New York Apartment Deals - October 2011




Management Companies Offering Concessions



Manager Effective Discount (%) Concession
9300 Realty0%1M Owner Pays Broker / $250 Agent Bonus on 24M Lease
AIMCO0%1M Owner Pays Broker (Upper Manhattan Units)
Big Apple Properties0%1/2M Owner Pays Broker
Glenwood Management0%1M Owner Pays Broker (Hampton Court / Briar Hill)
Metro Loft Management4.17%1M Free / 24M Lease (Owner Pays Broker on Select Units)
Milford Management0%1/2M Owner Pays Broker
Rockrose0%1M Owner Pays Broker



Building Concessions (Mostly Luxury Highrises)



Effective Rent (After Months Free)
Building Manager Neighborhood Effective Discount (%) Concession Notes Studio
From		 1-Bedroom From 2-Bedroom From
The Epic (125 West 31st St)Durst Fetner ResidentialChelsea0%Owner Pays Broker 1MLuxury HighriseN/A$3,590N/A
607 East 11th StreetAD Real EstateEast Village0%No ConcessionsWalkupN/A$2,620N/A
45 Wall StreetTF CornerstoneFinancial District0%No ConcessionsLuxury Highrise$2,335N/AN/A
90 West StreetThe Kibel CompanyFinancial District0%No ConcessionsLuxury Highrise$1,800$2,550N/A
15 Cliff StreetAD Real EstateFinancial District0%No ConcessionsLuxury HighriseN/A$2,795N/A
Gateway PlazaOlnick OrganizationFinancial District0%No ConcessionsLuxury HighriseN/A$2,825N/A
100 Maiden LaneAD Real EstateFinancial District0%Owner Pays Broker 1MLuxury Highrise$2,280$3,070$4,050
2 Gold StreetTF CornerstoneFinancial District0%No ConcessionsLuxury Highrise$2,393$3,095$4,640
90 Washington Street90 Washington StreetFinancial District0%No ConcessionsLuxury Highrise$2,250$3,295N/A
100 John StreetMoinian GroupFinancial District0%6M Free Crunch Gym MembershipLuxury Highrise$2,295$3,295N/A
119 Lexington AvenueAD Real EstateKips Bay0%No ConcessionsWalkupN/A$2,300N/A
401 East 62nd StreetAD Real EstateMidtown East0%No ConcessionsWalkup$1,580N/AN/A
455 West 37th StreetTF CornerstoneMidtown West0%No ConcessionsLuxury Highrise$2,305N/AN/A
505 West 37th StreetTF CornerstoneMidtown West0%No ConcessionsLuxury HighriseN/A$3,195N/A
The MarcMoinian GroupMidtown West0%No ConcessionsLuxury Highrise$2,850$3,450N/A
The Chesapeake (345 East 94th St)The ChesapeakeUpper East Side0%Owner Pays Broker 1MLuxury Highrise$2,050$2,695N/A
The Colorado (201 East 86th St)The ColoradoUpper East Side0%Owner Pays Broker $1,500Luxury Highrise$2,300$3,200N/A
The FairfaxTF CornerstoneUpper East Side0%No ConcessionsLuxury Highrise$2,785$3,895N/A
The Marquis (101 West 90th St)Marquis Real Estate GroupUpper West Side0%No ConcessionsLuxury HighriseN/A$3,098N/A
33 West End AvenueCantor PecorellaUpper West Side7.69%1M Free / 13M Lease + Owner Pays Broker 1/2MLuxury HighriseN/A$3,255N/A


Frequently Asked Questions


How do apartment concessions work?

Most concessions come in the form of "free months" at the end of a lease. For example, you might get the 13th month free on a 12 month lease. The translates to effectively 12/13 x RENT over the entire 13 months, or a 7.7% discount. There might be other types of concessions such as "OP - Owner Pays Broker", gift cards, free gym access, or frictionless lease-breaks. Generally, you'll find that there are fewer concessions during the summer months (when apartments are moving fast and new graduates are moving into the city) versus during November/December. However, this year, overall effective rents have dropped across the city because of the economy.

What is "OP"?

"OP" stands for Owner Pays. Many no-fee buildings offer to pay 1 month of rent as a broker's fee. However, if you found the apartment by yourself, you can likely negotiate and get a lower rent or an extra month free! Most landlords should be willing to negotiate if they were previously offering to pay 1 month of rent to the broker.

Can you help us get paid for the "OP" or Owner Pays Broker?

If you contacted the management companies above and find that they don't want to offer you any additional discount, we can help you get a rebate on the OP. Contact feedback@renthop.com.

Are the rents on your listings effective rents? Or are they gross rents?

Gross rents are rents before discounts are applied. We show gross rents instead of net rents (rents net of concessions).





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