US developer bets on strong rental demand

New York City

BY year-end, Manhattan renters with a taste for luxury will have more than 2,000 newly built apartments to choose from. Almost half will be in just one building on the far West Side.

Next week, the first tenants will move into Moinian Group's Sky tower at 42nd Street and 11th Avenue.

It's the borough's largest single multifamily building, with 1,175 units. Leasing of about 300 apartments at the luxury property - featuring two outdoor pools, a pet spa, and a regulation basketball court - began in June.

Rents start at US$3,000 for studios, US$4,200 for one-bedrooms, and US$6,200 for two-bedroom units.

The project is opening just as soaring rents send Manhattan's vacancy rate to its highest level in more than nine year…