The median asking rent in New York City soared to a new record high of $3,707 in the second quarter, up by $164 or 4.6% year-over-year, according to a data report from Realtor.com.
The median asking rent for New York City units with zero to two bedrooms rose 7.3% year-over-year to $3,544 in the second quarter, while rent for larger three-plus bedroom units dipped by 0.6% to $4,886.
Rent increases occurred across four of the city’s five boroughs (Staten Island data was not available for the report). Manhattan experienced a 9.0% year-over-year rent spike to $5,117 in the second quarter, followed by Brooklyn at 5.9% to $4,054, Queens at 5.6% to $3,561, and the Bronx at 0.9% to $3,171. To afford a typical rental while following the standard 30% income guideline, a household would need to earn $204,680 a year in Manhattan, $162,160 in Brooklyn, $142,440 in Queens, and $126,840 in the Bronx.
As for the wishful thinking that converting office buildings into multifamily housing could help drive down rents, the city’s building officials halted conversion work at 222 Broadway, a 32-story office tower that was being transitioned into a nearly 800-unit apartment complex.
The Wall Street Journal reports city inspectors accused the site’s contractor of failing issue a notification to the city that two concrete beams on the top floor that had developed cracks. A spokesman for the developer, GFP Real Estate, claimed the stop-work order was a “reporting timeline discrepancy” and did not involve “safety issues of any kind.”
Still, this marked the second stop-work order on an office building-into-residential conversion, following an incident earlier this month at the former Pfizer headquarters that involved buckling support beams.
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