lenders are not eager to write loans for condos in South Florida or Las Vegas, said Keith Gumbinger, vice-president of mortgage and loan information publisher HSH.com.

3. What exactly is the government doing to help struggling homeowners stay in their homes?

The Obama Administration's $75 billion Making Home Affordable program, announced last February, got off to a slow start but has since helped 500,000 borrowers modify loan terms to include more affordable monthly payments. The government is providing incentives to loan servicers who lower borrowers' monthly payments to 31% of their gross earnings.

4. Will the real estate market fall off a cliff if the $8,000 tax credit is allowed to expire at the end of November?

The credit has given a boost to home sales, but it doesn't account for all the improvement. The National Association of Realtors and the National Association of Home Builders are lobbying hard to convince the public and Congress that the housing market is doomed unless the credit is not only extended but expanded to include all buyers. But there's evidence the housing market has hidden strength. The tiered Case-Shiller price index shows improvement not just in the lowest-priced homes impacted by the tax credit but even in higher-price categories.

5. If you are facing foreclosure, do you have other options?

The foreclosure process is not only long and painful, it could damage a homeowner's credit score so badly that it won't recover for years. A better option, as long as the lender agrees, is a so-called deed-in-lieu of foreclosure, which means that the borrower gives up the property and the bank gives up the right to recover any more money after the transaction is complete. The damage to a borrower's credit score is slightly less severe and the bank might even agree to let the borrower remain in the house as a tenant until the house is sold. A short sale is an even better option but requires cooperation from the lender. The bank must agree to let the house be sold for less than what is owed and forgive the difference.

6. Are lenders still waiting until borrowers are well behind on their payments before offering to modify the loan?

Under pressure from the Obama Administration, lenders have added workers to work out lower payments for struggling borrowers. But customers still complain that banks won't help unless a loan is seriously delinquent. The backlog of cases is so large that loan servicers have little time to work on preventing defaults. Lenders find that one way to be certain the borrowers they're helping are really tapped out is to focus on mortgages that are at least nine months delinquent, said Guy Cecala, chief executive officer of Inside Mortgage Finance.

7. Home prices have already plunged in Miami, Phoenix, Las Vegas and other former bubble markets. But what about other cities where prices soared during the boom but haven't fallen much since? Could they be next?

It's hard to imagine prices dropping much more in Nevada, Arizona, or South Florida because they've already fallen so far. But some economists are starting to wonder about other markets such as New York City, where home prices are way out of line with local incomes. Real estate consultant John Burns said the worst-hit markets have already fallen back to 2002-2003 prices. The other markets will probably follow, especially with unemployment rising.

8. Which direction are interest rates likely to move in the next year?

The Federal Reserve launched a program to buy $1.45 trillion of mortgage securities this year, and it has helped to keep interest rates at—or near—historically low levels. But the money should be used up by the first quarter of next year. Interest rates are then likely to rise, possibly drifting up a full percentage point by the end of the year, said Guy Cecala, chief executive officer of Inside Mortgage Finance.

9. Why are home builders building new homes when they can't sell their old ones?

The supply of unsold new homes, which has been dropping for 28 straight months, now represents 7.3 months at August's sales pace (a two-year low). The inventory levels are falling because new home sales have been outpacing new construction. Now, builders are getting more active. But David Crowe, chief economist for the National Association of Home Builders, said they're concentrating on projects for first-time buyers rather than more expensive homes favored during the housing boom.

10. Which is considered the better investment, a new home or an existing home?

Builders have discounted prices so much that the premium for a new home in some markets has nearly disappeared. New homes that went up during the housing boom were large and packed with amenities that are rarely found in older homes. Assuming a new home and a used home are about the same size and are in the same location, a new home is probably the better investment (assuming that it's well built).

Union Square Rent Stabilized One Bedroom Rental

Gramercy Park, Irving Place, Union Square Rent Stabilized One Bedroom Rental

Contact JAD Realty Group for showing times:

610.781.8417

LOCATION: Gramercy / Union Square / Irving Place DESCRIPTION: Well maintained, walk-up building Kitchen including appliances and new cabinetry Tiled bathroom Large living room 11' X 10' bedroom, can fit a queen size bed and extra furniture Southern exposure view, bright apartment New hardwood floors Live in super Rent stabilized unit, priced below market value Excellent Gramercy location; near all transportation, restaurants, Irving Place, the East Village, and Union Square TRANSPORTATION: LISTED RENT: $1,795 CONTACT: Name: Jeffrey Phone: 610.781.8417

Gramercy Park, Irving Place, Union Square Rent Stabilized One Bedroom Rental

Contact JAD Realty Group for showing times:

610.781.8417

Manhattan Rental Market Report

TDG/TREGNY is proud to present the September 2009 edition of our Manhattan Rental Market Report, the only research on the city’s rental rates published on a monthly basis.

This summer has been a story of unrealized dreams for landlords and property owners. While many assumed that the traditional flurry of activity would allow them to unload much of their excess inventory and raise prices, this has not been the case. In fact, we’ve observed that many of the landlords and property managers who were eager to test the market by increasing prices and removing incentives from their units saw quickly that these tactics were premature.

While activity has increased, the numbers have not shown significant improvement. Rents have stabilized, but at levels nearly 10% back from already depressed 2008 numbers. And although vacancies showed improvement this month, they have yet to establish the trend necessary to absorb the considerable amount of excess inventory that is continuing to depress the market.

As Manhattan heads towards the traditionally slower winter months, it seems unlikely that the market will rebound in 2009. Given the depth that the market has fallen to date, significant gains are necessary for a recovery. Such increases, which would have been a stretch even for the summer market, are even more unlikely to occur during Manhattan’s slower seasons.

A Quick Look

August Average Rental Prices in Manhattan

Greatest Changes Since August

Year-over-year Changes

Notable Trends

Rents stabilize — September’s flurry of activity has helped to stabilize rents this month. The largest gains since August were in non-doorman two–bedroom units, which increased by 2.03%. Still, the modest gains have done little to mitigate the lag in year–over–year price comparisons, which continue to plague the market.

Vacancies continue to fall — The decrease in inventories that Manhattan saw in August has accelerated pace this month. Vacancies fell -5.58% overall, with non–doorman units falling -7.00% and doorman units -4.32%.

A market of uncertainty — Speculation as to the direction of Manhattan’s rental market continues to be mixed. Yet, while September did show modest improvements, the numbers are not strong enough to indicate that the market will rebound this year. Without significant changes in October, it seems that Manhattan will again see a cold winter for rentals.

Where Prices Decreased

Harlem—Non-doorman studios (-4.16%), doorman studios (-1.68%), non-doorman one-bedrooms (-4.78%), non-doorman two-bedrooms (-2.70%), doorman two-bedrooms (-10.70%)

Upper West Side—Doorman studios (-0.22%), non-doorman one-bedrooms (-1.11%), non-doorman two-bedrooms (-4.84%), doorman two-bedrooms (-1.21%)

Upper East Side—Non-doorman studios (-0.76%), doorman studios (-0.64%), doorman one-bedrooms (-0.90%), non-doorman two-bedrooms (-0.43%), doorman two-bedrooms (-10.87%)

Midtown West—Non-doorman studios (-0.34%), non-doorman one-bedrooms (-3.40%), doorman two-bedrooms (-12.67%)

Midtown East—Non-doorman studios (-3.54%), doorman one-bedrooms (-1.90%)

Murray Hill—Non-doorman studios (-4.29%), doorman studios (-1.86%), non-doorman two-bedrooms (-2.14%)

Chelsea—Non-doorman studios (-3.56%), non-doorman two-bedrooms (-0.89%), doorman two-bedrooms (-2.40%)

Gramercy Park—Doorman two-bedrooms (-1.19%)

Greenwich Village—Doorman studios (-3.28%)

East Village—Doorman one-bedrooms (-0.22%), non-doorman two-bedrooms (-0.50%)

SoHo—Non-doorman studios (-3.96%)

Lower East Side—Non-doorman studios (-1.58%), doorman studios (-3.31%), non-doorman one-bedrooms (-9.89%), doorman one-bedrooms (-9.09%), doorman two-bedrooms (-6.26%)

TriBeCa—Non-doorman studios (-3.02%), doorman studios (-0.35%), non-doorman two-bedrooms (-0.73%), doorman two-bedrooms (-0.55%)

Financial District—Non-doorman studios (-0.71%), doorman studios (-0.73%), non-doorman one-bedrooms (-6.19%), doorman one-bedrooms (-1.67%), non-doorman two-bedrooms (-0.45%)

Battery Park City—Doorman one-bedrooms (-2.04%), doorman two-bedrooms (-1.38%)

Where Prices Increased

Harlem—Doorman one-bedrooms (1.13%)

Upper West Side—Non-doorman studios (0.79%), doorman one-bedrooms (0.43%)

Upper East Side—Non-doorman one-bedrooms (0.47%)

Midtown West—Doorman studios (1.39%), doorman one-bedrooms (0.46%), non-doorman two-bedrooms (2.72%)

Midtown East—Doorman studios (1.26%), non-doorman one-bedrooms (0.87%), non-doorman two-bedrooms (14.65%), doorman two-bedrooms (0.70%)

Murray Hill—Non-doorman one-bedrooms (1.03%), doorman one-bedrooms (0.59%), doorman two-bedrooms (4.27%)

Chelsea—Doorman studios (3.59%), non-doorman one-bedrooms (1.12%), doorman one-bedrooms (0.18%)

Gramercy Park—Non-doorman studios (1.34%), doorman studios (1.42%), non-doorman one-bedrooms (1.05%), doorman one-bedrooms (0.56%), non-doorman two-bedrooms (0.70%)

Greenwich Village—Non-doorman studios (0.20%), non-doorman one-bedrooms (2.27%), doorman one-bedrooms (1.98%), non-doorman two-bedrooms (9.15%), doorman two-bedrooms (8.29%)

East Village—Non-doorman studios (2.74%), doorman studios (4.48%), non-doorman one-bedrooms (2.44%), doorman two-bedrooms (7.81%)

SoHo—Doorman studios (1.40%), non-doorman one-bedrooms (8.71%), doorman one-bedrooms (4.26%), non-doorman two-bedrooms (10.33%), doorman two-bedrooms (1.24%)

Lower East Side—Non-doorman two-bedrooms (3.96%)

TriBeCa—Non-doorman one-bedrooms (6.32%), doorman one-bedrooms (3.18%)

Financial District—Doorman two-bedrooms (1.07%)

Battery Park City—Doorman studios (10.22%)

Tips for Renters

• Impress for less. The glitz and glamour of the Upper East Side just got a bit more affordable. Doorman two–bedroom units on the UES saw a decline of 10.87% — bringing them down to $4,693. So for renters looking for a pad with prestige, we’d suggest they grab the 6 train and head uptown.
• Bringing back the bargains. The Lower East Side looks to be regaining its bargain status. Non–doorman studio units, which had shot up to above $2K in May, have since seen steady declines and fell another 1.58% this month. They are now the second most affordable option in Manhattan at $1,660.
• Get a monthly bonus. Wall Streeters looking for local convenience should head across West Street to Battery Park City. For $400 less per month than the FiDi, BPC renters get the benefits of a doorman for just $2,817.

Mean Manhattan Rental Prices

The Mean Rental Price graphs illustrate average monthly rents for studios, one–bedrooms and two–bedrooms in doorman and non–doorman buildings in Manhattan for the month of September 2009. Graphs tracking citywide and neighborhood price changes over a rolling 13-month period follow.

The Manhattan Rental Market Report is based on data cross-sectioned from over 10,000 currently available listings located below 155th Street and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the TREGNY proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus).

Please visit the TREGNY webiste for further details:

http://www.tregny.com/manhattan_rental_market_report

Brand New Upper East Side Two Bedroom - Elevator Building

Upper East Side - East 72nd Street One Bedroom

Brand New Listing

Contact JAD Realty Group for more information:

610.781.8417

LOCATION: Upper East Side / East 88th Street DESCRIPTION: Recently renovated, elevator building Keyless entry frontdoor Fifth floor unit Separate kitchen including appliances and new cabinetry Tiled bathroom, new fixtures Large living room Each bedroom can fit a queen size bed Southern exposure views, two large windows in each bedroom Three storage closets New hardwood floors Live-in super Laundry room in basement Priced below market value Excellent Upper East Side location; near all transportation, restaurants, Midtown, Carl Schurz Park, Hunter College, and Central Park TRANSPORTATION: LISTED RENT: $2,295 CONTACT: Name: Jeffrey Phone: 610.781.8417

Upper East Side - East 72nd Street One Bedroom

Brand New Listing

Contact JAD Realty Group for more information:

610.781.8417

Brand New Listing - Upper East Side One Bedroom EAST 72nd

Upper East Side - East 72nd Street One Bedroom

Brand New Listing

Contact JAD Realty Group for more information:

610.781.8417

LOCATION: Upper East Side / East 72nd Street DESCRIPTION: Well maintained, walk-up building Separate kitchen including appliances and breakfast bar area Tiled bathroom, new fixtures Large living room featuring a southern exposure view, wall of windows Three storage closets 10' X 10' bedroom New hardwood floors Live-in super Priced below market value Excellent Upper East Side location; near all transportation, restaurants, Hunter College, Midtown, and Central Park TRANSPORTATION: LISTED RENT: $1,650 CONTACT: Name: Jeffrey Phone: 610.781.8417

Upper East Side - East 72nd Street One Bedroom

Brand New Listing

Contact JAD Realty Group for more information:

610.781.8417

Upper East Side Duplex - Home Office - 200 Square Foot Roof Deck

Upper East Side Duplex - Private Roof Deck - Home Office

BRAND NEW LISTING - NO FEE

Contact JAD Realty Group for showing times:

610.781.8417

LOCATION: Upper East Side / East 92nd Street DESCRIPTION: Well maintained, walk-up building Separate gourmet kitchen including granite counter tops and stainless steel appliances Two full bathrooms, new fixtures Large living space featuring an exposed brick wall High ceilings, bright apartment Southern exposure views Bedroom on upper level of apartment, can fit a queen size bed and extra furniture Walk-in closet Home office area, can be used for dining or extra bedroom Access to a private roof deck Excellent Upper East Side location; near all transportation, restaurants, and Central Park TRANSPORTATION: LISTED RENT: $2,750 CONTACT: Name: Jeffrey Phone: 610.781.8417

Upper East Side Duplex - Private Roof Deck - Home Office

BRAND NEW LISTING - NO FEE

Contact JAD Realty Group for showing times:

610.781.8417

West Village Condo - West 11th Street - Hudson River Views

Brand New Listing - West Village One Bedroom Condo

Please call JAD Realty Group for showing times:

610.781.8417

www.jadrealtygroup.com/JAD_Realty_Group/One_Bedrooms/Pages/366_West_11th_Street_Apt._10B.html

Brand New Listing - Midtown East 50th Street Studio

Brand New Listing - East 50th Street - Below Market Value

Contact JAD Realty Group for showing times:

Jeffrey Ditri - 610.781.8417

LOCATION: Midtown East / East 50th Street DESCRIPTION: Well maintained, walk-up building Third floor unit Separate kitchen including appliances and new cabinetry Modern bathroom, new fixtures Large living space featuring a wall of windows Northern exposure view, bright Three storage closets New hardwood floors Original crown moldings and detail Live-in super Priced below market value Excellent Midtown East location; near all transportation, restaurants, Murray Hill, Gramercy, Grand Central Station, the Upper East Side, and Central Park TRANSPORTATION: LISTED RENT: $1,375 CONTACT: Name: Jeffrey Phone: 610.781.8417

Brand New Listing - East 50th Street - Below Market Value

Contact JAD Realty Group for showing times:

Upper East Side rents fall

How much does it cost to live in one of the city's poshest 'hoods?

Not as much as it used to. If you're seeking a rental near many of the city's wealthiest denizens, you'll find an assortment of deals on the Upper East Side.

"Last year, if you were looking for a studio [on the Upper East Side], you couldn't find anything for below $1,500," says Dan Marrello, a managing director for Citi Habitats.

But things are different now.

"It's really unheard of that we're seeing studios at $1,000 to $1,400 -- but we are," says Adjina Dekidjiev, rental director for Manhattan Apartments. "I've got 39 [listings for] studios under $1,400 on the Upper East Side."

Of course, mansion-lined blocks aside, the Upper East Side has always been a little cheaper for renting than much of the rest of the city.

"The Upper East Side is a very established neighborhood, with every amenity you could want or need," says Gary Malin, president of Citi Habitats. "What you're missing is the transportation factor."

That's especially true of rentals along First and Second Avenues, several long avenue-blocks away from the Lexington Avenue 4/5/6 trains. And, as other Manhattan neighborhoods have adjusted downward, so has the Upper East Side.

According to Citi Habitats' just-released May market report, the average studio on the Upper East Side rented for $1,619 -- almost $150 cheaper than the citywide average of $1,765 and more than $300 cheaper than last year's Upper East Side average. One-bedrooms rented for $2,190 -- more than $250 per month cheaper than the city average of $2,426. And a two-bedroom went for $3,029, compared to the city average of $3,444. (Three-bedrooms, however, were $719 pricier than the rest of the city, averaging $5,376.) Moreover, the vacancy rate is at 2.27 percent -- the highest in the city.

Upper East Side deals should come with the normal warning labels: The cheapest apartments are usually far east and are located in walk-up buildings that don't have particularly great amenities. Or, they're north of the 96th Street subway stop, just before the Upper East Side officially becomes East Harlem.

While most of these deals aren't on Lexington Avenue, they're not all on York Avenue, either. "I've got a studio on 89th Street between Second and Third for $1,050," says Marrello.

And big buildings aren't immune to the pressures of the market. "We have a building on York Avenue, and in that complex studios are in the $1,300 to $1,325 range," says Wayne Hattingh, a manager with SW Management, which handles several large rental buildings in the neighborhood.

Marrello is representing a building called the Hub on 101st Street, between First and Second avenues, that is paying brokers' fees and offering two months free rent. The building is new, has top-grade appliances, a doorman and landscaped roof deck. One-bedrooms are starting at $2,145 per month -- something extremely modest by luxury doorman standards.

And the Hub is hardly the only rental complex to offer such incentives -- there are eight Upper East Side buildings owned by major landlord Glenwood that are offering a month of free rent.

"Landlords are always trying to keep rent rolls high," says Marrello, "Now they're starting to advertise lower prices."

Now just might be the time for the posh seekers to pounce.

Light at the end of the tunnel?

THE panic in the Manhattan real estate market of the winter of 2009 lifted in the last few weeks, brokers say, as more and more buyers and sellers have found the courage and the comfort level to sign on the dotted line. A bidding war has even occasionally broken out, though at prices far below those of a year ago, and often considerably below asking price.

“When we were in free fall, nobody was willing to pull the trigger,” said John B. Gomes, a broker at Core Group Marketing. “Sellers are more realistic and buyers are optimistic, and we have the lowest interest rates in a generation.”

There is considerable room for skepticism, since the number of closed sales filed with the city remains near the lowest level in many years. Prices are still down as much as 30 percent and show no signs of rising, low-ball offers remain common and some of these latest deals may never come to fruition. But brokers say the climate has definitely changed, producing sales at all price points, as some buyers, tired of looking and waiting, are seizing the moment. Suddenly, brokers say, it is exciting to be in real estate again.

Deals picked up first among studios and one-bedrooms, which benefited from a combination of lower prices, reduced interest rates and incentives for first-time buyers. Then apartments selling under $3 million began to stir. Finally, in the last few weeks, a number of significant deals have been done in the somnolent market for trophy apartments listed above $10 million, brokers say. Sales of many expensive new Manhattan condominiums remain sluggish, however.

At Brown Harris Stevens, a real estate brokerage firm, contracts were off 60 percent last fall, after the collapse of Lehman Brothers, and a steep plunge in the stock market brought deal making to a near halt. But Hall F. Willkie, the company’s president, said that as spring — the peak selling season in New York — got under way, contracts picked up sharply. Sales, off 30 percent in April from a year earlier, were off less than 10 percent in May compared with the same month in 2008.

“We are busy, very busy and the tempo is intense, and that is all great,” Mr. Willkie said.

At Halstead Property, Diane Ramirez, the company’s president, said that contract signings in May had surpassed the number of deals reached the year before. She said many of the sales were to first-timers, and to buyers who had long been priced out of the Manhattan market but were now seeing an opportunity to get in. Some buyers who have lost out on previous deals are showing up at open houses and making offers on the spot, she said.

Bill Kowalczuk, a broker with the Corcoran Group, says that what has changed is that buyers are “willing to step up to the plate” and when they do, “sellers are listening.”

Mr. Kowalczuk has been trying for 17 months to sell a four-story town house, in need of considerable work, on West 21st Street in Chelsea near Ninth Avenue. By January he had cut the asking price by more than 25 percent to just under $4.8 million. A few weeks ago, he said, three buyers made serious offers.

A deal was almost immediately struck with one couple. But after a bank reneged on a previously approved mortgage, they backed out. Mr. Kowalczuk quickly went to contract with a second buyer, who was planning to finance the purchase by taking out a home equity loan on property in London. The final price was below $4 million.

The rise in activity does not mean that the local real estate recession is over. Prices remain sharply lower than they were a year ago, by about 30 percent, and are likely to continue to drift downward over many months, or even years, until the local economy, heavily dependent on Wall Street profits, picks up.

There is also some debate about whether the bump up in activity, which many brokers say has kept them busy showing apartments seven days a week, represents a predictable seasonal uptick, or a shift in market psychology.

Actual closings filed with the city’s Department of Finance are sparse, but these often lag behind the market, because closings can occur months after a deal is struck, especially when co-op or condominium boards have a right to review contracts.

As of the end of May, the overall number of apartments closing in the second quarter was off 55 percent from the same period a year earlier, though up slightly from the first quarter. Co-op closings rose significantly from the first quarter, while condo closings fell as the backlog of contracts signed in new buildings many months ago began to shrink.

Both average and median apartment prices are off roughly 15 percent so far in the second quarter, compared with same period a year ago, with the median at $812,000, the lowest level in more than two years, according to a tabulation of city property filings.

Jonathan Miller, an appraiser at Miller Samuel who prepares market reports for Prudential Douglas Elliman, confirmed that inventory levels began to fall this spring as sales picked up. But he questioned how significant the trend would turn out to be.

“You did see an upturn in activity this time of year,” he said, but “it was not a robust spring.” Mr. Miller said that the spring did not “undo the damage that occurred last fall” during the banking crisis, and that prices still appeared to be slipping, though at a slower pace than earlier in the year.

Mr. Miller says he is particularly worried about new developments that have not cut prices as much as many individual sellers have. Mortgages can be difficult to come by in these buildings, making it harder for buyers to complete deals.

Kirk Henckels, a Stribling broker who prepares a report on the luxury market, doesn’t foresee a rise in prices anytime soon. He said he thought they might fall a bit further; he also feels that prices are in the process of stabilizing amid a burst of deal making.

Last July, Mr. Henckels listed an 18-foot-wide town house at 136 East 80th Street near Lexington Avenue for nearly $12 million. By February the price of the town house, owned by Thomas Flexner, a former vice chairman of Bear Stearns, had been cut by 25 percent, to $8.95 million. After languishing over a slow winter, it went into contract at the end of May.

Mr. Henckels said that over the winter, buyers felt they were in a “deflationary market” and had no reason to buy, since prices would most likely keep falling. With prices now off 30 percent, buyers feel the damage has been done and are tired of looking, he said.

“It’s rather remarkable,” he said. “I did five to six deals in the last two weeks at all price ranges.”

John Burger, a broker with Brown Harris Stevens who just sold a $12 million apartment at One Beacon Court on 58th Street near Third Avenue, attributes the market uptick to the rebound in the stock market since March.

“The stock market has always been a barometer for the health of the Manhattan real estate market,” he said. “Buyers are encouraged by the rebound on Wall Street. It has given people a sense of security to stop and make deals.”

Many of these trends can be seen in the battle over a one-bedroom apartment on the second floor of the Grand Madison at 225 Fifth Avenue and 27th Street. A former showroom building for the gift industry, it was converted to condominiums a few years ago.

The apartment has 11-foot ceilings, a stylish kitchen and a home office, and at 1,200 square feet, is unusually large for a one-bedroom. But it has limited views, facing the Museum of Sex rather than Madison Square Park. Two years ago, in a rising market, an investor paid $1.35 million for it, $1.2 million of which was borrowed money.

When the rental market soured, the seller came under pressure to pay the mortgage, and Jaylin Ramer, a broker at Bond New York, listed the unit in March for $1.15 million, 15 percent below the original purchase price.

Along came Luke Sager, a recent Harvard graduate and co-captain of the college soccer team, looking for his first apartment in New York. Working with Emily Beare of Core Group Marketing, he methodically studied the market, visiting 50 apartments over three months, she said. Love struck when he saw the apartment at the Grand Madison.

But Ms. Ramer was listing the apartment as a “short-sale opportunity,” and other buyers were interested. An offer of $1 million in March was turned down cold, but as time went by the seller decided to be more flexible. Then, during a single week in May, three separate offers came in: one for $825,000; a second, Mr. Sager’s, for $850,000, half in cash; and a third for $900,000.

Mr. Sager countered with a $925,000 bid, all in cash, and to circumvent any more bargaining, insisted that the contract be signed the same day.

And so it was, but now Mr. Sager is waiting for the seller to complete his negotiations with the bank.

Ms. Ramer said that she and her colleagues had been involved in three bidding wars in the last week and that their negotiated deals were running ahead of those a year ago. She said she was working with several buyers who had been waiting, sometimes for years, for prices to come down.

“A lot of people I know couldn’t afford to live in Manhattan a year ago, not even close,” she said. “The people who were waiting on the sidelines are now out, and they are having great values and they are now buying.”

Dolly Lenz, a broker at Prudential Douglas Elliman, said she had several first-time apartment buyers about to sign contracts. These buyers had not been priced out — they currently live in luxury buildings on the Upper East Side, paying rents of around $8,000 a month. But drawn by the prospect of deals, they are willing to spend up to $8 million or more.

“You don’t think of these people as first-time buyers, when they have an oceanfront house in Quogue,” she said. “But this guy has always rented in New York.”

Brokers pay more attention to needy first-time buyers

Largely ignored during the boom because of their relatively paltry budgets, first-time buyers have suddenly found themselves among the most highly coveted client groups for New York City's real estate brokers. With few deals to latch onto, brokers have started paying much closer attention to them and are now giving them first-class status. In this month's Q & A, brokers told The Real Deal that first-time buyers now constitute anywhere from 30 to 70 percent of all of their clients. That's a jump from 15 to 50 percent from before the credit crunch. While these first-time buyers require far more handholding than those who are on their second or third apartment purchases, they are pulling the trigger in greater numbers. But, as one broker put it, they are still not "ready to get married" right away and are more demanding clients because they want to see more apartments and need tutorials on everything from property taxes to the financial structure of a condo or co-op.

Market Report: No May Flowers for Manhattan Rentals

Rental-heavy brokerage The Real Estate Group New York has released the May edition of its Manhattan Rental Market Report (available to download here), and while rents stayed largely flat over last month, the year-to-year declines can be seen in the tables above. TREGNY also cites increased demand over the past month as a sign that the typically hot Manhattan spring/summer rental season will have life this year. Graduates should check out non-doorman buildings on the Upper East Side, where rents are at a 13-month low.

While the report doesn't factor in landlord incentives that drive rents down even lower, the May '07 to May '09 head-to-head neighborhood comparisons that TREGNY includes will still open some eyes to the state of the rental market. Neighborhoods such as Murray Hill, Midtown East and the East Village have seen some approx. 20% drops in certain categories over the past two years. Getting back to the here and now, below is a neighborhood snapshot of May rents (click on the graphics to make 'em bigger):

FORMER CORCORAN SUNSHINE SALES DIRECTOR SUES BROKERAGE

Former Corcoran sales director suing for commissions from Five Franklin, the Avery and Linden78

A former sales director for Corcoran Sunshine Marketing Group says she has been stiffed for more than a quarter million dollars in residential brokerage commissions for sales in high-profile developments including Five Franklin, the Avery and Linden78, a court filing says.

Broker Nancy Reese accuses Corcoran Sunshine and other Corcoran entities of withholding at least $200,000 in commissions on closed sales and says the developer of Linden78 owes her $70,000 in commissions on canceled contracts, the court papers say.  

The lawsuit was filed at a time when experts believe more contracts will be canceled as the condominium market continues to deteriorate. But real estate lawyers said most contracts between brokerages and developers include clauses that state that commissions are not due until the title is passed to the buyer, so brokers are generally not paid when a contract is canceled, attorney Adam Leitman Bailey, who was not involved in the case, said.  

Reese, who left Corcoran Sunshine Marketing Group at the end of April after working at the firm for about four years, accused the company of not paying her a total of $200,000 at Five Franklin Place, the Avery at 100 Riverside Boulevard, the Orion at 350 West 42nd Street and three other locations after the sales closed.

Reese also alleges in her lawsuit brought in New York State Supreme Court May 18 that the sponsor of the struggling development Linden78, at 230 West 78th Street, owes her $70,000 in commission fees even though the sponsor offered rescission rights to all buyers in mid-April.

The developer of the project is Urban Residential, but the lawsuit does not name that company, but instead the entities listed on the condo offering plan, including Amsterdam 78 and Metropolitan Housing Partners, with the state Attorney General's office, Reese's attorney, Debra Guzov, said.

Urban Residential did not immediately respond to a request for comment. Corcoran Sunshine declined to comment.   

With the declining economy, the number of rescinded contracts has increased, impacting projects such as Linden78 and the Jasper at 114 East 32nd Street. But experts said they do not expect to see a flood of brokers suing their firms as Reese did.

Guzov, a partner with the law firm Guzov Ofsink, said that Reese was owed the commission after she presented ready, willing and able buyers, despite a rescinded contract.

"As we set forth in the complaint the commission has been earned and it comports with the language in the contract for earning the commissions," she said.

Gramercy Park Irving Place One Bedroom Below Market Value

East 17th Street & Irving Place One Bedroom

1 Block from Union Square!

LOCATION: Gramercy / Union Square / Irving Place DESCRIPTION: Well maintained, walk-up building Third floor unit Kitchen including appliances and new cabinetry Marble bathroom, new fixtures Living room featuring an exposed brick wall 11' X 11' bedroom, can fit a queen size bed and extra furniture Two storage closets Northern exposure view, over looking East 17th Street New hardwood floors Rent stabilized unit, priced below market value Excellent Gramercy location; near all transportation, restaurants, Irving Place, the East Village, and Union Square TRANSPORTATION: LISTED RENT: $1,683 CONTACT: Name: Jeffrey Phone: 610.781.8417

East 17th Street & Irving Place One Bedroom

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Board proposes stabilized rent increases

The board that oversees rents for New York City’s one million rent-stabilized apartments proposed a range of rent increases on Tuesday, disappointing tenants and their supporters, who say the recession warrants a rent freeze.

In a preliminary vote, the city’s Rent Guidelines Board proposed increases of 2 percent to 4.5 percent for one-year leases and 4 percent to 7.5 percent for two-year leases. Last year, the board approved its highest set of rent increases since 1989 — 4.5 percent on one-year leases and 8.5 percent on two-year leases. The board will hold two public hearings, on June 15 and June 17; it is to take a final vote at a meeting June 23.

Landlords have argued that the board’s rent increases in recent years have been outpaced by the rising operating costs of rent-stabilized units. Tenants and some elected officials, meanwhile, have called on the nine-member board to freeze rents for rent-stabilized units, citing rising unemployment, falling median household incomes and growing numbers of tenants in housing court facing eviction for nonpayment of rent.

“This would be an appropriate year to do that,” Wasim Lone, a tenant organizer with the nonprofit group Good Old Lower East Side, said of the rent freeze. “This is the worst recession we’ve seen since the Great Depression of the 1930s.”

A report released last month by the board’s staff found that operating costs for rent-stabilized buildings increased 4 percent from April 2008 to last month; the increase was 7.8 percent in the corresponding period in 2007-8. The report also found that the 4 percent increase was offset by decreases in fuel oil and insurance costs.

The City Council speaker, Christine C. Quinn, said in an interview that she would urge the board to impose a rent freeze, in part because of the impact of the recession on tenants as well as the report showing that operating costs had not risen significantly. “We can create some relief for tenants without creating an unfair burden for landlords,” Ms. Quinn said. “We believe even with a rent freeze, landlords would continue to make a profit. They would just make a smaller profit.”

Since the board was established in 1969, it has never approved a rent decrease or a rent freeze.

Joseph Strasburg, president of the Rent Stabilization Association, which represents thousands of owners of rent-stabilized apartments, said he was disappointed by the preliminary range of increases approved on Tuesday, adding that small property owners had been hard-hit by the economy and had struggled to pay property taxes, water and sewer bills and fuel costs. He said the group was opposed to any rent freeze.

“Ten percent of my membership may not survive by this time next year,” Mr. Strasburg said, referring to small property owners. “We discovered in early fall that they were still paying off their winter fuel bills.”

The final vote last year was a rowdy affair, marked by shouting matches between landlords and tenants, many of whom had sneaked in plastic whistles and blew them at ear-ringing volume during the proceedings. In contrast, the meeting on Tuesday at the Great Hall at Cooper Union in the East Village was sparsely attended. The audience numbered about 100, most of them tenants or tenant organizers.

The meeting gave rise to divergent views on who was suffering the most during tight economic times — tenants or landlords. Steven J. Schleider, a member of the Rent Guidelines Board who represents owners, said that 1 in 10 properties was distressed because rents did not cover expenses. Adriene L. Holder, a board member representing tenants, said the severity of the recession, including rising unemployment, called for the board to adopt no rent increase.

“People cannot shoulder these types of increases being proposed,” Ms. Holder said.

Last year, the board approved a controversial supplemental rent increase for tenants who had lived in their units for six years or more, and a range of similar increases were approved on Tuesday. Owners of buildings with those tenants have the option of charging them the approved increases, or a $20 to $45 monthly increase for one-year leases or $40 to $75 for two-year leases, whichever is greater.

Two legal aid groups, the Legal Aid Society and Legal Services NYC, sued the board over the supplemental increase last year; the case is pending.

On Tuesday, to the howls of the tenants in the audience, the board voted 6-to-3 to approve the range of proposed increases and the range of supplemental increases.

Much of the discussion between board members leading up to the vote centered on last year’s deliberations. Tenants and their supporters last year said that the supplemental increase should not have been voted on, because it was not part of the tentative range of increases the board had previously approved. The board’s chairman, Marvin Markus, said at the time that the board had authorized supplemental increases in previous years and that the board’s actions were within the law.

Renters move back to Manhattan

Great Recession prices are drawing even the most loyal outer-borough dwellers back to Manhattan. The migrants hail from Hoboken, Astoria and the brownstone blocks off Prospect Park, as New Yorkers who found themselves priced out of the gilded isle in the boom years are bidding farewell to long commutes and skinny-jean chic.

Among the lures: $1,600 one-bedrooms on the Lower East Side. Lenient landlords who no longer require security deposits. And an overriding sense that an obscenely overpriced borough is now, well, slightly more reasonably overpriced.

“There’s a part of me that feels like I’m cheating on Brooklyn,” said Keith O’Brien, a 30-year-old in marketing and public relations who recently jumped from a spacious two-bedroom in Greenpoint, Brooklyn, to a Lower East Side walk-up. “But this was a unique moment in real estate history where renters have the upper hand, which seemed unbelievable a couple of years ago. I realized that it would have been foolish not to start looking at places.”

For an extra $100 a month, Mr. O’Brien — a seven-year Brooklyn stalwart — is now enjoying a trendy location and a six-minute commute, in exchange for losing half of his living space. “There’s no sink in the bathroom,” he said, “but concessions must be made.”

Newly minted Manhattanites range from 30-somethings seeking a professional edge through a shorter commute, to out-of-work recent graduates who think they can get a better deal on the Upper East Side than in the usual post-college enclaves of Williamsburg and Fort Greene.

Numbers on the New York rental market are notoriously unreliable, but recent reports suggest that rents are falling faster in Manhattan than in neighboring boroughs.

In the first three months of the year, one-bedroom rents in Manhattan fell 6.7 percent compared with the previous year, while Brooklyn one-bedrooms dropped just 3.2 percent, according to data from Citi Habitats and Ideal Properties Group, both brokerage firms. Other reports show some Manhattan rents down by 10 percent from a year ago.

“I just got lucky with the whole financial meltdown,” said Kristi Giamichael, 26, who earlier this year gleefully tracked falling rental prices on Craigslist from the Hoboken duplex that she shared with two friends. She liked her neighborhood bar scene and the $1,172 rent, but realized Manhattan was no longer prohibitively expensive.

On May 1, Ms. Giamichael and a roommate moved into an 800-square-foot one-bedroom in Ruxton Towers, a landmark prewar building on 72nd Street off Central Park West. The two will split the $2,600 rent, and the landlord paid the fee to their broker, Caroline Bass of Citi Habitats.

Like many young adults, Ms. Giamichael moved to New York at a time of brutally high rents in Manhattan. Those seeking perks like in-house gyms and roof decks flocked to Hoboken and Long Island City, where amenities could be had for the price of a Yorkville walk-up.

Now, prices at upscale rental buildings like 45 Wall Street have come down significantly, discounted by 15 to 20 percent in recent weeks. At 20 Exchange Place, a tricked-out conversion around the corner from the Stock Exchange, the management company will waive the security deposit if the prospective tenant’s credit checks out. Stuyvesant Town offers the same perk on some apartments, along with waiving the broker’s fee.

“We do see that certain neighborhoods in Manhattan may be a better deal than certain neighborhoods in the boroughs,” said Stephen Love, a broker at Ardor Realty.

So some New Yorkers who came to appreciate the outer boroughs — spacious apartments, neighborhood charm — are finding reasons to return.

Matthew Creamer spent nearly a decade in Brooklyn (with a brief stopover in Hoboken), rotating through Smith Street, Cobble Hill and finally Sunset Park, where he spent four happy years in a 1,000-square-foot one-bedroom for $1,400 a month.

“I told a lot of friends that I would never move back from Brooklyn, had no desire to move back to Manhattan,” he recalled. “I said that on a lot of occasions.”

But in March, Mr. Creamer, 32, began to feel anxious about his 45-minute commute to Midtown, where he works as an editor at Advertising Age. “So much has changed in the past six months,” he said. “In the past, people wanted a separation from work on the weekend. I liked the fact that the neighborhood I lived in couldn’t be any more different from the place that I worked.”

Now, Mr. Creamer said, “people are so worried about their jobs and the general economic situation, that people don’t mind being near work. It may even make them feel a little bit safer.”

The possibility of subway cutbacks made him worry about making morning meetings on time. “At a 45-minute commute, it’s not the worst thing in the world,” he said. “But if something goes wrong, it gets ugly really quickly.”

Mr. Creamer began searching for a place near Grand Central Terminal, aware that he would have to sacrifice space (and price) for peace of mind. Last month, he moved into a studio in a building with a doorman at 33rd Street and Park Avenue with views of the Empire State Building. Although he pays more in rent than he did, he calculates that he nearly breaks even, now that he’s free of his monthly MetroCard and hefty late-night cab fares. And he received one month free on a 13-month lease.

The place is a third the size of his last apartment, and he does not have the basement storage he enjoyed in Sunset Park. At times, he misses the neighborhood feel of his old haunt.

“Nothing has changed as far as the way I feel about Brooklyn as far as it being one of the best places on earth to live,” he said. “I doubt I’ll come out of my experience in Midtown thinking that. I’ll probably like it, but I can’t imagine having the same feeling for it.”

Brooklyn on the whole is still more affordable than Manhattan: one-bedrooms east of the river cost an average of $1,901 in the first quarter, compared with $2,432 in Manhattan, according to market reports.

But the flow of Manhattanites into Kings County has apparently slowed. In the first three months of 2008, nearly a quarter of renters moving to Brooklyn hailed from Manhattan. A year later, only 9 percent of renters came from across the river, according to data from Ideal.

And some of Brooklyn’s trademark tenants — underemployed recent graduates — are also changing their minds.

For two years, Mark Schenkel, 25, has lived with roommates in a ground-floor apartment in a Windsor Terrace brownstone. Mr. Schenkel is paying $1,175 a month for a building with no laundry. His commute to work in the West Village was a half-hour haul on the F train.

“I always assumed that Manhattan was way too expensive for me and out of my reach,” said Mr. Schenkel, who moved to the city in 2006. But when his landlord threatened a $100 rent increase, he decided to shop around.

“Just for fun, I started looking at the Upper West, Upper East,” he said. “Everybody talks about how nice and ritzy it is. I was shocked to see some of the prices.”

In Yorkville, for instance, he found rents that were several hundred dollars cheaper than what he and his roommates are paying in Brooklyn.

“They’re a little bit smaller, but they have some of the amenities that I don’t have now,” he said, citing perks like a laundry and an elevator. Most of the apartments he has toured are renting for under $1,000 a person.

“A lot of these places are just desperate to find people,” Mr. Schenkel said. “People are responding to my e-mails within minutes to look at the apartment. People are saying, ‘Come whenever you want.’ ”

Craigslist directed him to a three-bedroom in a small building off First Avenue on 88th Street; the monthly rent came out to $730 a person, with no broker’s fee.

Alas, that particular apartment was “big, but had no kitchen or place to sit,” Mr. Schenkel later wrote on Twitter. “It’s like the builders forgot to include that.”

The recession has not been kind to Mr. Schenkel, who recently lost his job with a record label. But unemployment has only underscored his interest in moving across the river. The Upper East Side is home to big retail franchises like Barnes & Noble and Best Buy that may still be hiring.

In Brooklyn, he said, “all the local stores have two or three people working for them at a time. Mom-and-pop shops don’t need people in this economy.

“I never thought losing my job would be one of the reasons I end up moving to Manhattan,” Mr. Schenkel said, sounding a tad dazed. “It seems backward to me, what’s going on.”

Renters aren’t the only ones looking to move. When Paul Kolbusz, a broker at the Corcoran Group, decided to buy in 2007, he opted for a new development in Long Island City. He was willing to give up Manhattan conveniences for the extra living space.

That was before the bubble burst. Earlier this year, with construction still incomplete, the developer was obligated to offer Mr. Kolbusz the right to rescind his contract. He jumped.

“They were trying to negotiate with me in order to keep me,” Mr. Kolbusz said. “I decided against it because Manhattan opened up in ways that it hadn’t before, and I didn’t want to miss the opportunity.”

Now he is shopping in prewar buildings in Murray Hill, and mulling over a $500,000 one-bedroom with beamed ceilings on East 28th Street. The unit is just $30,000 more than the Long Island City condo he left behind, but has two-thirds of the living space.

Even as rental prices fall, a little bit of luck can’t hurt in finding that dream apartment. Perry Balin, 28, spent a year in a $900 studio in Boerum Hill. Children ran screaming in the hallways and the heat cut out in the middle of winter.

“I’d always wanted to live in the city my entire life,” she said, “and Brooklyn was my second choice. I took it because it was what I could have at the time.”

Encouraged by chatter about cheap apartments, she set off with her broker, Jeff Brenner of Citi Habitats, to a fourth-floor walk-up studio on West 95th Street just off Central Park.

“It faces the back of the building, all of the really rich people’s yards on 94th Street,” Ms. Balin said. “I look out the window and feel like a millionaire.”

Her terrier, Tess, is more social and enjoys walks in the park.

The rent: $1,225 a month. Ms. Balin, an aspiring singer, hummed when she disclosed the figure. “Now, don’t be jealous,” she said with a laugh.