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US developer bets on strong rental demand

Moinian Group's Sky, and Manhattan's biggest rental tower, debuts next week in a bid for priced-out buyers

RENTER'S WORLD: Residential buildings and towers on the West Side of Manhattan near the Hudson River in New York City. Demand from a growing pool of tenants has pushed Manhattan rents up more than 18% since the recession ended in June 2009, says an appraiser.

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...

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