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Commercial and Residential Rents High; Wealth and Poverty Rates Extreme

Posted: Mar 13, 2013 | 8:37 PM
by Jared Goldstein
According to Wall Street Journal, commercial rents on 5th Ave between Rock Center and Central Park South are $3000 per square foot (per .1 meter square) per month, the highest in the USA (world?).

http://online.wsj.com/article/SB10001424127887323622904578129281141997760.html

According to the NYTimes, Times Square Commercial Real Estate is renting for $2000 per sq foot / month.

http://www.nytimes.com/2013/03/13/realestate/commercial/hectic-times-square-is-keeping-the-developers-busy.html?pagewanted=all

On the residential end, NYC is 8th among per square foot costs of luxury apartments at $2000.  

http://www.nydailynews.com/life-style/real-estate/new-york-real-estate-bargain-article-1.1285184

New York is home to the world’s largest population — 7,500 — of people with more than $30 million in assets. Of the 432 billionaires in the United States, 102 are New Yorkers.

http://www.nydailynews.com/life-style/real-estate/new-york-real-estate-bargain-article-1.1285184#ixzz2NT9QwMNO

About 100,000 New Yorkers are homeless, or near homeless (spent a night in the shelters in the past year), 40,000 of whom are children.  This is 7% of the US homeless population.  NYC is about 3% of the US population.

http://www.coalitionforthehomeless.org/pages/basic-facts

http://en.wikipedia.org/wiki/Homelessness_in_the_United_States

The NYC poverty rate is 21%, or 1.7 million New Yorkers.  Poverty is a national figure, so for a single person that is $11,000 a year, and for a family of four, that is $24,000.  NYC is one of America's most expensive cities, so the poverty rate is actually higher.

The median NYC income is $50,000.

The median apartment cost is around $750,000.

The average Manhattan rent is $3,500 per month.  The over-all vacancy rate is less than 2%.  The affordable housing vacancy rate is much less.

http://www.wnyc.org/articles/wnyc-news/2012/sep/20/new-york-city-poverty-rate-third-year-row/

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