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Gramercy Sees Biggest Rent Drops in Manhattan as Tenants Eye New Buildings

By Heather Holland | June 12, 2014 8:34am | Updated on June 13, 2014 3:13pm
 Rental prices in Gramercy dropped by 7.6 percent from April to May.
Falling Rental Prices in Gramercy
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GRAMERCY — Renters looking for a deal may want to try Gramercy.

While overall rental prices in Manhattan rose slightly from April to May, average rents in Gramercy dropped by 7 percent, from $3,800 to $3,536 — the biggest shift in the borough, according to a report MNS Real Estate released Thursday.

“Gramercy is a great deal right now,” said Ryan Olsen, a real estate salesman for Keller Williams NYC. “A lot of the properties have been on the market for 30-plus days, so it’s a good time to come in and negotiate.

“When you have landlords needing to get rented, tenants have a little more power.”

Average prices for non-doorman two-bedroom apartments in Gramercy fell by 13.3 percent, from $4,124 in April to $3,575 in May, the report found. Prices for doorman two-bedroom units dipped even more, falling 16.3 percent from $6,075 in April to $5,084 in May, the report said.

"This drop in pricing is a reflection of the quick-moving rental market in the past month and the high demand for higher-end two-bedroom units," MNS said in the report. 

Olsen agreed, saying many renters are looking to nab units in newer high-rise luxury buildings that are packed with amenities and may be ignoring smaller, older properties in neighborhoods like Gramercy.

“People are looking for more luxury properties that are found more on the West Side, like in Chelsea toward the High Line,” Olsen said.

In Manhattan as a whole, rents increased by an average 0.5 percent from April to May, or from $3,842 to $3,861, according to the MNS report.

“Gramercy has a lot of shopping, restaurants, and it’s close to transportation,” Olsen said. “It’s a great time to get some of these deals.”