Bucking The Trend

[David Goldsmith]

Since the onset of Coronavirus we are seeing huge vacancies (some have posited that the real/shadow vacancy rate in Manhattan is 20%) and many landlords are offering some combination of 25% off last year's rent and up to 4 months of rent concessions.

At Stuyvesant Town/Peter Cooper Village I've been told there are over 1,000 vacancies, and after Thanksgiving today we are now at what is traditionally the dead season until after the new year. But in the last week it seems like they have both raised their face rents to last year's numbers and decided their "up to 3 months free rent" offer that has been running since August.

Do they know something no one else does? What am I missing here?

 

[David Goldsmith]

Is it a new trend?

The Sierra Chelsea at 130 West 15th St. in Chelsea

The Sierra Chelsea, 130 West 15th St.: Live on the pulse of Manhattan living when you call The Sierra Chelsea home. Featuring modern studio, one, and two bedroom...

streeteasy.com

 

[David Goldsmith]

Through the grapevine I'm hearing they're renting next to nothing. I feel for their in house agents who are suffering because the huge hedge fund owners decided to have a dick measuring contest against the market.

 

[David Goldsmith]

The 3 units I have been tracking in Peter Cooper Village have been available for ?4 months? now.

 

[John Walkup]

David - how do they market rentals at PCV? Possible they are the 'display' units that get leads who end up signing for other units?

 

[David Goldsmith]

They claim all units available are on the website - but I am almost certain that stopped being the case earlier this year. These are not furnished or in any way "model apartments." They are 3 out of over 250 other units listed.