Manhattan luxury condos buyers banking on rental

New York

ONE Tuesday last month, a buyer at Manhattan's Stella Tower completed the US$5.35 million purchase of a two-bedroom condominium on the 14th floor. That Friday, the home was listed for rent at a rate that makes it one of the costliest apartments in the midtown west neighbourhood.

The buyer, a shell corporation listed in records as Stella 14E LLC, is seeking US$19,500 a month for the 166-square-metre apartment, according to StreetEasy.com. It's one of three homes that have already been put on the rental market at the recently completed building, where owners began closing on their units at the end of December.