You don’t have to believe Manhattan’s brokers when they say the wealthy have turned to renting — the numbers say it all.
The amount of households racking in at least $750,000 and choosing to rent went up 10.5% between 2018 and 2022, according to the recent Federal Reserve’s Survey of Consumer Finances.
Not only are the well-heeled choosing to rent in the city, they’re doing so strategically.
In the billionaire’s club
“People who work in finance, tech and fashion focus on specific buildings, like a club that they want ‘in on’ — buildings like 220 Central Park South and 445 Greenwich,” says Francis Katzen of Douglas Elliman, who is marketing the artsy supertower 53W53.
The home of real estate billionaire Ken Griffin (who paid a record $238 million for his slice of the tower), 220 CPS is a vertical country club of who’s who: from hedge funders and defense CEOs to entertainment nabobs and the musician Sting.
“My clients are willing to pay a premium for 220 Central Park South because it offers more than just luxury living — it’s a gateway into an exclusive community of billionaires and global influencers,” says Jessica Campbell of Nest Seekers. “What really drives demand is the access to an elite circle of residents, where you never know which business titan or global leader you might meet in the elevator.”
Campbell is listing No. 57B, a 3,211-square-foot, three-bedroom, three-and-a-half-bathroom spread in the building for $90,000 per month.
‘Like-minded’ business titans
Other developers have also embraced the superluxe rental-meets-clubhouse trend and are adding inventory tailored to those who want every waking moment to be a shoulder rubbing opportunity. An international set of business titans gather at Fasano at 815 Fifth Ave. — part private members club, part residence.
Here a 650-square-foot one-bedroom “clubhouse” unit goes for $50,000 per month (with a block of four duplex residences with three bedrooms asking $140,000 a month).
“What really drives demand is the access to an elite circle of residents, where you never know which business titan or global leader you might meet in the elevator.”
Jessica Campbell of Nest Seekers
You’ll get Thierry Despont furnishings, a sculpture staircase, full staffing and Central Park views — but better still, the home comes with “like-minded people,” says Erin Boisson Aries of Douglas Elliman, who markets the building. “We have a restaurant and it’s very social,” she says. “Although the minimum stay is 30 days, we have people that are staying for a year and up to three years.”
Global playgrounds for the rich
Boisson Aries is also the broker behind another innovative, high-price rental aiming for executives on the West Side Highway.
Maison Hudson at 401 West St. is part of The Collection — a group of similar properties in the prime locations where the global rich love to schmooze: London’s Belgravia; St. Barts; French playgrounds Courchevel, Saint-Jean-Cap-Ferrat and Paris.
It’s ladder-climbing catnip.
The New York location is currently offering Residence 7, a 2,205-square-foot, two-bed, three-bath for $100,000 a month. Designed by Thomas Juul-Hansen with furnishings by Giorgetti and Battaglia all the perks of living in a five-star hotel, the real amenity here is the amicability afforded by a boutique, 10-unit building, says Boisson Aries.
“It’s discreet. It’s private. It’s exclusive. It’s also so intimate and personalized,” she says. “Once you’ve tried New York, you want to go stay in the villa in St. Barts.” After all, that’s where the set will be — just be ready to fork over roughly $450,000 a week over the holidays.
