Feb. 17, 2010 By Christian Murray
Local residents looking to flee Sunnyside in search of a swanky discount-priced Manhattan apartment are likely to be in for a shock.
The Manhattan rental market is beginning to firm up again, according to a report released by Miller Samuel, a real estate appraisal firm. The Miller Samuel report is a snap shot of fourth quarter rental prices.
The median (middle) rent for a Manhattan studio was $2,100, up percent from the 3Q2009 number of $2,000, according to the report. Meanwhile, the median one-bedroom rental price was $2,850, almost the same as the 3rd quarter. Additionally, the median rent paid for a 2-bedroom apartment was $4,700, exactly the same as the 3rd quarter figure.
The number of Manhattan apartment listings fell about 20 percent from the 3rd quarter as the market had become more active. This survey’s findings are based on Manhattan apartments located downtown and on the East and West sides.
Meanwhile, the Sunnyside market has softened. Nilo De La Torre, the owner of Century 21 Sunny Gardens Realty, said recently that rents have dropped 15% in the past six months. A one-bedroom apartment on the northern side of Queens Blvd. will go for between $1,200 and $1,350; and a 2 brm for a little over $1,400.
Prices on the southern side of the boulevard typically rent for about $100 less per month than the north.
I live in Sunnyside but am a broker who works on rentals in Manhattan, from my landlord you can get a studio for $1,600-$1,800 and a 1BR for $2,100 to $2,300 – granted they are not top notch luxury builldings but nice ones and far lower than the average prices he is quoting.
So, not only is he off about the Sunnyside rental market but he is off about Manhattan rentals as well!
Let’s not be fooled by bogus craigslists ads bc many of them are just that, like Paul said they are chopped up 1BR’s made into 2BR or not worth living in. I have looked at rentals recently on both sides and most of the nice elevator building TRUE 2BR’s are about $2,000 +.
Thanks for the craigslist link of apartments in Sunnyside. However, Janet have you previewed the apartments? I did! they are 1 bedroom apartments converted into 2 bedrooms not livable for a family of 4. I have spoken to several if not all of the brokers in the sunnyside area and a true 2 bedroom is above 1700!
“A little over $1,400” is on the low end. But it is not out of the question. Look at Craigslist.
I also would like to see a deeper analysis of the Sunnyside rental market. Just quoting one broker is not enough. He might have a converted studio with a closet as 2nd bedroom and a kitchenette in the other one for $1,400 and then shows the new clients he attracted with this article the “real deal” for $1,600.
Perhaps there are other brokers, renters and landlords who want to chip in and confirm that the rents are going down. This would be important news for everyone living here and not owning a place.
Wow is Mr. Nilo out of touch with the market! I’ve been hunting for a 2br on the North side for months, working with a handful of different realtors, and have yet to hear of anything below $1600. And the ones that are $1600-1800, well, they aren’t the most livable of apartments. I second what Paul says, if there’s a 2br for $1400, I’d love to know where it is!
The Sunnyside market has softened, true. However the prices for 2 bedrooms are not $1400. I believe that Mr. Nilo is not up to date with the rental market! average 2 bedroom rental in a pre-war building. TRUE 2 Bedroom goes for $1600 and up…..If he has a true 2 bedroom in rental building for $1400. I want to know where!