According to a new study by RentCafe, the Millennial generation (defined here as those born between 1981 and 1996) experienced the largest growth in homeownership of any generation in the past five years, with the number of Millennial homeowners in New York jumping 90% in that time. A closer look at the data shows that this was largely attributed to a combination of family support and buying at depressed prices during the pandemic. As such, it remains to be seen whether this is the start of a growing trend or a momentary blip.
In the meantime, the Millennial generation remains the largest percentage of renters in the New York metro area. New rental filings have plummeted in the months since the 421a tax abatement expired, but a number of new buildings are getting ready to welcome the first residents. See upcoming buildings and newly released rentals here.
In the meantime, the Millennial generation remains the largest percentage of renters in the New York metro area. New rental filings have plummeted in the months since the 421a tax abatement expired, but a number of new buildings are getting ready to welcome the first residents. See upcoming buildings and newly released rentals here.
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Now Leasing
243 West 28th Street
10 availabilities from $3,997/month
One month free and one month OP on a 13-month lease
10 availabilities from $3,997/month
One month free and one month OP on a 13-month lease
Ruby (DBOX)
Ruby brings a two-towered building to the former site of a parking lot in a rapidly evolving area across the street from FIT. Designer COOKFOX brought its signature biophilic principles to the building, which comes through in a landscaped garden off the attended lobby, a courtyard anchoring both towers, abundant greenery in the lounge, and private balconies in select units; additional amenities include a two-story fitness center, a library lounge, a club lounge, and a roof terrace. All homes feature high ceilings, oversized windows, Energy Star appliances, and Nest thermostats.
1516 Park Avenue
4 availabilities from $2,960/month
4 availabilities from $2,960/month
The Pearl on Park (The Corcoran Group)
The Pearl on Park is a new rental designed by Fischer & Makooi Architects and located on the corner of Park Avenue and East 111th Street, only two blocks from Central Park. A lobby with a dramatic 12-foot mosaic wall sets the tone for the homes inside, and additional amenities include bike storage, a gym, co-working space, and a roof deck with panoramic views. Several units have private outdoor space, and all interiors feature floor-to-ceiling noise-reduction windows, kitchens with soft-close cabinetry and designer appliances, serene baths, central heating and air conditioning, and in-unit washer/dryers.
9 availabilities from $3,530/month
One month free rent and one month OP
One month free rent and one month OP
595 Dean Street (TF Cornerstone)
595 Dean Street, the newest component of the Pacific Park development that transformed its Brooklyn neighborhood, has recently launched leasing. All interiors feature oversized windows, linear kitchens with Caesarstone countertops, and baths with modern fixtures. The newest Chelsea Piers fitness center will be located in the building, and exclusive amenities include a coworking lounge, a game room, a screening room, a children’s playroom, a dog grooming center, and a roof terrace with pool, grills, and sun deck.
545 Vanderbilt Avenue
17 availabilities from $3,134/month
17 availabilities from $3,134/month
The Axel (Triumph Property Group)
The Axel is petite by most high-rise standards, but is the tallest building in its Brooklyn neighborhood and designed to make the most of of views of both the city skyline and the landmarked Church of St. Luke and St. Matthew. All units feature high ceilings, triple-pane soundproof windows, wide plank flooring, and high-end finishes and appliances, including washer/dryer. Amenities include a fitness center, golf simulator, game lounge, remote work spaces, and rooftop sun deck and outdoor pool.
Coming Soon
The Laney, April 2023 (CityRealty)
The 16-story building on the corner of Broadway and West 77th Street was designed by Emery Roth and dates back to 1929. However, following the Olnick Organization’s purchase of the building for $106.4 million in November 2019, it is being brought into the 21st century while honoring the historic architecture. The apartments inside will be reached via smart entry doors and feature oak wood flooring, kitchens with Miele appliances, baths with radiant heated floors, in-unit washer/dryers, and Wi-Fi HVAC systems. An extensive amenity suite is set to include a landscaped courtyard, a dog spa, a children’s playroom, a meeting room with individual office suite, a well-equipped fitness room, and a lounge. A teaser site has recently gone up.
The Brooklyn Tower (Binyan Studio)
Rental units at The Brooklyn Tower start on the 11th floor, the better to make the most of sweeping views afforded by the borough’s tallest tower. All units feature interiors by Gachot Studio, floor-to-ceiling windows, European white oak flooring, granite countertops and Miele appliances in the kitchens, and in-unit washer/dryers. Life Time manages the building’s array of indoor and outdoor amenities, which include a state-of-the-art fitness center, a library lounge for co-working, a living room lounge for relaxing, a children’s playroom, a screening room, a double-height pool lounge, and a Sky Park with basketball court, playground, and dog run. A rent-stabilized lottery is currently underway, and market-rate leasing is expected to begin later this spring.
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