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The Real Deal - NYCJuly 26, 2023
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A penthouse at 100 Vandam Street has rented for $125,000 per month, or $230 per square foot, which appears to be the highest publicized residential lease in New York City.
A Platinum Properties trio including Khashy Eyn and Cyrus Eyn represented the anonymous tenant, while Jessica Campbell of Nest Seekers represented the sponsor in the off-market transaction, according to Nest Seekers.
Unit 20A at the Jeff Greene condominium conversion is a 6,500-square-foot apartment with six bedrooms, 6.5 bathrooms and more than 4,100 square feet of outdoor space with 360-degree views of the city. It was previously marketed for sale at $35 million but the listing was pulled exactly one year ago after 124 days. Amenities in the 25-story building include a movie theater and a 1,200-square-foot fitness center.
While the monthly price is the highest on record, sources said they believe other units Downtown have rented for more. Unlike sales, rentals aren’t publicly recorded, so verifying records can be tricky.
“It’s the highest [rent] I’m aware of,” said Jonathan Miller, whose appraisal firm Miller Samuel prepares market reports for Douglas Elliman.
Platinum’s Eyn and Cash Bernard in 2021 brokered an $85,000 monthly lease for a triplex penthouse at 1 North Moore Street in Tribeca. That was previously thought to have been the city’s highest rent; it worked out to $185 per square foot annually.
Campbell brokered a deal for the same monthly amount last October at 220 Central Park South’s Unit 57B, though the price per square foot there was substantially higher at $317, according to StreetEasy.
Four duplexes in Fasano Fifth Avenue, a private club offering residences at 815 Fifth Avenue, are listed for up to $140,000 monthly. Listing agent Erin Boisson Aries of Douglas Elliman said each of them had been rented at various points but declined to discuss pricing. In any event, units associated with a private club are considered to be in a separate category from residential rentals, because club units come with hotel-like amenities.
New York City’s rental market has been on fire roughly since Covid vaccines arrived, although price growth has leveled off since last summer. The median rent in Manhattan fell month-over-month in June but was still at its second highest level ever, according to Miller Samuel: $4,268.
Serhant took over sales at 100 Vandam last September from Douglas Elliman, which sold fewer than 10 units in the 72-unit condominium, sources previously told The Real Deal, although StreetEasy lists 16 sales prior to last August. StreetEasy lists 20 sales since Serhant took over and four more units in contract.
