A luxury apartment in New York City's Billionaires' Row has hit the rental market for a staggering $65,000 a month, just after being sold.
Why It Matters
The average rent for a 594-square-foot apartment in New York City runs for $3,858 per month, according to data from Apartments.com. However, prices can soar much higher in a hot real estate market, especially for apartments in luxurious buildings like Central Park Tower.
Standing 1,550 feet tall, Central Park Tower is located at 217 W 57th St, in a section of New York called Billionaires' Row. It's the second-tallest building in New York City and the tallest primarily residential building in the world. The luxury tower boasts a fitness center, indoor and outdoor swimming pools, concierge services and a private club on the 100th floor. Residents also enjoy breathtaking views of Central Park and access to a large Nordstrom store located on the lower floors.
What To Know
An apartment located on the 60th floor of Central Park Tower, which recently sold on December 31, 2024, for $13,171,925, is now back on the market to rent for $65,000 per month.
According to the listing on Zillow, the apartment is a three-bedroom, three-and-a-half-bathroom home spanning 3,165 square feet. It features a formal entry foyer and gallery, state-of-the-art appliances and a corner great room with floor-to-ceiling windows that look out over Central Park and the Hudson River. The bedrooms are separated from the main living space by a bedroom gallery. The corner primary suite features two custom closets and a bathroom with a separate shower, soaking tub and Toto water closet.
What People Are Saying
Joel Berner, senior economist at Realtor.com, told Newsweek: "Rents are growing fastest in New York out of all of the 50 largest metros in the US at the same time that rents are falling nationally. The NYC metro is 1 of just 16 of those top 50 metros in which median asking rent is up year-over-year, and at 5.3%, it's growing at a pace 2 whole percentage points faster than the second-fastest metro for rent growth, San Jose, CA.
The New York rental market is strong, with the second-highest rents in the country (to San Jose), so the fact that we see such an astronomical rent posted in the city, especially in this location, is not out of the ordinary.
$65,000/month is still an eye-popping price, though, nearly 20 times the median rent. Its location right on the edge of Central Park, the fact that it's furnished, and has access to luxurious building amenities explains some of that figure."
What Happens Next
Berner suggests that the high rent might be "wishful thinking on the part of the property manager," but not impossible for a wealthy tenant seeking an ultra-luxury condo. However, he also notes the one-year minimum lease "may deter some short-term prospective renters."
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