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I think they meant downpayment

Renters don't have to lay down massive deposits, suffer the headache of dealing with condo and co-op boards, or pay taxes, common charges and big repair bills after signing away their savings.

High end renters.


Most of us have no choice but to rent, given the hefty deposits required. But in the world of high-end real estate, there are some renters who clearly can afford to buy multimillion-dollar residences but choose to rent instead. They're a small segment of the market, these "super renters." Or, given some of the new rental properties -- including the penthouses at New York by Gehry at 8 Spruce Street -- perhaps it's better to call them "sky-high renters."

Starting in September, the development, which is currently one of the tallest residential structures in the Americas at 870 feet, hopes to rent the three penthouses on the 76th floor for $45,000 to $60,000 a month.

For those doing the quick math, that means an annual cash outlay of $720,000 for the largest, north-facing penthouse, which is 3,800 square feet spread over four bedrooms, or about $16 per square foot per month.

Top athletes and musicians who live a lot of their lives on the road often choose the convenience of renting, at least for a while. Alex Rodriguez of the New York Yankees paid $30,000 a month in 2009 and 2010 to live in a two-bedroom apartment owned by Leroy Schecter on the 35th floor of 15 Central Park West.

Then there are the home renovators. About four years ago, when the market was considerably softer, a family paid $30,000 a month for a year to rent a Fifth Avenue apartment while a central air-conditioning system was installed in their Park Avenue residence, Mr. Hughes said.

But the idea that an all-rental building could command rents exceeding $20,000 a month is relatively new in New York, brokers say.

For the moment, at least, the only one that seems to be trying is One MiMA Tower in Midtown, where three residences on the 63rd floor have been listed for $20,000 to $25,000 a month.


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