patrick.net

Both median and average rents for $15,000-plus leases fell by around 11% ...

Manhattan’s ultra-luxury rentals cooled off in April, with both the median and average rents for those leases—priced at $15,000 a month and more—posting double-digit declines, according to data compiled for Mansion Global by real estate appraisal firm Miller Samuel. ...

The majority of rental developments built over the last five years “skewed toward luxury, and oversupply in this market forced landlords to offer concessions in order to keep vacancy rate low,” Mr. Miller said.