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.
