Manhattan racks up ultra-rich renters

Earlier this week, former Howard Hughes CEO David Weinreb agreed to rent his West Chelsea penthouse for $177,500 a month, an eye-popping figure that followed a $95,000-a-month lease at a Naftali Group building on the Upper East Side in December. Data on trophy rentals is tough to pin down, but this is likely among the most expensive leases ever inked in New York City. The two hefty leases came as inventory for Manhattan’s trophy rentals — which appraiser Jonathan Miller defines as the top 1 percent of the market, with rates starting at $25,000 a month — was down more […] This article originally appeared on The Real Deal. Click here to read the full story.