The days of snagging three months free rent and $500 gift cards upon lease signing are long gone. As Manhattan's rental inventory plummets to near-record lows, down from over 16,000 availabilities in November 2020 to 4,500 listings today
by our counts, there are reports of rental bidding wars and lease renewal increases of 50% or more. Many renters may be kicking themselves for not signing that multi-year lease at the height of the pandemic, as the housing crunch shows no signs of abating and may reach fever pitch conditions come next spring.
Many of the city's big residential builders put their developments on the backburner at the onset of the pandemic, and the last batch of projects underway before the calamity is now coming online. One such venture is 171 Chrystie Street, a 78-unit mid-block rental overlooking Sara D. Roosevelt Park on the Lower East Side.
Developed by Nexus Building Development Group in partnership with Arava Group, the 16-story mid-rise flaunts an energetic design of ribbon windows and switch-back terraces conceived by the always-interesting firm of ODA Architecture. The glossy building replaced a one-story warehouse that held the family-run beverage wholesaler New Beer Distributors.
The least expensive apartment is this studio asking $3,900/month
The leasing team led by Real NY Properties kicked off leasing on its no-fee studio, one-, and two-bedroom apartments last week. Only-in-New York prices have studios asking from $3,900/month and one-bedrooms from $5,300/month, and two-bedrooms from $7,500. For those of you still clutching your pearls, this is why housing lotteries that have rents north $2,000/month can be considered "affordable housing."
Aside from its very trendy location at the cusp of the Lower East Side, East Village, Chinatown, and NoLita (if you consider that a neighborhood), residents are treated to oversized sound-proof windows, solar shades, and Mitsubishi thermostats in all rooms. Open kitchens don white quartz countertops and backsplash, customized cabinetry, and stainless steel appliances that include a Fulgor Milano Oven and a Belk paneled dishwasher. All homes facing east have leafy views of the somewhat seedy Sara D. Roosevelt Park, which may be one of the last corners of authentic grit in lower Manhattan.
Despite its modest stature, the building has an ample amenity package that includes an in-person and virtual doorman, a fitness center with Peleton bikes, an infrared sauna, a pet-grooming room, and bike storage. Other common spaces include a co-working area, a resident's lounge with an adjacent terrace, and a rooftop terrace with cabanas and grilling stations.
For those looking to invest in the destined-to-be-upscale area, Nexus Development, with ODA in tow, recently launched sales on 199 Chrystie Street which has two-bed condos starting at $3.25 million. Other high-end offerings in the immediate vicinity include 165 Chrystie directly next door, 175 Chrystie Street, 215 Chrystie Street with its Public Hotel, and The Library at 61 Rivington Street
2020 construction photo credit: Danya Cebus Construction LLC
New nearby condo development include 165 Chrystie Street, 173 Chrystie Street, and 199 Chrystie Street
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