Glenwood Head on Manhattan Luxury Rents: Down 10 Percent, Coming Back Up

jacobs 1 Glenwood Head on Manhattan Luxury Rents: Down 10 Percent, Coming Back UpThe Observer sat down Thursday afternoon on the 17th floor of the Lucerne luxury high-rise on East 79th Street with Gary Jacob, the 59-year-old executive vice president of Glenwood Management, one of the city’s leading higher-end apartment landlords (it was, in fact, his 36th anniversary with the firm controlled by Leonard Litwin). Apparently, even mighty Glenwood was not immune to the Great Recession:

“Rents have gone down,” Mr. Jacob said. “They went down about 10 percent in our buildings.”

Nevertheless!

“But they have now stabilized and we’re starting to see some strength again, and we’re pushing the rents up again a little bit.”

More with Mr. Jacob on Monday and in Wednesday’s print Observer, including the immortal question, asked and answered:  Why are Manhattan rents so high?

tacitelli@observer.com