Harlem Rental Market Hits The $20,000 Mark

The Real Deal reports that a Harlem townhouse on Fifth Avenue rented for $21,815 per month this week, which sources say is a record for the area.

The deal on the seven-bedroom, four-bathroom home at 2001 Fifth Avenue included one month of free rent on the 12-month lease, which brought the net-effective rent down to $19,995 a month.

A representative for Dixon Advisory, the company that renovated, owns and manages the property, said the company believes it is the highest rent achieved in Harlem. Jonathan Miller of appraisal firm Miller Samuel said that rents are not public records, but based on the firm’s experience, it “is both the highest face rent and net-effective rent we’ve ever seen in Harlem.”

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The home features an indoor infinity pool, a private elevator and a two-car garage. Jordan Cherson was the leasing agent.

Last month, Manhattan’s median net-effective rent was $3,377, according to Douglas Elliman’s monthly rental report. More than 25 percent of Manhattan apartments rented during May came with some sort of landlord concession. There’s been a glut of ultra-luxury rental properties on the market in recent months, and some tenants are scoring steep discounts.

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