Times have Changed - Back to $1500 Studios in Manhattan

What's the building like? If it's a quality building with elevator, amenities, etc., then it's a steal, for sure. Otherwise, I don't find it shocking or particularly indicative of "times having changed." I saw a decent, well-sized studio in a very quiet building on West 8th in late summer '06 for $1400 - I thought that was quite the deal, and a more desirable location that this part of the UES.

So which one of you is right?

I was just in a building at 85th and Second. I'd hardly describe the neighborhood as "high end", and the building (and apartment) was absolutely filthy.

You get what you pay for.

i once paid $650 per mo for a studio on 84/2. Elevator - no door man. 1994. no fee. will we get back there?

alanhart, depends on your definition of "is" doesn't it?

That's because 85th & 2nd is not the UES. It's Yorkville. It's not supposed to be "high end".

> I'd hardly describe the neighborhood as "high end

Hence me saying "low end" right there in the post.

> late summer '06

bjw having trouble with that whole "peak" thing again...

All I knows is, the previous lease was $1700, and a friend who went through the exact same hunt 6 months ago and came up empty under $1700...

But, hey, its like like denial is a new thing..

"i once paid $650 per mo for a studio on 84/2. Elevator - no door man. 1994. no fee. will we get back there?"

Under 500 for a one bedroom in the 60s... well after '94.

"bjw having trouble with that whole "peak" thing again..."

No - the point is this is hardly worthy of a grandiose "times have changed" conclusion. We're seeing prices at what, 2004-2005 levels at this point? I don't think a rental that's currently pricier than something better in 2H '06 is shocking. Other than that, not sure what you think is being denied. Any more details on what the building is like?

> We're seeing prices at what, 2004-2005 levels at this point?

And this would be below that. Studios were renting for more than that back then on the UES.

> the point is this is hardly worthy of a grandiose "times have changed" conclusion.

Only for the hypocrites who screamed and yelled it would never happen!

"And this would be below that."

Exactly. Now if we start seeing $1200 studios, that would be something!

"Only for the hypocrites who screamed and yelled it would never happen!"

Who are you referring to?

> Exactly

Glad you finally see the light.

Sorry, did not mean this, but that there are examples below that. This rental is pretty clearly not, unless you can answer with more details about the place.

gonna be an ugly fall for the rental market

> gonna be an ugly fall for the rental market

gonna? I think 17% is pretty ugly already.

This has to be a typo.
Yes it's cookie cutter central but still, union square.
I can't believe my eyes.

http://www.streeteasy.com/nyc/rental/499612-condo-1-irving-place-gramercy-park-new-york

04/30/2009Listed in StreetEasy by One Irving Place Realty at $6,900.
04/30/2009Previously Listed in StreetEasy by One Irving Place Realty at $6,900.
04/30/2009Previously Listed in StreetEasy by One Irving Place Realty at $6,900.
05/04/2009Price decreased by 6% to $6,500.
05/04/2009One Irving Place Realty Listing is no longer available.
05/04/2009One Irving Place Realty Listing is no longer available.
05/27/2009Also Listed in StreetEasy by One Irving Place Realty at $3,500.

1500 square feet!

truthskr10, those look like two separate listings. The $3500 listing is for a 740sqft corner 1BR. Would have been quite the find though!

I own a studio on the UES (E 70s) and when my renter moved out last year, I had to cut the price about 15% to get a tenant in quickly. Having said that, I do regular searches on Streeteasy and NYT, Corcoran, Elliman, Citihabitats and studio prices are actually UP from where they were 6 months ago.

Maybe b/c it is summer and the few college kids who managed to get jobs are looking for starter apartments? Dunno, but the asking prices are higher now than Jan 2009, no question.

bjw2103
I have to believe so....since there are 10 other apartments at the 700 sq ft range for that number.

THis building is strange. I looked at v9ab which was 1500 feet with a nice setback. You actually have to take 2 elevators to get to the apartment. One elevator to the 7th floor I think,and walk down hallway to the other elevator!

Several price drops and last at 2mil, I told the agent I felt it was worth under 1.5 and he said there were three offers over 1.5. Showed as "went into contract" and 2 months later, no closing and off the market.

That building needs a serious reality check.

Augustus, wait, so you mean one anecdote from nyc10022 about a studio that isn't all that cheap to begin with doesn't boldly confirm once-and-for-all that "times have changed"? Sorry, sarcasm levels running a bit high today.

I hate that building... you get lost in it.

"I do regular searches on Streeteasy and NYT, Corcoran, Elliman, Citihabitats and studio prices are actually UP from where they were 6 months ago"

I do 'em on SE, and I've seen considerable down, which matches the stats. And the friend who got the renewal at 10% off unprompted only signed the first lease 8 months ago.

"This has to be a typo.
Yes it's cookie cutter central but still, union square.
I can't believe my eyes.

http://www.streeteasy.com/nyc/rental/499612-condo-1-irving-place-gramercy-park-new-york

04/30/2009Listed in StreetEasy by One Irving Place Realty at $6,900.
04/30/2009Previously Listed in StreetEasy by One Irving Place Realty at $6,900.
04/30/2009Previously Listed in StreetEasy by One Irving Place Realty at $6,900.
05/04/2009Price decreased by 6% to $6,500.
05/04/2009One Irving Place Realty Listing is no longer available.
05/04/2009One Irving Place Realty Listing is no longer available.
05/27/2009Also Listed in StreetEasy by One Irving Place Realty at $3,500.

1500 square feet!"

Yes, it is a typo. That apt. is now listed as $6,500 a month.

Yeah but approaching 4 months on the market. Plus will have to give 1 months free I'm sure.
Better off renting on May 1st for 3500. ;)

they lost 4 months of rent and counting! That is dumb

$1700 to $1500 in Yorkville?
I saw the same thing between summer of 2001 and fall of 2002. Rents went from $1700-$1800 for walk up studios to $1400.
Cycle keeps going.

Denial not only a river.

http://www.businessinsider.com/chart-of-the-day-zillow-index-2009-8

"But here we go again, just as things start to turn around, and the housing market shows the tiniest signs of life, people are deluding themselves about their homes once again."

A few weeks ago, it was reported home sales increased, immediately, another report was released stating foreclosures were on the rise in July. Is this truly tiny signs of life for RE?

bjw2103,

I do believe in the domino effect whether it goes back or forth it always starts with ONE.

"a very quiet building on West 8th "

oxymoron

I dont see what all the beef is with yorkville. i like it. has a small town feel to it. go from mansion diner into carl shurz park...nice little spot

30yrs, normally you'd be right, but you had to pass through one building, then through a garden, to get to this place. Absolutely no street noise.

> Augustus, wait, so you mean one anecdote from nyc10022 about a studio that isn't all that cheap to
> begin with doesn't boldly confirm once-and-for-all that "times have changed"?

Only when you have someone like bjw around to conveniently "miss" the stats showing a 17% decline.
But, that wouldn't be the first time, would it!

> Sorry, sarcasm levels running a bit high today.

And accuracy rate running low as usual.

> I do believe in the domino effect whether it goes back or forth it always starts with ONE.

Except its not 1, its the market median down 17% (well covered on this board). No matter how much bjw jumps up and down, he's still wrong. Very different times.

"$1700 to $1500 in Yorkville?
I saw the same thing between summer of 2001 and fall of 2002. Rents went from $1700-$1800 for walk up studios to $1400.
Cycle keeps going. "

No, never, can't happen... bjw said so.

1990 I paid $1,000 for a 2bed 1 bath walkup on 83rd and 2nd next to Jackson Hole. Apt got robbed twice in the middle of the day while at work. Ahhh..the good old days.

1994 we paid $1500 for an elevator, non-doorman 2 bed 1 bath in the far west of hell's kitchen. never robbed.

1989, paid $800 for a walk-up (1st floor) 1/1 in better part of Hell's Kitchen. never robbed, but most of our neighbors were (some repeatedly). left city for a few years, weary coward that i was.

"Only when you have someone like bjw around to conveniently "miss" the stats showing a 17% decline."
"No, never, can't happen... bjw said so"

Where have I "missed" or "denied" that rents are down? Tell me, because I must be missing something. Rents are definitely down; I just thought your example and over-the-top conclusion weren't especially apt. But you like being a pompous know-it-all apparently, despite lacking the credentials for it. Like I said, something like $1200 for a similar apt, or something like the prices aboutready and patient09 listed above would be far more noteworthy, I think.

nyc10022,

"Except its not 1, its the market median down 17% (well covered on this board). No matter how much bjw jumps up and down, he's still wrong. Very different times."

We understand this I'm not sure if bjw2103 understands it. One becomes two like in W'Burg, one person paid a lot then others followed suit.

nyc - referencing your original post, what type of apt is this? walkup, elevator, elevator + doorman, condition? i'm trying to find something in a simlar price range for a relative and some mkt data would be great.

printer, I've asked twice to no avail. I'm assuming it's a walkup with no real amenities.

mutombo, will you ever answer my emails?

bjw2103,

I have not received any emails from you so therefore, I can't answer your email.

"nyc - referencing your original post, what type of apt is this? walkup, elevator, elevator + doorman, condition? i'm trying to find something in a simlar price range for a relative and some mkt data would be great."

Walkup, I thought I put it in the original post, but looking now, did not. Sorry about that.

Separately, same type of building, two recent signings I know... a "2 bedroom" - really a 1 bedroom with an extra room, but two guys are sharing it just rented for $2k, and another friend had a one bed go from $1800 to $1700 (unprompted) also a couple blocks away. That one I know, clean, exposed brick, prewar detail, pretty decent size for one of those (I'd say 500 sq feet). $1700 didn't get you that in a studio last year.

You can't really search the corcorans of this world, a TON of the inventory there is controlled by smaller/medium management companies that own a few hundred apartments apiece. The one I know of's name escapes me... something with an E, like elsevier, or something like that. If you walk the hood in the 80s, you'll see the same 4-5 companies on the for rent signs.

Back, back to the original point, I know this market reasonably well and it is WAYS away from what it was last year, depsite what bjw will try and claim.

mutombo, I've sent two emails to mutombonyc@yahoo.com. Check your spam filter maybe?

nyc, what was a walkup studio in Yorkville going for last year? $2500? $8000? Maybe you have a point then.