Inside New York’s $500,000 a month rental
It’s no secret that Manhattan rents are expensive. But the most expensive rental in the city will set you back a whopping $500,000 a month.
The six-bedroom apartment spans 4,786 square feet and takes up the entire 39th floor of The Pierre Building on the Upper East Side.
The unit also comes fully furnished and offers 360-degree views of the city.
“The views are the very best you will ever have in an apartment on Fifth Avenue,” said listing agent Andres Perea-Garzon at Compass.
Another amenity: If you don’t have that much cash in the bank, rent can be paid via credit card.
The Pierre houses both hotel rooms and residencies. The Residences at the Pierre program offers 30-day rentals and month-to-month leases and currently includes 14 apartments.
Renters of the 39th floor will get all the perks of the hotel, including twice-daily room cleaning and access to room service and a private chauffeur. They’ll also have one of the hotel’s five elevators dedicated solely for their use — and a full-time operator.
Perea-Garzon said there’s been interest in the smaller rentals, but no recent bites on the 39th floor space yet. “My guess is the person who is looking at this price point will probably be an international.”
The full-floor unit was rented out for one month in 2014 for the $500,000 price tag, which the renter charged on a credit card.
The apartment includes the hotel’s presidential suite, which is about 2,000 square feet, which can be booked by guests for $30,000 a night when the entire floor isn’t being rented, according to Perea-Garzon.
Rent prices in New York City have started to back off their recent upward trajectory– especially in the luxury market.
The top 10% of Manhattan’s rental market saw prices drop 4.2% in February to $8,000 a month from the same period a year ago, according to the latest report from real estate appraisal firm Miller Samuel and brokerage Douglas Elliman.
But Perea-Garzon isn’t too concerned about the drop.
“If they have that much money to spend, I am sure you are pretty well off and you don’t have to worry about what’s going in the economy.”