Shopping for a high-end rental in Noho (above $10K, 2-bed minimum)? Chances are that you will be frustrated with the lack of inventory available. Indeed, only 8 apartment rentals, in just 4 different buildings show up as being on the market and they are all in condominium buildings (as per 09/19/2013). This low inventory shows a median price of $14,500, size of 1,591sf and price per square feet of $126. Fortunately, for the prospective renters looking for that special rental in Noho, a new rental building located at 37 Great Jones will be opening its doors very soon. Indeed, a model apartment should be available to tour in the next couple of weeks, while first residents will be able to move in January 2014. 37 Great Jones Street is a 95-year-old landmark building, recently conceptualized as “modern luxury residences with historic significance”.

This new rental building is bringing a new and competitive product to the Noho luxury rental market. The 4 new units coming on the market will feature a $25,000, 3,602 sf 3-bed 3-bath duplex Penthouse, and $10-12,000, 2,165 sf 2-bed on lower floors. Looking at these numbers, the trophy unit carries a rental price per square feet 34% cheaper and a surface more than twice the median range of values offered by the current listings.  Noticeable residences’ features include a complete Chef’s kitchen with a 22-bottle Jenn-Air Wine Cooler, Caesar Stone Countertop and Thermadore appliances; the master bathroom will be equipped with Kohler fixtures throughout, and decorated with imported Italian designer tiles.  The living/great room will boast French doors with balconies, and 10.5-16 ft ceilings. While the service and amenities include keyed elevators to open in private apartments and in-residence washer and dryer, the choice of a virtual doorman was preferred to a real one, and there is no sign of a gym, or rooftop access. Small things, but at this price point it may weigh on prospective renters’ decision making process.  However, if the goal is to preserve the few residents’ privacy; then, this set-up could work out just fine.