Exact(6)
The average starting rent in the trophy market also jumped, reaching $154.75 in 2011 compared with $114.80 in 2010, Cushman & Wakefield reported.
The mix of studios and one- and two-bedroom apartments, which start on the 10th floor, will have a starting rent of about $2,500 a month.
They settled on the Clock Tower in November 2004 and paid a starting rent of about $1,420 earlier this summerr, they moved to a bigger and cheaper apartment around the corner.
After a year and a half in a 365-square-foot, one-bedroom apartment on Waverly Place (starting rent, $1,600), Tad Mike, then a 22-year-old printmaker and photographer, and Christopher Rawlins, then a 25-year-old architect, took stock of their scrunched quarters and chewed on that conundrum.
"Some small units at Gateway are renting at $29 to $32 a square foot," said Sean P. Brady, a senior director at Cushman & Wakefield, who added that other representatives of the city's small stock of Class A buildings -- the most modern and well-equipped category -- are starting rent negotiations at $30 a square foot.
Although parties to the deal declined to give specific rental numbers, market sources place Citco's starting rent in the low $20 range (per square foot).
Similar(54)
Starting rents for the units are expected to be $650 to $950 a month.
The starting rents for the apartments at 101 West End Avenue, all with oversized or floor-to-ceiling windows, are competitive.
But the main effect of Labour's policy would be to stop landlords imposing hefty rent rises mid-tenancy; the market would still determine starting rents, which might go up to compensate landlords for the loss of flexibility.
A We just started renting.
Guta started renting out the spaces instead.
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