Rents down, inventory up in October

Seasonal trends are not enough to explain the decline in Manhattan rents and the increase in inventory seen this month, and concessions from landlords have not been enough to correct a slowing market, according to the October Manhattan rental market report from the Real Estate Group.

Rents in non-doorman one- and two-bedrooms and doorman studios and one-bedrooms are down from their October 2007 levels. The doorman studio submarket has been hit particularly hard, with a 7.23 percent decline from last October.

Only non-doorman studio and doorman two-bedroom rents have increased since October 2007, the report said.

In Gramercy Park studios and Lower East Side one-bedrooms, rents have declined steeply, down 8.41 percent in non-doorman studios in Gramercy Park and 9.77 percent in Lower East Side doorman one-bedrooms. Harlem continues to have the lowest rents in all categories

New York City Apartment Rentals

New York City Manhattan Apartment Rentals

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m: 610.781.8417

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Studios, One Bedrooms, Two Bedrooms, & 3 Bedrooms Rentals:

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Condo / Co-op Sale listing:

View Gramercy Park One Bedroom

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Upper East Side Apartment Rental

Upper East Side Apartment Rental

For further inquiries, please contact:

Jeffrey Ditri

m: 610.781.8417

jeffrey@jadrealtygroup.com

LOCATION: Upper East Side / East 72nd Street DESCRIPTION: Well maintained, walk-up building Third floor unit Newly renovated kitchen including appliances and new cabinetry Tiled bathroom, new fixtures Large living room featuring extra storage space Northern exposure view High ceilings, track lighting 10' X 10' bedroom New hardwood floors Brand new renovations 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: $1,695 CONTACT: Name: Jeffrey Phone: 610.781.8417

Upper East Side Apartment Rental

For further inquiries, please contact:

Jeffrey Ditri

m: 610.781.8417

jeffrey@jadrealtygroup.com

Gramercy Murray Hill Two Bedroom Apartment

Gramercy / Murray Hill Two Bedroom Apartment For Rent

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Jeffrey Ditri

610.781.8417

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LOCATION: Gramercy / Murray Hill DESCRIPTION: Well maintained, walk-up building Separate windowed kitchen including new appliances and cabinetry Tiled bathroom, new fixtures Large living room featuring a wall of windows (can be converted to 3rd bedroom) Decorative fireplace South and eastern exposure views, bright apartment Corner unit Each bedroom can fit a queen size bed and extra furniture Three storage closets New hardwood floors Priced below market value Excellent Gramercy location; near all transportation, restaurants, Murray Hill, the East Village, Midtown, Grand Central Station, and Union Square TRANSPORTATION: LISTED RENT: $2,695 CONTACT: Name: Jeffrey Phone: 610.781.8417

Gramercy / Murray Hill Two Bedroom Apartment For Rent

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Jeffrey Ditri

610.781.8417

East Village Two Bedroom Rental

New York City East Village Rental

Two bedroom apartment

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Jeffrey

m: 610.781.8417

jeffrey@jadrealtygroup.com

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LOCATION: East Village / East 12th Street DESCRIPTION: Well maintained, walk-up building Second floor unit Separate eat-in kitchen including appliances Dining alcove area Tiled bathroom, new fixtures Large living room featuring a wall of windows Track lighting Southern exposure view Each bedroom can easily fit a queen size bed and extra furniture Four storage closets New hardwood floors Live in super True two bedroom, has not been converted Excellent East Village location; near all transportation, restaurants, Gramercy, the Lower East Side, Astor Place, and Union Square TRANSPORTATION: LISTED RENT: $2,650 CONTACT: Name: Jeffrey Phone: 610.781.8417

New York City East Village Rental

Two bedroom apartment

For showing times, please call:

Jeffrey

m: 610.781.8417

jeffrey@jadrealtygroup.com

New York City East Village Rental

East Village Apartment Rental

Please contact for additional questions:

Jeffrey Ditri

m: 610.781.8417

jeffrey@jadrealtygroup.com

Video Tour

LOCATION: East Village / Union Square / East 12th Street DESCRIPTION: Newly renovated, walk-up building Second floor unit Separate kitchen including granite counter tops and new appliances (dishwasher) Marble bathroom, new fixtures Large living room featuring a western exposure view Access to a private roof deck Each bedroom can easily fit a queen size bed and extra furniture Storage space throughout New hardwood floors Brand new renovations and apartment Live-in super Priced below market value Excellent East Village location; near all transportation, restaurants, NYU, Astor Place, Gramercy, Soho, downtown, the Lower East Side, and Union Square TRANSPORTATION: LISTED RENT: $3,395 CONTACT: Name: Jeffrey Phone: 610.781.8417

East Village Apartment Rental

Please contact for additional questions:

Jeffrey Ditri

m: 610.781.8417

jeffrey@jadrealtygroup.com

New York City Gramercy Park One Bedroom for Sale

One Bedroom Co-op Condo for sale

Gramercy Park New York City

JAD Realty Group | Jeffrey Ditri | jeffrey@jadrealtygroup.com | 610.781.8417 Key to Gramercy Park / Gramercy Park North ***Luxury Finishes in Co-op Elevator Building*** 1 Bedroom Apartment   Asking Price: $780,000 Bedrooms 1 Bathrooms 1 full Square Footage 640 Parking Unspecified Pet Policy Pets Allowed Deposit 20%   see additional photos below APARTMENT FEATURES Exposed Brick Wall Mosaic Tiled Foyer Hardwood floors Recessed Lighting Granite Counter-tops Stainless Steel Appliances California Storage Closet     ADDITIONAL PHOTOS Brokers contact info:   Jeffrey Ditri JAD Realty Group, LLC. jeffrey@jadrealtygroup.com 610.781.8417 Equal Opportunity Housing

Upper East Side Studio Rental

Upper East Side Studio Rental

For further information or showing times, please call:

Jeffrey @ 610.781.8417

jeffrey@jadrealtygroup.com

LOCATION: Upper East Side / East 88th Street Upper East Side Studio Rental DESCRIPTION: Recently remodeled, elevator building Fourth floor unit Separate kitchen including new appliances and cabinetry Marble bathroom, new fixtures Large living space featuring a wall of windows Three storage closets New hardwood floors Live-in super Laundry in building Priced below market value Excellent Upper East Side east location; near all transportation, restaurants, Carl Schurz Park, Midtownn, and Central Park TRANSPORTATION: LISTED RENT: $1,550 CONTACT: Name: Jeffrey Phone: 610.781.8417

Upper East Side Studio Rental

Freshening up the inventory

As the market slows, an increasing number of brokers have pulled apartments off the market, with the intention of giving them a short hiatus from the lackluster real estate environment and then re-listing them.

The goal? To bring new attention to properties that have lingered for weeks or months without any movement. In some cases the sellers have dropped their prices before putting them back on the market, but in other cases the move has merely been designed as a breather to turn the stale units into "new listings" again when they re-enter the fray.

"It really only works well when it's the beginning of one season and the end of another," said Deanna Kory, a senior vice president at Corcoran. "You don't want to do anything that would come off as being a trick."

In August, when the market was even slower than normal, Kory pulled about a half-dozen listings. She then re-listed them last month. The properties ranged in price from about $1 million to $3 million, she said.  She added that she knows of other brokers who did the same in August and then re-listed them after Labor Day, when they were more likely to get a fresh look. Kory said it is still too early to determine how potential buyers will respond to the re-listings, but she is hopeful.

Putting a unit back in the system after it's been off the market for more than 90 days restarts the clock, so that "time on market" is calculated from the beginning of the new go-round. The freshness makes it more attractive to potential buyers: Most brokerages have separate links on their Web sites leading to the newest listings, making sure that the most recently added properties get extra attention.

In many cases, newly listed properties also generate automatic e-mails to prospective buyers who have signed up to receive information about new sales from a brokerage's Web site.

But even if the hiatus is shorter than 90 days, some brokers have found that a break from the market can still be helpful.

Tracie Hamersley, senior vice president at Citi Habitats, said she took one property off the market for the summer and re-listed it last month. The sellers of the four-bedroom, three-bathroom co-op at 30 Beekman Place had dropped the price once, by nearly $100,000, and were asking $1.799 million.

Earlier this summer, the sellers almost sold the apartment to a buyer who was ready to pay in cash. But the deal fell through at the last minute when the co-op board didn't approve the prospective owner. After that, it felt like a natural time to pull the listing and wait for a new season to begin before restarting the marketing process.

Hamersley noted that she had recently convinced the sellers to drop the price to $1.7 million and said she has seen an increase in inquiries since re-listing the property.

"Any way that we can try to reintroduce it to the market" helps give the property a fresh face, she said. At a recent event held for brokers and buyers, she noted, "Empirically people were reacting to it in the way they would a new listing."

Hamersley took another apartment off the market this summer — a 600-square-foot convertible alcove studio at 201 East 21st Street. But that property has yet to return to the market, since there have been a glut of similar apartments for sale in the same building.

Several of those other studios have, however, recently sold, and Hamersley and the sellers are now thinking about re-listing it.

Every year, the volume of deals tends to fall off in the summer, said Jeff Krantz, vice president of sales and marketing at City Connections Realty.

"If you look back, generally you see listings taken off in summer and put on in fall," he said. This year, he noted, "I wouldn't be surprised if it was happening a bit more."

While Krantz didn't de-list any properties this summer, he said he did recommend that some sellers wait until several weeks after Labor Day to advertise their apartments.

According to a Prudential Douglas Elliman market report put together by Miller Samuel, there were 21.8 percent fewer Manhattan sales in the second quarter of this year than there were during the same time last year.

Sales of Brooklyn properties dropped a more severe 44 percent during that time period, according to Miller Samuel.

The soft sales environment has required some creativity when it comes to making properties stand out to buyers, especially as they remain longer on the market.

Hamersley said she has tried various sales tactics aside from taking listings down and then bringing them back to market with new prices. She has, for example, distributed advertisements to renters rather than just to property owners. And she has put one property up for rent as well as for sale.

The approach appears to be helping. She said she's seen an increase in potential buyer interest since the beginning of last month, despite the overall market turbulence.

Vacancy rates creep up in Manhattan

Vacancy rates rose across Manhattan's three main business districts in September, when Wall Street was battered by a credit crunch that nearly brought commercial lending to a standstill.

At the same time, average asking rents fell in two of them, according to a report from CB Richard Ellis covering September data, released today.

Leasing activity rose or remained flat in the districts, with the largest lease renewal to Macquarie Equities USA for 258,335 square feet at 125 West 55th Street. There was no other lease written greater than 50,000 square feet in any of the three districts -- Midtown, Midtown South and Downtown.

The overall vacancy rate in Manhattan rose to 6.1 percent from 5.8 percent a month earlier, CBRE data showed. The district that saw the steepest rise was Midtown South, where the rate was up .8 points over August, to 7.1 percent. In Midtown, the rate was up .2 points to 5.4 percent and Downtown the rate rose .1 points to 7.4 percent.

“Downtown has seen a significant increase in sublease space so far in 2008, with total available sublease space more than doubling, from 930,000 square feet at the beginning of the year to 2.21 million square feet in September,” the report said.

Average rents in Midtown fell $1.34 to $84.74 compared to August; in Midtown South the average fell $.51 to $52.86; and Downtown it rose $.18 to $50.35, according to the CBRE data.

Compared to August, leasing activity rose in Midtown to 940,000 square feet; in Midtown South it remained flat at 110,000 square feet; and Downtown, activity rose to 160,000 square feet.

East Village One Bedroom 3 Blocks From Union Square

http://newyork.craigslist.org/mnh/fee/871101325.html

LOCATION:

Union Square / East Village / East 10th Street


DESCRIPTION:

Well maintained, brownstone building
First floor unit
Separate windowed kitchen including appliances and new cabinetry
Tiled bathroom, new fixtures
Large living room featuring bay windows, over looking park
High ceilings
Decorative fireplace
Southern and northern exposure views
Windows in every room, bright apartment
10' X 10' bedroom
Two storage closets
New hardwood floors
Original prewar detail and crown moldings
Excellent East Village location; near all transportation, restaurants, Gramercy, the Lower East Side, NYU, Astor Place, Tompkins Square Park, and Union Square

TRANSPORTATION:

4,5,6,N,R,Q,L

LISTED RENT:

$2,495


CONTACT:

Name: Jeffrey
Email: Jeffrey@jadrealtygroup.com
Phone: 610.781.8417

East Village One Bedroom Rental Apartment

Please call for a showing:

Jeffrey Ditri

610.781.8417

jeffrey@jadrealtygroup.com

Take a Video Tour

New York City Midtown East Studio Rental Apartment

newyork.craigslist.org/mnh/fee/874083754.html

Video Tour

LOCATION:
Midtown East / East 49th Street



DESCRIPTION:
Well maintained, walk-up building
Third floor unit
Separate windowed kitchen including appliances
Tiled bathroom, new fixtures
Large living space featuring a wall of windows
Decorative fireplace
Corner unit, double exposure view
Built in bookshelves
Two 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, Grand Central Station, the Upper East Side, and Central Park

TRANSPORTATION:

4,5,6,E,F



LISTED RENT:
$1,650


CONTACT:
Name: Jeffrey
Phone: 610.781.8417