London Terrace NYC Rent 10k/Month in 2023, WTF?!

[Rod Hagen]

For no particular reason I asked AI to price a 2BR in the London Terrace, 23rd street.  The most recent listing it could find was 2023, and it was $10K/month.  Now, if one came on the market it'd be competitive and $12K, I presume. 

My question, why? Of course, I love the building, I presume It's rent-stabilized and the fact that nobody gives up their unit suggests the management company is better than one would expect for such a behemoth, but it's by no means a luxury property.  Is this "reasonable" for an available "nice" apartment with amenities in Manhattan?  Holy Shit. 

https://streeteasy.com/building/425-west-23-street-new_york/11ef?utm_source=chatgpt.com

 

Edited August 30 by Rod Hagen

[+ Italiano]

London Terrace is a beautiful building in a great spot of Manhattan.

We lived there for less than a year in 2014 to "try" life in Manhattan, and the rent for a 1BR was $4100 which was already HIGH!

Unfortunately after few months we had serious problems with the neighbor above us, and luckily we were able to break the lease (and get some money back!) and went back to our place in Brooklyn.

Rents in NYC are impossible.

[Rod Hagen]

2 minutes ago, Italiano said:

London Terrace is a beautiful building in a great spot of Manhattan.

We lived there for less than a year in 2014 to "try" life in Manhattan, and the rent for a 1BR was $4100 which was already HIGH!

Unfortunately after few months we had serious problems with the neighbor above us, and luckily we were able to break the lease (and get some money back!) and went back to our place in Brooklyn.

Rents in NYC are impossible.

Sorry it didn't work out for you, wonderful building.   Great that you had your Brooklyn place to move back into.

[+ robear]

20 hours ago, Rod Hagen said:

I presume It's rent-stabilized

That's market rate, like most older buildings LT is probably a mix of stabilized and de-stabilized units.  It may also be a co-op with owner occupiers as well as investor held units.  Maybe @Italiano can comment on that.  Tenants with decades of residency may well have stabilized leases, but many units would have become destabilized via turnover in time.

[Rod Hagen]

Just now, robear said:

That's market rate, like most older buildings LT is probably a mix of stabilized and de-stabilized units.  It may also be a co-op with owner occupiers as well as investor held units.  Maybe @Italiano can comment on that.  Tenants with decades of residency may well have stabilized leases, but many units would have become destabilized via turnover in time.

My understanding is that Rent Stabilized units can increase to market rate between tenants, that that is the difference b/w rent control and rent stabilized.  I may be wrong.  Just seems so expensive to me for such a building.  10 years is well over a $ million, for something you wouldn't own.  I assume with some effort a person could find a$1.5M 2BR condo in Manhattan.

[+ sniper]

Yes but in the meantime they'd have to love like "the poors." 

It's a side effect of income inequality. 

 Manhattan is a place a LOT of incredibly wealthy people spend a year or two and move on, and they are price insensitive. 

[+ Italiano]

22 hours ago, robear said:

That's market rate, like most older buildings LT is probably a mix of stabilized and de-stabilized units.  It may also be a co-op with owner occupiers as well as investor held units.  Maybe @Italiano can comment on that.  Tenants with decades of residency may well have stabilized leases, but many units would have become destabilized via turnover in time.

Exactly!

[d.anders]

London Terrace Towers is a Co-op, while London Terrace Gardens remains Rent Stabilized. However, the landlord has worked hard to deregulate many apartments, and I believe litigation is ongoing. There's plenty to read on the internet about this.

On 8/31/2026 at 8:28 AM, Rod Hagen said:

My understanding is that Rent Stabilized units can increase to market rate between tenants,

It's a bit more complicated than that. There is a rent threshold that allows a landlord to convert an apartment. Depending on the legal rent number, a landlord would have to invest (upgrade the apartment) to possibly get it to qualify for deregulation. If the apartment is nearing the rent threshold, it does offer incentive for the landlord to invest in an upgrade, allowing him or her to deregulate. 

Most landlords would love to get rid of Rent Stabilization. Mayor Mamdani is trying his best to protect it. I believe Rent Stabilized apartments got a 2-year break from increases recently, a gift from Mamdani. I believe the number of Rent Stabilized units left in NYC is less than 1 million now. So the future looks bleak for this wonderful benefit.

[cany10011]

I live on 22nd a block away and that's about the market rate for a 2 bedroom rental.  Some are actually even higher. Crazy. But we're close to that expensive private school, Avenue, where tuition in kindergarten is already 75K. My cousin's 2 kids go there, but they get a discount for multiple kids; I don't know how they do it as they rent, not own. 

I'm just glad I'm mortgage free and bought here in the late 1990s.

Edited September 7 by cany10011

[Rod Hagen]

3 minutes ago, cany10011 said:

I live on 22nd a block away and that's about the market rate for a 2 bedroom rental.  I know neighbors who are paying 14K for a 2 bedroom. Some are actually even higher. Crazy. But we're close to those expensive private schools, Avenue, where tuition in kindergarten is already 75K. My cousin's 2 kids go there, but they get a discount for multiple kids; I don't know how they do it and they rent, not own. 

I'm just glad I'm mortgage free.

I am glad you are mortgage free too.  What I don't get is if it's going to be your home, if it's not temporary, why pay that much monthly, why not buy?  I get anxious about spending $4k/month for a 2Br., anxious with thoughts about how much that adds up to and what I could own if I bought instead.  But I can't imagine spending 10k or 14k/month instead of just buying.  Weird to me.

[BigDMike]

I have always fantasized about living in some chic apartment or high rise in New York or San Francisco.  I have friends in both places and while their places aren't anything from Million Dollar Listing, they are both nice places, comfortable and ones I would enjoy.  When I visit them, I enjoy the walkability of their places, the plethora of various restaurants, bars and city life overall.  I do enjoy NYC over San Francisco.  I most assuredly know I am spoiled where I live today but always imagined living that life at least once.

[d.anders]

On 9/7/2026 at 10:05 AM, cany10011 said:

I'm just glad I'm mortgage free and bought here in the late 1990s.

I bought in the 1980's (my building converted), and I've been mortgage free for a long time. However, the monthly maintenance bill is almost $2000, not including any utilities. Very difficult to live on social security with that nut stealing your money every month.

On 9/7/2026 at 10:11 AM, Rod Hagen said:

why pay that much monthly, why not buy?

There were times when buying made more financial sense. It depends on the actual market at the time. I don't think the general premise applies much anymore. Prices for buying are through the roof, too, and buying is now a more serious commitment than ever. Renting offers more flexibility. When you have to shell out all this money either way, some people prefer staying flexible. Plus, buying into a co-op in NYC is not like buying a home in Los Angeles. It's far more complicated, and you have to pass board approval. On top of buying, there are the monthly maintenance fees. So you really need a ton of money these days to do either. Pick your poison.

[marylander1940]

London Terrace - Wikipedia

London Terrace | NewYorkitecture

[Rod Hagen]

2 hours ago, marylander1940 said:

London Terrace - Wikipedia

London Terrace | NewYorkitecture

I've always loved that pool.  Swimming in it would be a dream come true.