July to August 2009 has been exciting for the Manhattan rental market! The amount of transaction volume has been miraculously high. Landlords everywhere are swamped with renters finally biting at some of the greatest deals in 5 years. Rents have fallen to approximately 2006 levels in Manhattan, but the abundance of no-fee / free rent deals takes net effective rents back to 2004 (sales are a very different story).

The next few months will be truly telling. Will landlords seize on the uptick to reduce concessions, or will the off-peak season scare more managers into marketing incentives. So far, the August data supports both theories. Macklowe Properties and Archstone have abruptly scaled back incentives in Midtown West, as Longacre House on 51st and 8th and Archstone Midtown West both ended the 1 Month OP + 1 Month Free deals. Others such as Rockrose has actually increased their incentives, offering a 1.5 month OP and 2 month free at 2 Gold Street (show up without a broker and you might just get a net effective with 3 or 3.5 months off the gross). Some landlords are carefully managing incentives on a case-by-case basis. Stonehenge recently ended the 1 month OP + 1 month free at Ritz Plaza, but in exchange began offering the deal at Olivia, Stonehenge 56, and 20 Park, among others (not surprisingly, all of the Stonehenge 56 units rented quickly afterwards, with the pace at Olivia brisk as well).

RentHop.com would like to welcome Stonehenge Management LLC as one of the new premier landlords posting no-fee Manhattan apartments! As one of the major landlords in the city, Stonehenge has consistently come up with innovative ideas to ease the stress of looking for a new apartment during these uncertain economic times by offering new renters “Rock Solid Flexibility” [the option to cancel their new lease with 60 days notice in the event of job loss] as well as partnering with American Express for simplified rental payments. Stonehenge manages a wide range of no-fee apartments in the city, including two flagship luxury high-rises: The Olivia, located at 315 West 33rd Street and the Ritz Plaza located at 235 West 48th Street.

The Olivia

The Olivia is an enchanting 36-floor luxury high-rise located on the northern end of Chelsea. All apartments in the building begin 150 feet above the street, and have either a magnificent view of the Hudson River or Manhattan. The building features a state-of-the-art fitness center, as well as a modern lounge with a billiard table, flats-screen entertainment center, and a bar area. The building is in close proximity to a plethora of food and entertainment options. Just a few blocks away, Chelsea Piers offers activities ranging from golfing and bowling to skating and rock climbing.

Current Deals [2 months free on below - or effectively an additional 14% discount]:
15C – Large 1 Bed $2,995
33H – Renovated Two Bed / Two Bath $4,500

Ritz Plaza

The Ritz Plaza is a prominent building located in the heart of Midtown. While only a few blocks away from the hustle and bustle of Time Square, the Ritz is  amazingly well situated – merging the liveliness of Time Square with Hell’s Kitchen [home to a wide range of restaurants and great eats]. The building features newly-renovated balconied units with amazing views of the city, as well as an in-door pool. The ACE and 1, 2, 3 subway lines are conveniently located only a block or two away, making transportation to any workplace convenient.

Current Deals [1 month free on below - or effectively an additional 8% discount]:
9J – Studio $2,295
18L -One Bedroom $2,795