Rents in New York City continue to rise, with a recent transaction at the Benson, a luxury condominium developed by Naftali Group on the Upper East Side, highlighting the trend. This week, an apartment at 1045 Madison Avenue was rented for $95,000 per month, equating to approximately $288 per square foot. The lease is believed to represent one of the highest prices per square foot for a standard 12-month rental term in city history.
The property in question, Unit 14 at the Benson, spans nearly 4,000 square feet and includes five bedrooms and four full bathrooms. It features a great room with triple exposures overlooking Madison Avenue. The owner purchased the unit for $14.5 million in 2022 and previously leased it for $65,000 per month in 2023.
Douglas Elliman’s Lauren Muss, John Giannone, and Jac Credaroli handled the listing, while Peter Zaitzeff of Serhant represented the tenant.
Amenities at the Benson include a landscaped rooftop lounge, cinema, and spa facilities with sauna and steam rooms.
While comprehensive data on rent per square foot is limited due to a lack of public records for rentals, industry professionals consider this lease among the most expensive for a year-long contract. “If it’s not the highest, it’s one of the highest ever,” said Jonathan Miller, CEO of Miller Samuel and an appraiser who produces monthly reports on New York City’s rental market.
According to Miller’s analysis, luxury rentals have surpassed Manhattan’s overall rental market performance. In November 2025, median rent across Manhattan increased by over 13 percent year-over-year to reach $4,750. Luxury rents — defined as those in the top ten percent — saw an almost 18 percent increase to a median price of $11,500.
Other notable high-priced leases include Unit 57B at 220 Central Park South ($90,000 per month or $336 per square foot), units at Jeff Greene’s condo conversion at 100 Vandam Street ($150,000), and the penthouse at 24 Leonard Street (also $150,000).
John Giannone commented on changing expectations within the luxury segment: “I personally have never seen prices where they’re at. When the high $100s per square foot for a rental starts to become like the norm, it’s completely different from what we’re used to.”
Lauren Muss noted that despite an initial asking price of $85,000 and limited showing timeframes for Unit 14 — only two hours — there were multiple bidders. “There’s just no product, and there’s a lot of money out there,” she said.
Peter Zaitzeff explained that his clients agreed to pay above asking price due to their need for temporary accommodation during townhouse renovations. “It speaks to the lack of inventory and people willing to pay what it takes to get a deal done,” he said.
