The booming market for luxury rentals in Manhattan has led to a new market segment: the $100,000-a-month rental.
"There has been a large shift towards rental from purchase at the high end," said Jonathan Miller, CEO of Miller Samuel, the appraisal firm.Penthouse views from 56 Leonard Street in Manhattan.In the Manhattan luxury rental market, the wealthy can afford to buy but don't want to make such a big purchase with so much uncertainty hanging over the real estate market.
The growth is a big turnaround for high-end rentals, which have traditionally followed in lock-step with the luxury sales market.Renters at 56 Leonard Street will be able to enjoy the art collection, shown in this living room.Prices for high-end rentals have reached new highs. A condo at 15 Central Park West rented for $125,000 a month in April, according to Miller.