Hudson Square penthouse could tie rent record at $175K a month

To wit: At 100 Vandam St., a new condo in the Hudson Square neighborhood, a seven-bedroom penthouse a couple of weeks ago was listed for $175,000 a month, which would appear to tie an all-time city record.
Its listing agent, Jessica Campbell of NestSeekers International, who could not be reached for comment by press time, seems to be trying to catch lightning in a bottle twice. A few weeks ago, she leased a 6,500-square-foot duplex sponsor unit in the same building for $125,000 per month, she said. (Rents aren’t recorded in public databases and so usually need to be supplied by agents.)
Angling for leases as opposed to sales contracts might be smart; 100 Vandam, a 25-story, 72-unit conversion project from investor Jeff Greene, appears to have sold and closed just a handful of apartments since it was unveiled last fall. Overall, Greene expects a $43.5 million haul from sales, according to the condo’s offering plan.
At the same nosebleed level in recent months was a six-bedroom penthouse at 24 Leonard St. Amid failing to sell it for years after unveiling the unit in 2021 for $36 million, the developer of the 2019 Tribeca building appears to have decided to earn some revenue from it as a rental instead.
In October the 7,300-square-foot spread was listed at $175,000 a month and seems to have found a taker in February, when the ad was removed from StreetEasy, though the apartment is still being shopped around for sale, this time for $38 million. A message left with marketing agent Bespoke Real Estate was not returned by press time.
Other recent apartment deals apparently clinched in the stratosphere include 157 W. 57th St. No. PH80, a four-bedroom on Billionaires Row that rented for $125,000 this summer after being listed by its owner, according to StreetEasy; 56 Leonard St. No. PH56, a five-bedroom whose most recent asking price a few weeks ago was $150,000 per month; and 25 Columbus Circle No. 75CE, a five-bedroom condo that went for $125,000, though it also appears to still be hunting for a buyer for $40 million. Brokers for all three homes had no immediate comment.
An ultra-luxury bump seems evident from market snapshots. In July the average rent in Manhattan soared to $5,588 a month, up 30% since 2019 and the fourth rent record in five months, according to the brokerage Douglas Elliman. The high-priced homes at the top of the spectrum obviously pull the average in that direction.
For that reason, many market analysts prefer to look at medians instead of averages to iron out the swing that extremely expensive listings cause. But medians too are climbing sharply. In July Manhattan’s median rent reached $4,400, which was up 6% in a year. That also set a record, Elliman said.