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Greenwich Village Rentals - Negotiation Process

Started by jrapps
over 16 years ago
Posts: 7
Member since: Jul 2009
Discussion about
I'm contemplating using a broker to get a sense of what is available in the Union Square to Washington Square Park area. I'm looking to spend between $2600-$2800, inclusive of any fees, for a large studio or small 1 bd. Using StreetEasy I have a sense of those buildings that are "no fee" but it seems like a majority of buildings requires brokers and have fees. For those buildings that require a broker, is it standard to ask for a few hundred off of the asking price and a reduced broker fee? Assuming I need a broker for certain buildings, what is the typical broker fee and rent negotiations in this market? Broker's state the fees are "15% of yearly rent" but obviously this is negotiable. I'm totally new at how the rental process works and what is acceptable as far as negotiations go.
Response by BeanTown
over 16 years ago
Posts: 9
Member since: Jul 2009

You don't need a broker, walk around the neighborhood that you like and they will have for rent signs up. Also tons of no fee websites on the web, in this market landlords will do business with anyone qualified to rent.

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Response by cliff702
over 16 years ago
Posts: 182
Member since: Apr 2007

For a broker, try Joshua Hebert [jhebert@bondnewyork.com]
He picked apartments in the area and size I specified, was up front about fees (or no fees) and apartments with one month free.

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Response by polydoa
over 16 years ago
Posts: 152
Member since: Feb 2009

nybits.com

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Response by mag1980
over 16 years ago
Posts: 31
Member since: Jul 2009

jrapps - when I first moved to NYC I used a broker. I'd never lived in NYC before, and I had very little time to look for an apartment. I don't think a broker is necessarily a bad way to go; however, I would use more than one broker, as well as search out no-fee buildings yourself. Be upfront with the brokers about what you're doing. I also wouldn't hesitate to ask for a discount. Even at the height of the housing market, I was able to negotiate to 10%.

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Response by jrapps
over 16 years ago
Posts: 7
Member since: Jul 2009

Thanks for the suggestions

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Response by snezan
over 16 years ago
Posts: 73
Member since: May 2009

you should call Landmark Real Estate. All of their listings are No fee and they have great deals in the village, ie. One bedroom on Sullivan and Bleecker for $1750, two bedroom on Charlton for $2000. Neely is the point person there. (212) 387-8877%u200E

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Response by formerlyinGV
over 16 years ago
Posts: 2
Member since: Sep 2009

I'm sorry to say but given the amount of crappy inventory in the village, and the high demand for it, I would just expect to deal with a broker in one manner or another.

It's been just over 10 years since I found a place in the village, Gold Coast area, and it was after I tried what BeanTown suggested which doesn't work. In fact, calling the people who have the signs up is a bad idea. Those are static signs not advertising any specific vacancy, and you'll be taken advantage of by a landlord and probably they'll also ask you to pay a house fee.

I found a broker who was representing a property I was too late for, she took me to a property being represented by another broker. I paid. But I found one of the better places around and stayed for 6 years.

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Response by formerlyinGV
over 16 years ago
Posts: 2
Member since: Sep 2009

oh also nybits doesn't work for the village. It works for places that have big landlord buildings like Chelsea, Fin'l Dist, east UES, UWS and Lincoln Ctr

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Response by Dorai
over 16 years ago
Posts: 18
Member since: Feb 2009

All real estate is local. It depends on where you are interested in living.

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Response by 30yrs_RE_20_in_REO
over 16 years ago
Posts: 9880
Member since: Mar 2009

I basically agree with FIGV: there is a fairly extreme lack of middle to larger rental buildings in the area. Most of what used to be are Coops. And for coop sublets, odds are you're going to end up dealing with a broker. The only thing I'll change is that Beantown is partly right: if you have a lot of time (till you need to move) and lots of free time (to spend looking), you can probably get a good deal by walking around the neighborhood and ringing every super's bell and letting them know you'll "take care of them" if they get you an apartment in the building, or a friend's building, or whatever".

Of course, this, like many other strategies, assumes your free time is worth nothing. If you will have fun doing this, then it's a great idea. but if you would rather be doing something else, you have to consider the opportunity cost. in other words, do you really want to spend a week's worth of "man hours" just to avoid dealing with a broker? If you can afford an apartment in the Village, there's a good chance you time is worth more than what you'll save. But if not dealing with a broker is as important to you as some others here, and you're more interested in what is or isn't going into someone else's pocket than what is or isn't going into your own, it is a valid alternative.

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