A few years ago, one highly paid editor of The New York Times was given a rent
stabilized apartment on Park Avenue at a savings of some $12,000 a year over market rents
by Rudin Brothers, one of the biggest and most politically connected landlords in the city.
on Seventh Avenue in Midtown rose 42 percent to $479 per square foot and the price per square foot on West 42nd Street soared 50 percent to $300.
inducements, these are clauses in a lease agreement that landlords provide in an effort to attract future tenants to lease available property.
The annual SERI Report, which focuses on the true cost of occupancy rather than average asking rents
, is based on transactions that closed during the previous year in Class A buildings.
Rental agreements that do not meet either of these two requirements generally would be required to recharacterize and potentially reallocate fixed rents
allocable to an accrual period using the "proportional rental method" because they are deemed to contain a Sec.
CB Richard Ellis broker Jodi Roberts who, besides working on the team that is leasing 7 World Trade Center, focuses on the midtown south market, estimates that rents
there have jumped by as much as $10 per s/f over the past two to three years, a mighty increase considering that average asking rents
are now $35 per s/f, according to Cushman & Wakefield data.
These amounts reflected 39%-49% occupancy rates; most of the units examined had lease agreements under SSP's second plan, under which the owners received 50% of the gross rents