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

The 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...

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