Inside New York’s $500,000 a month rental
It’s no secret that Manhattan rents are expensive. But the most expensive rental in the city will set you back a whopping $500,000 a month.
The six-bedroom apartment spans 4,786 square feet and takes up the entire 39th floor of The Pierre Building on the Upper East Side.
The unit also comes fully furnished and offers 360-degree views of the city.
“The views are the very best you will ever have in an apartment on Fifth Avenue,” said listing agent Andres Perea-Garzon at Compass.
Another amenity: If you don’t have that much cash in the bank, rent can be paid via credit card.
The Pierre houses both hotel rooms and residencies. The Residences at the Pierre program offers 30-day rentals and month-to-month leases and currently includes 14 apartments.
Renters of the 39th floor will get all the perks of the hotel, including twice-daily room cleaning and access to room service and a private chauffeur. They’ll also have one of the hotel’s five elevators dedicated solely for their use — and a full-time operator.
Perea-Garzon said there’s been interest in the smaller rentals, but no recent bites on the 39th floor space yet. “My guess is the person who is looking at this price point will probably be an international.”
The full-floor unit was rented out for one month in 2014 for the $500,000 price tag, which the renter charged on a credit card.
The apartment includes the hotel’s presidential suite, which is about 2,000 square feet, which can be booked by guests for $30,000 a night when the entire floor isn’t being rented, according to Perea-Garzon.
Rent prices in New York City have started to back off their recent upward trajectory– especially in the luxury market.
The top 10% of Manhattan’s rental market saw prices drop 4.2% in February to $8,000 a month from the same period a year ago, according to the latest report from real estate appraisal firm Miller Samuel and brokerage Douglas Elliman.
But Perea-Garzon isn’t too concerned about the drop.
“If they have that much money to spend, I am sure you are pretty well off and you don’t have to worry about what’s going in the economy.”
Getting Started with the Bootstrap Framework
When you’re looking for properties online, how do you do it?
If you receive your search results in a list, then you’re not alone. Around 95% of those looking to buy on realestate.com.au do the same.* But there’s another way to view properties on realestate.com.au – on a map.
Searching for properties on a map view allows you to index your property results around the amenities that are important to you, including schools, transport and shopping centres.
It means you don’t have to limit your property search to a particular suburb or set of suburbs.
You can search for properties that are available in any map bounds. This could be a particular council area, neighbourhood, street or a certain number of kilometres from your workplace.
Because it’s such an important tool for property seekers, realestate.com.au have made the map search even easier to use.
The map is now available in full screen view, so you can get more listings (viewed as pins on the map) in your viewport.
If you’re a keen investor, or just a curious property geek, the map search for sold properties now allows you to filter your results by date range.
This makes the process a lot more useful, as you can now select any map bounds and find the properties that have sold there in the last week, month or extended time period.
It’s a unique feature to provide you with a snapshot of any market on the grid at any given time.