The average sales price in Manhattan was about $1.9 million for condos in existing buildings throughout the third quarter of 2017. Sure, NYC is expensive, but nearly $2 million for a living space? There aren’t too many people who can swing that. Even the 2 million Millennials who bought houses in 2017 likely didn’t spend that much per living space.
That’s where Airbnb and rentals come into play. Renting luxurious NYC properties can be done from time to time for both travelers and NYC residents alike. Unfortunately, people are always looking for the upper hand and will always take advantage of a good thing, potentially ruining it for the rest of us.
According to Metro, NYC officials have been forced to crack down on Airbnb rentals after raiding a Manhattan condo where illegal renting was taking place.
NYC law enforcement officials conducted a raid on the Atelier Manhattan condo building, issuing more than 27 citations to owners of the property for illegally renting out their condo on Airbnb. Two of the condo owners are board members of the 65-story luxury building.
“The extensive violations written show a clear need for building ownership and management to take action,” said Christian Klossner, executive director of the mayor’s Office of Special Enforcement.
Some residents were even renting their condo units for more than $400 a night.
There are, however, plenty of legitimate Manhattan condos that you can find. Keep in mind, some of these are just nice to look at but are incredibly expensive — but there are plenty that are more reasonable. For example, you could buy a condo in Carnegie Hill for the low, low price of $11.5 million.