The rent really is too damn high

From CBS New York:

The fact that renting an apartment in New York City is expensive is as obvious to most people as the fact that the sky is blue.

But a new report by the real estate research firm Reis Inc. said rental prices just went up.

The average rent for an apartment in New York City – excluding Staten Island – was up to $3,017.19 per month, according to a Reuters report.

By comparison, the average rent nationwide is $1,062 per month.

Landlords charge such high prices in the city because of demand. The vacancy rate in New York City is only 2 percent – half of the nationwide vacancy rate.

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Queens Plaza luxury condo failure, take 2

From Crain's:

Real estate investor Charles Dayan is buying a 130-unit apartment building in Long Island City, Queens, for roughly $85 million, according to sources. He will acquire the Crescent Club from a partnership between Simon Development Group and Meadow Partners, which took control of the building after it fell into distress in 2012.

The property, which is located at 41-17 Crescent St., was originally built by a company called NCF Equities. That firm, however, fell into default before finishing construction on the project. Subsequently, lender Citibank sold the mortgage to Simon and Meadow Partners in 2011 for $51 million.

Simon and Meadow Partners finished the building and converted it into rentals from its original intended use as a condo building and fully leased the property.

Perhaps the condo market is hot. But it's Queens Plaza. Come on.

I recall blogging about this place for Curbed back 6 years ago when it was new. Damn.

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