New York rent falling like a rock, anecdotal evidence

" A buddy of mine that works for a private equity shop is renting a one bedroom on the West side of Manhattan. He re-signed his lease for $3000 per month last June, $100 above the previous lease, but $100 below what the landlord was asking. According to an ad on Craigslist, his building is now offering a similar unit for $2,390, plus a month free. That’s a net effective rent of $2,190. That means the rent on his apartment has fallen ~27% in 6 months."