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When, why, and how to get renters insurance + 10 new and forthcoming NYC rentals

175 Third Street, a massive new forthcoming rental (bucharest.studio) 175 Third Street, a massive new forthcoming rental (bucharest.studio)
Earlier this week, pharmaceutical giant Pfizer's former headquarters on East 42nd Street, which is in the midst of a conversion to residential, appeared to be in danger of collapsing. After the fire department received a call about falling bricks early Tuesday morning, a steel beam on the 21st floor was found to be compromised; and, as a representative from union Steamfitters Local 638 told The New York Times, "I-beams are bending like cigarettes in there."
As a precaution, the city established a "frozen zone" from East 40th Street to 45th Street and from First Avenue to Third Avenue, where vehicle and pedestrian traffic was halted. Only emergency workers essential to shoring up the building were allowed in the area, and residents of rentals in the radius like The Summit and Olympia House were forced to evacuate their homes.

In this article:

Lucien, 303 East 44th Street
Lucien, 303 East 44th Street Turtle Bay/United Nations
The Maybury, 550 Tenth Avenue
The Maybury, 550 Tenth Avenue Midtown West
18W55, 18 West 55th Street
18W55, 18 West 55th Street Midtown West
Riverwalk Heights, 430 Main Street
Riverwalk Heights, 430 Main Street Roosevelt Island
57 Beekman Street
57 Beekman Street Financial District
The Department of Buildings says the former Pfizer building is stable again, residents of the evacuated buildings have been allowed to return home, and, thankfully, no one was injured. However, the experience drives home the notion that while people paying high New York City rents are understandably reluctant to take on yet another expense in the form of renters' insurance, it may ultimately be more expensive to go without it.

This article looks at when, why, and how to purchase renters’ insurance, as well as a selection of forthcoming and recently launched rental buildings throughout New York City. As an aside, these will more likely than not have clauses requiring their tenants to have renters’ insurance.
Facebook/New York City Fire Department (FDNY) The interior of 555Ten following a crane collapse next door. (https://www.facebook.com/photo/?fbid=665235185640604&set=a.223544783142982)

Why and When to Purchase Renters Insurance

 

Years before the Pfizer building's threatened collapse, a Washington Heights walk-up suffered a massive fire after a toaster malfunctioned in January 2018. The Washington Heights fire wasn’t just any fire—it took more than 200 firefighters and seven hours to get the blaze under control. A year later, one former tenant, Zachary Kussin, a real estate reporter for the New York Post, wrote about the fire and its aftermath. Kussin owned a modest $300,000 home in the building and had insurance, which is required for owners, but some of his neighbors, including several families living in rent-stabilized units, did not have insurance. For them, it has been a different story.

 

One of Kussin’s neighbors, who had spent the previous 38 years living in a rent-stabilized two-bedroom unit in the building, lost 90 percent of her belongings to water damage. After the fire, she was first moved, along with her daughter and mother, to a Days Inn in Long Island City. Eventually, she was moved to a single-room-occupancy building in Harlem—care of the Department of Housing Preservation and Development. Without renters insurance, Kussin’s neighbor had been just a step away from homeless. Lack of access to a kitchen meant burning through about $75 a day on takeout food, and spending another $224/month on storage for the few belongings she did manage to salvage from the fire. It is no wonder Kussin concludes his article with firm advice for renters: get insurance.

Major disasters have a way of calling attention to the need for renters’ insurance, but they are not the only reasons to get it. Of the thousands of structural fire calls the FDNY receives each month, many affect rental units. Moreover, as many renters experienced firsthand following Hurricanes Sandy and Ida, water can do as much damage as fire. Bear in mind, though, that you’ll need a separate flood insurance policy because floods are generally excluded from homeowners’ and renters’ insurance policies.
Insurance Photo via Flickr cc

How to Select a Renters Insurance Policy

 

To begin, when you purchase renters insurance, you’re purchasing insurance to cover the belongings inside your home only. The building owner also must have insurance—their insurance covers the actual structure, including any appliances, but it will not cover your belongings. The good news is that because you’re just covering your belongings and the not the actual structure, renters insurance is remarkably inexpensive. In fact, you might be able to purchase renters insurance for less than $20 monthly.

What Your Renters Insurance Will Cover and Under What Conditions

 

 

Generally, renters insurance only covers belongings in your home (clothing, art, electronics, furniture and so on). While $50,000 may be adequate, some renters will opt for a policy that covers much more. In most cases, however, unless you have a valuable art collection, a policy in the $50,000 to $100,000 range should be adequate. In addition, some policies cover liability. This means that if someone is injured in your home, they can’t sue you. Finally, many renters insurance policies cover additional living expenses (e.g., a place to stay in the event that your home is no longer inhabitable after a fire or other insurable event).

 

Also bear in mind that there are specific “events” under which renters insurance is applicable. Most renters insurance policies, commonly known as HO-4 policies, cover the loss or destruction of personal belongings from 16 specific events: fire or lightning; windstorm or hail; explosion; riot or civil commotion; aircraft; vehicles; smoke; vandalism or malicious mischief; theft; volcanic eruption; falling object; weight of ice, snow, or sleet; accidental discharge or overflow of water or steam; sudden and accidental tearing apart, cracking, burning or building; freezing; and the sudden and accidental damage from artificially generated electrical current. It is important to note that renters insurance does not generally cover earthquake or flood damage; if you live in an area at risk for flooding, you may want to purchase a separate policy.

 

 

Explore Providers

 

Most insurance companies offer renters insurance, and as already noted, it can be remarkably inexpensive. Also, unlike many other types of insurance, you can typically purchase renters insurance online without any home visit or inspection.

 

Find Out If You Qualify for Bundled Insurance

 

If you already have another form of insurance—specifically, auto insurance—you can likely bundle your renters insurance. Depending on your provider and the amount of renters insurance you wish to purchase, this may cost little as $15 per month.

 

How to Access Your Renters Insurance When Needed

 

Hopefully, you’ll never need to use your insurance, but if you do, a few things to bear in mind. First, before disaster strikes, create a detailed list of all the items in your home—the more detailed the better. If you have any big ticket items (expensive items of furniture or art, ensure you have a digital record of the receipts and appraisals for these items). Second, contact your insurer as soon as possible—the process can take time. Third, be aware of your policy’s specific terms. Depending on the policy, you’ll either receive a payment for the replacement value of the item or items you’ve lost or a payment based on the actual cash value of your belongings (e.g., if you have a television set that is a decade old, you’ll only be insured for the value of a decade-old television set and not a new one).

While New Yorkers may not require renters insurance due to volcanic eruptions, there are many other conditions under which insurance may be required. Given the low cost of purchasing a renters insurance policy and high cost of replacing one’s personal items if and when a fire, theft or other insurable event occurs, every renter should treat renters insurance as a necessity rather than option.


Coming Soon

65 Gold Street, Financial District
Developed by Kings Capital | Design by Issac & Stern Architects (conversion)
17 stories | 108 units

65 Gold Street, Financial District Google Streetview of 65 Gold Street
The building at 65 Gold Street has previously served as a nursing facility and an office, and recently filed permits indicate that its next incarnation is to be a residential building with ground-floor retail and community space. There will be no more than seven units per floor on floors two through 16, and only three apartments on the 17th floor. Amenities will include a mail and package room, and future residents will also enjoy close proximity to City Hall Park, the Brooklyn Bridge, shopping and dining at the Seaport, Financial District offices, and the Fulton Street transportation hub. Commercial Observer notes that the building has been vacant since 2020.

Pfizer headquarters residential conversion
235 East 42nd Street
Developed by Metro Loft Management | Design by Gensler (conversion)
33 stories | 1,600 units

219-235 East 42nd Street Rendering of 235 East 42nd Street (Gensler)
When pharmaceutical giant Pfizer moved its headquarters to The Spiral, it was speculated that the owner of its former headquarters near Grand Central Terminal would take advantage of the Midtown East rezoning to tear down the buildings and erect a larger tower. But in June 2024, Metro Loft Management announced that it would convert the building to housing and take advantage of unused air right to add new stories, as was underway when the incident occurred, in what would be New York City's largest office-to-residence conversion to date.
235 East 42nd Street, Midtown East Pfizer conversion, summer 2026 (CityRealty)
235 East 42nd Street
The project involves adding four new levels to a 33-story building, adding 19 new levels to a neighboring 10-story structure, replacing the facades and windows, and reconfiguring the interiors. The apartments will feature high-end finishes, integrated smart home technology, kitchens with stone countertops and built-in appliances, bathrooms with deep soaking tubs, and in-unit laundry. Approximately 100,000 square feet of amenity space is to include a rooftop pool and fitness center. Completion was initially estimated for the fourth quarter of 2027, though it remains to be seen how this will affect the timeline.
Pfizer building conversion

Lucien, Turtle Bay
303 East 44th Street
Developed by Bruklyn Builders | Design by ODA Architects
35 stories | 131 units

303 East 44th Street, Turtle Bay rental Rendering of Lucien (ODA Architects)
A few blocks from the Pfizer site (see above), construction topped out on Lucien earlier this spring. Next to rise is a sleek, sculptural glass facade that will allow for incredible light and views for the apartments inside. Renderings also depict a double-height lobby, but little is known about amenities as of yet. Completion is estimated for early 2027.
303 East 44th Street, Turtle Bay rental Lucien, June 2026 (CityRealty)
303 East 44th Street, NYC rental

One Montague Place, Brooklyn Heights
205 Montague Street
Developed by Landau Properties | Design by Hill West Architects
50 stories | 90 rental units

205 Montague Street, Brooklyn Heights Rendering of One Montague Place (One Montague Place)
At the beginning of July 2026, the groundbreaking took place for One Montague Place, which will be among the tallest buildings in Brooklyn upon completion at 50 stories high. It is to bring 40,000 square feet of retail space, 90 rental apartments, and 46 half-floor, full-floor, and triplex condos to the nexus of historic Brooklyn Heights and bustling Downtown Brooklyn.
One Montague Place jazz club Private jazz club
Residential amenities will include a 63' indoor swimming pool, four padel courts, multiple lounges and children's playrooms, a private jazz club, and a BondST restaurant. A sales launch for the condos is estimated for next year, and completion of the entire building is estimated for 2029.
One Montague Place groundbreaking Groundbreaking ceremony, July 2026 (Clare Cheyne)

Pacific Park Phase 2, Prospect Heights
Developed by Cirrus Workforce Housing and LCOR | Design by Kohn Pedersen Fox
Stories TBD | 4,600 rental units

Pacific Park complex Illustration of Pacific Park's final phase (Empire State Development)
Plans for the Pacific Park mega-development date back to 2003, when the project was known as Atlantic Yards; but between legal difficulties and the expiration of the 421a tax abatement in 2022, completion has been delayed. But in October 2025, Cirrus Real Estat and LCOR acquired the development rights to move the project forward.
Pacific Park open space
More recently, the team appeared before Empire State Development with a new plan to finish Pacific Park. The plan calls for seven new buildings on six sites, to contain 4,600 rentals and 1,000 condos, not to mention 8.5 acres of continuous open green space, streetscape improvements like safer intersections and wider sidewalks, and several new community facilities. An environmental review is expected to begin in September, and work could begin in 2028 if all goes well.

175 Third Street, Gowanus
Developed by Charney Companies, Tavros, and Incoco Capital | Design by Bjarke Ingels Group
27 stories | 1,100 units

175 Third Street, Gowanus tower Rendering of 175 Third Street (bucharest.studio)
Fresh off designs like One High Line, VIA 57 West, The Smile, and The Spiral, Bjarke Ingels Group is set to transform the Gowanus skyline with 175 Third Street, which will be the largest building in the neighborhood. Renderings depict a massive U-shaped project that frames the water as the focal point and allows for incredible light from a grid of floor-to-ceiling windows in a light-colored facade. It is also being designed as an Ultra-Low-Energy building with resilient design features.
175 Third Street, Gowanus
175 Third Street is part of the Gowanus Wharf complex on the north end of the Gowanus Canal Esplanade. It is set to include nearly 1,100 new residences (25% of which will be permanently affordable), a three-story, 85,000-square-foot Life Time athletic country club, and a 28,000-square-foot public waterfront esplanade.

44-68 Vernon Boulevard, Long Island City
Developed by Elmord Management | Designer TBD
16 stories | 161 units

44-68 Vernon Boulevard, Long Island City rental Rendering of 44-68 Vernon Boulevard (BridgeCity Capital)
A short distance from the onetime Amazon headquarters site in Hunters Point, a new multi-family building is set to rise on the site of a warehouse-style building dating back to 1953. Demolition permits for this building were filed at the beginning of July. While permits for its replacement have not yet been filed, Commercial Observer reported that the developer has landed $72.3 million of acquisition and construction financing for the project.

35-13 Steinway Street, Astoria
Developed by EMP Capital | Design by Issac & Stern Architects
19 stories | 99 units

35-13 Steinway Street
Earlier this week, developer EMP Capital Group filed permits for a pair of residential buildings in Astoria near the Museum of the Moving Image and the 36th Avenue N/W trains. The larger of the two, 35-13 Steinway Street, is to contain no more than six apartments per floor and offer amenities like a fitness center, a screening room, and outdoor recreational space including a rooftop terrace.

44-17 Greenpoint Avenue, Sunnyside
Developed by ZD Jasper | Designer TBD
11 stories | 143 units

44-17 Greenpoint Avenue, Sunnyside building Rendering of 44-17 Greenpoint Avenue (ZD Jasper)
As of this writing, the Department of City Planning is reviewing a rezoning application that would allow a new mixed-use building to rise on the site of the one-story Queens Assembly Hall of Jehovah's Witnesses. Crain's New York Business reports that developer ZD Jasper purchased the site for $16.3 million in 2024, and that the planned project is to include retail space, community facility space (possibly an art center), and new housing units. A portion of the new apartments will be affordable, though the exact percentage and Area Median Income for affordability under Mandatory Inclusionary Housing are to be determined.

River Commons, South Bronx
Developed by River Commons Owners LLC | Design by Bernheimer Architecture
17 stories | 328 units

River Commons, Bronx development Rendering of River Commons (Type A Projects)
Earlier this month, the River Commons complex broke ground in the Bronx. The project is being developed in a partnership between Type A Projects, BronxWorks, and L+M Development Partners, and will be the first in the city to integrate a healthcare facility directly into a residential building on hospital property. The project is to include a 43,000-square-foot Gotham Health clinic expansion, 6,000 square feet of community facility space for local organizations like African Communities Together and the BronxWorks Empowerment Center, a 7,000-square-foot public green space, and 328 apartments.
In the residential component, 98 apartments will be designated as permanent supportive housing for formerly homeless patients through NYC Health + Hospitals' Housing for Health initiative. Of the remaining units, 70 percent will be reserved for households earning between 30 and 70 percent of the Area Median Income. Residential amenities are to include a fitness center, a children's playroom, coworking space, and a 15th-story terrace.

201 Hudson - by Urby, Jersey City
201 Hudson Street
Developed by Rockpoint and Urby | Designer TBD
69 stories | 748 units

Urby, Jersey City Rendering of Urby 2 (center; Rockpoint)
In July 2026, Rockpoint and Urby formed a joint venture to acquire the land at 201 Hudson Street on the Jersey City waterfront and develop the second phase of a three-tower development. In addition to hundreds of apartments with panoramic views by virtue of its soaring height, the tower is to offer high-end amenities, 102 parking spaces, and 10,000 square feet of retail space. Construction is estimated to take three years.

Now Leasing
430 Main Street, Roosevelt Island Riverwalk Heights (Related)
Corner living room
Amenity terrace
At 28 stories high, Riverwalk Heights is the tallest building on Roosevelt Island and the culmination of the Riverwalk master plan. 104 of the 357 residents have been set aside for employees of Memorial Sloan Kettering Cancer Center almost directly across the East River; they, like all residents, enjoy close proximity to the Roosevelt Island tram and ferry terminal.

Tower Residences start on the eleventh floor, the better to make the most of vistas of the East River, the iconic Manhattan skyline, and the emerging Queens skyline. All interiors feature keyless entry, light wood and natural stone finishes, open kitchens with Fisher & Paykel appliances, primary baths with dual vanities and walk-in showers, and LG stacked washer/dryers.

The Atmosphere amenity area at the top of the building includes a residents’ lounge, reservable dining and VR game rooms, a club room with bar and billiards, a coworking space with conference rooms, and terrace gardens and sun decks with grills and dining areas. Further down, amenity offerings include a fitness center with yoga studio, a basketball court, and a children’s playroom. Moreover, conveniences like personal storage, bike storage, and a dog washing station further streamline life in the building.

275 Lorimer Street Lorimer House (Nooklyn LLC)
Living room and open kitchen
Lobby with courtyard access
In the heart of East Williamsburg, this massive development was designed by ODA was designed to unite “both indoors and out.” The 270-unit Lorimer House and the 66-unit Copper Lofts collection are connected through an elevated bridge to create one cohesive development, and both buildings open up to interior courtyards. They also enjoy excellent proximity to Sternberg Park, popular restaurants and nightlife, the Lorimer Street J/M trains, and the Broadway G train.

All interiors at Lorimer House feature feature floor-to-ceiling windows, interiors by Durukan Design, modern kitchens with quartz countertops and stainless steel appliances, sleek baths with custom vanities, custom closets, and in-unit laundry. An extensive amenity package includes an attended lobby and mailroom, a coworking lounge with conference room, a fitness center, reading rooms, a first-floor courtyard, an eighth-story social terrace, a roof terrace with outdoor kitchen and dog run, and on-site parking with a car elevator.

The Copper Lofts component offers an intimate, boutique-like living experience along with high-end interiors. Not only do residents have access to an exclusive amenity package that includes a reading room and fitness center, but they can access the larger amenity package at Lorimer House.

11 availabilities from $3,220
Up to 1 month free rent on a 13-month lease

Aerial view of 1100 Myrtle Avenue The MC (Corcoran New Development)
Open kitchen with integrated appliances
Residents' lounge with pool table
At the intersection of Bedford-Stuyvesant and Bushwick, and in close proximity to popular restaurants and nightlife in both neighborhoods, The MC is not the tallest building in the area. However, it is one of the more eye-catching with its rippling glass wall and masonry-inspired facade. All interiors feature oversized windows, soaring ceilings, LED lighting, chef-inspired kitchens with Blomberg appliances, spa-like baths, smart thermostats, keyless entry, and in-unit laundry.

Select units have private balconies or garden patios, and all residents have access to the building’s second-floor terrace and roof deck with sunbathing, grilling, dining, and coworking areas. Indoor amenity offerings include an attended lobby, package room, library, media lounge, game room, party room with catering kitchen, fitness center, and dog run. The building offers bike storage and an indoor parking garage with electric vehicle chargers, but it is around the corner from the Myrtle Avenue J/Z/M trains.

14 availabilities from $2,785
2 months free rent on a 14-month lease

92-29 Guy R Brewer Boulevard The Monarch (MNS)
Living room
Sky Lounge with terrace access
The Long Island City rental boom has been well documented, but Jamaica gets an amenity-rich luxury rental of its own with The Monarch. A lobby and courtyard oasis set the tone for the building, where amenity offerings include a fitness center and yoga room, a pickleball court, a basketball court, a media lounge, a conference room, an indoor Sky Lounge, and an outdoor roof deck. Additional conveniences include a package room, bike storage, on-site parking, and dog run.

This collection of one- to two-bedroom units features floor-to-ceiling windows, kitchens with stainless steel appliances and custom cabinets, spa-like baths, and in-unit laundry. Residents are well situated near Rufus King Park, Captain Tilly Park, the Queens Performing Arts Center, local retail, Jamaica Multiplex Cinemas, and the Jamaica Center - Parsons/Archer E/J/Z trains.

14 availabilities from $2,125
2 months free rent on a 13-month lease

Bronx rental building The Bronx Vibe (Bohemia Realty Group)
Living room with glimpse of bedroom
Roof deck with movie screen
The Bronx Vibe's address in close proximity to the B, D, and 4 subway lines allows for an easy commute to Manhattan. But between Yankee Stadium, the Bronx Museum of the Arts, and local parks and restaurants, there is much to recommend close to home as well.

All interiors feature high ceilings, VRT flooring, recessed lighting, oversized soundproof windows, chic kitchens with stainless steel appliances, and tranquil baths; the majority of units have in-unit laundry. The building's extensive amenity package includes a penthouse-level fitness center, a coworking center with kitchen and adjacent terrace, a game room with pool table and wet bar, a second-floor terrace, and a roof deck with movie screen. Additional conveniences include virtual doorman service, a package room, on-site parking with electric vehicle charging, and a luxury pet spa.

Malt Drive, two-towered Long Island City rental complex Malt Drive (TF Cornerstone)
On the former site of the Pepsi-Cola plant that gave Long Island City its iconic sign, the two-building Malt Drive complex is the latest addition to the local skyline. All studio through two-bedroom apartments feature sunny atmospheres, modern appliances and finishes, and in-unit laundry.

Both buildings offer fitness centers, children’s playrooms, residents’ lounges, parking garages, bike rooms, attended package rooms, and roof terraces with BBQ grills. The south tower also offers a coworking lounge and a dog grooming station among its amenities.

Another great perk of life at Malt Drive is its address along the Newtown Creek waterfront, which features multiple seating areas, a playground, a dog run, and an outdoor classroom. Public transportation options include Hunter’s Point South ferry terminal, Long Island City LIRR, the Hunter’s Point 7 train, and the 21 Street G train.

550 Tenth Avenue The Maybury (Gotham Organization)
Living room
Amenity terrace
When The Maybury was still on the drawing board, Community Board 4 specifically requested that it “avoid looking like a dystopian glass box.” To that end, designer Handel Architect created a facade with rust-red panels. Developer Gotham Organization bought the parcel of land from non-profit Covenant House in a deal that included a new facility for Covenant House; the new apartment building only took shape after that was completed.

Of the 453 units, 137 have been designated rent-stabilized. All interiors feature quartz countertops and panelized appliances, and a collection of 28 micro-units (315-350 square feet) will feature built-in beds and sofas. Amenities include an attended lobby, concierge service, a fitness center and adjacent yoga studio, outdoor terraces, and a 45th-story cocktail lounge.

Society Brooklyn, two-building Gowanus rental Society Brooklyn (Society Living)
In the latest testament to the rise of Gowanus, the two-towered Society Brooklyn complex has risen on the former site of Bayside Fuel Oil Corp. along a new waterfront esplanade. Glass towers rise from brick podiums, both of which are topped with rooftop terraces with outdoor pools.

In addition to the rooftop pools, amenities include gyms, coworking centers, and children’s playrooms in both buildings. The apartments start on top of ground-floor retail, and the complex is located near the Movement Gowanus rock climbing gym, Gotham Archery range, The Royal Palms Shuffleboard Club, and the R train.

18 West 55th Street diagram 18W55
According to Mansion Global, Plaza District rental 18 West 55th Street was conceived as a condominium pre-pandemic. This comes through in expansive floor plates, elevated finishes, and high-end appliances, including laundry, in every unit.

Amenities spread across several stories include The Scene (a screening room), Frame (a fitness center), The Parlor (a games lounge), The Fairway (a golf simulator and bar area), and The Exchange (a coworking lounge). Another great perk is its address up the street from the Peninsula Hotel and close to Central Park, Fifth Avenue shopping, Rockefeller Center, the Theater District, and Carnegie Hall.

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Contributing Writer Cait Etherington Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.

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