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Free lance photographer, looking to have a home photo studio and to start a studio rental business.
Scenario A nice sized condo loft in Financial Center, at $ 900 per sq ft having to finance half,
$ 5,500 /mo between mortgage, common charges and taxes.
Tiny Tiny but lovely coop in a very pretty street right next to the meatpacking district, no mortgage, paying $ 1,500 per sq. ft maintenance $ 1000/ mo.
Have to LEASE a separate commercial studio at about $ 5,000 , possible studio share but that's unknown.
Which one would you choose?
As a freelancer, go with the place you can afford outright and that has lower carrying costs. Work can dry up, you don't want to be stuck looking for a way to find $5,500 per month...
I would choose option A.
Most coops won't allow you to run a business in your apt. especially with clients going there.
You can live and work in your condo and save the time you will spend looking for a separate studio to rent and the commute to work.
So if you can afford the condo, I would go with that option.
mh330, that is my feeling too. But hate to pay $ 1,500 per square foot for this otherwise very desirable coop. Love the area thought
Truth, i can never work in the tiny apartment, i'd need to lease a work place
The tiny apt is the coop.
The nice size condo loft has the room you need to work and live in.
So we agree on the condo option.
If work dries up and you live in the tiny coop you still will need to pay your maint.
and studio rent.
I would pay whatever you need not to live in FiDi. Whatever you do, think about the tax breaks you can get for home business and how that is calculated. I think this is cleanest when you have a nice clear physical separation of space.
B, hands down.
Work situations can change but you have to live somewhere.
Wait--why are you looking at a $1,500/sq ft "tiny tiny" space with $1,000/mo maintenance? That seems really high, unless this space comes with major amenities or has other highly desirable features you haven't mentioned. You can find a small studio (I'm assuming that's what were talking about here, right?) for a far more reasonable price if you look around.
Also--meatpacking district? Blech. Please don't pay a premium to live there. Not worth it.
Yes a bit strange that choice is between MP and FiDi? Slightly different.
FD=space and better value
You should look at that place or if they have others. They have these giant extra separate buildings in the backyard. Just weird for 99% of the world.
I am with bramstar on the MP comment. Go a little north or south. It is overrun by tourists and people trying to be beautiful people. But maybe you're a beautiful person!
buy a huge, cool place with a view of the water in sunset park, and use the savings for a car or car service
dine in red hook and carroll gardens via bike, and go to wmsburg for music etc
and watch sunset park catch on around you--it's just begun there, and i know severtal who have taken huge spaces for cheap, and use the savings to correct other issues
MP has some good cobblestones streets and bridges to shoot people under, in case i get a headshot to do. And i like the mepa stores.
But at this point my dilemma may be obsolete, i probably will not get the tiny apartment open house was very well attended and my offer is likely too low (yes they are asking almost 1,700 sq ft)
You need to live somewhere and you want to have a "home photography studio".
You can have both, in one condo apt.,with space to have your studio.
The tiny coop is too small for both and again, most coop boards won't allow you to work in your apt., no matter what size it is.
Live and work in the same place as if you're going to be a success...you already are.
Well, that was the point of option A.
"A nice sized condo loft" is perfect for seven7's needs.
Live in it, set aside a section for the "home photo studio" (LOFT = space and high ceilings)
perfect for a free-lance photographer.
Professional photographers I know have the same set-up.
One is in SoHo, and he worked his way up to being able to afford to live and work in his condo loft.
oh, seven7, it is not a "dilemma" that you won't get the "tiny coop apt".
It is overpriced,and as lovely as the location is, it still would not meet your needs.
Dumbo is your compromise
If there is a good compromise in Dumbo, post a listing for it so that seven7 can consider it.
seven7 has already found a loft condo in FiDi that he is considering.
40 West 24th will allow live/work. A friend of mine used to live there - she was a photographer.
Thank you, fhsack.
seven7 is here to ask for advice.
Check it out, seven7, and if there is anything available in that building,
you can thank fhsack for his suggestion.