The New York City apartments for rent markets have seen rises and dips over the last few months as the markets have moved out of the traditionally successful Manhattan area and into other parts of the five boroughs. The latest New York real estate reports show Manhattan Island remains the epicenter of the markets with more than 70 contracts for homes valued at more than $4 million in the first half of September 2015, according to The Real Deal.
Town Real Estate has been at the heart of the movement of luxury homeowners out of the traditional market of Manhattan Island and into other areas, such as Brooklyn. The many options for buying or renting a home are highlighted by Town Real Estate, which was formed in 2010 by experienced real estate expert Andrew Heiberger. The owner formed Town Real Estate in a bid to bring a new way of conducting real estate business to New York City and managed to attract many of the top agents in the area to the company.
The rise of Town Real Estate has been rapid and saw the group managing the sales and rentals of properties totaling more than $405 million by the end of its first year of trading. Town was one of the first agencies to seek out properties for their clients in areas that were not traditionally important in the New York City real estate market.
The high number of luxury home sales being prepared on Manhattan Island has seen the market on the island reach its highest rate since November 2006. The growth of the Brooklyn markets has seen around half of the offerings for sale in the area be sold and leave just 550 apartments for sale at the end of November.