When the walls come tumbling down

Oh shi* Jimnutz? what's gonna happen when all the doublers can't combine to pay that $3K/month 1bdrms? Ya think maybe the BP oil workers will take their place? Oh where will this lead 1bdrm asking rents going forwardzzzzz? where oh where will rents goezzzz with the new finregs? Oh where will rents GO????

Oil rig personnel get paid pretty well. So yeah, maybe they'll be buying Manhattan condos soon. Not a bad idea to flog 'em to the riggers. They are seasonal workers. Half the yr in NYC, half on the rig. Nice.

w67thstreet
1 day ago
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report abuse Oh shi* Jimnutz? what's gonna happen when all the doublers can't combine to pay that $3K/month 1bdrms? Ya think maybe the BP oil workers will take their place? Oh where will this lead 1bdrm asking rents going forwardzzzzz? where oh where will rents goezzzz with the new finregs? Oh where will rents GO????

w67th, you think this is bad news? one word for you juicehead: walk-up

a bunch of suburban mom's and dad's are going to have to get used to the idea that their precious little boys and girls (who are now supposedly educated adults) WON'T be able to live in doorman buildings (pretty much the only buildings where the "convertible two" phenomenon thrived). i usually refer out these kinds of things to other recent college grads on my team, as their are no worse clients than roomate set-ups.

The ad-hoc subdivided apartments are not necessarily good for real estate values. Maybe OK, in some rental buildings, but Condos and Coops a definite no-no.

and the rents? here's a snipped from the tregny market report. appears they are up doesn't it?

Greatest Changes Since May Non-Doorman Doorman
Studios TriBeCa 7.85% ($272) Lower East Side 8.93% ($188)
One-bedrooms Financial District 7.02% ($218) Battery Park City 9.48% ($270)
Two-bedrooms Murray Hill 6.49% ($271) Lower East Side 8.28% ($295)

Year-over-year Changes Non-Doorman Doorman
June '09 June '10 Change June '09 June '10 Change
Studios $1966 $2047 2.54% $2347 $2391 1.86%
One-bedrooms $2617 $2631 0.52% $3320 $3416 2.90%
Two-bedrooms $3610 $3720 3.04% $5148 $5253 2.03%

Read more about Manhattan Rental Market Report | The Real Estate Group New York | TREGNY by www.tregny.com

off to the beach for the day, i'll check in later. careful of that psiatic nerve when you shoot up before your gym session today, k? hear it hurts like hell if you hit it.

Riversider
1 minute ago
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report abuse The ad-hoc subdivided apartments are not necessarily good for real estate values. Maybe OK, in some rental buildings, but Condos and Coops a definite no-no.

what will be interesting to me is how the demographic changes in some buildings that were no notorious dorms. and how long it will take some clever bastard to come up with something compliant that still meets the needs of the shares.

Dnftt

salud cc

Dnfcc

Hey Jimmy, enjoy the beach. Which are you going to?

I was looking at the Citi report, studios and 1BRs are up 3%, 2BRs & 3BRs are down 1-2% YoY. That, and TREGNY's numbers, all seem pretty weak to me for the sharp recovery proclaimed by the media.

You're on the ground, do you see this thing sputtering out?

how about "hones beach" :)

honestly the demand is high and probably will remain so through september. of course there is some seasonality at play, and i do think some concessions will come back in some buildings over the winter, but that has always been true. and despite the tregny report in some buildings that i track (not-including ones where i am the listing agent) asking rents for one and two bedroom's are 10% higher than they were over the winter. so statistics.....

Hones Beach, nice. Enjoy, and be careful you don't accidentally wander to the nudist section.

I didn't look up the tregny report, but the citihabitats report does indeed show a 10% rise from the winter months, so I think what you're seeing lines up.

"And there are minimum requirements for room size."

So here's a question for the board: being on the low end of the market, I sometimes see apartments advertised as 2-bedrooms that are so tiny that the main living space is closer to 120-130 sf, not the minimum 150 sf required by law. Wouldn't these renovations be equally illegal? They're obviously 1-bedrooms carved up into tiny spaces.

Do you think this will bode well for Brooklyn and even LIC when young professionals choose studios and lesser priced one bedrooms rather than having zero privacy in manhattan?

evnyc: The 150 ft. requirement seems to be for SRO living spaces.
See http://www.tenant.net/Other_Laws/HMC/new/sub3/art4.html for formal NYC requirements

Hm. Not sure I buy that it's only for tenements. This website suggests that it applies to "Class A" buildings as well:
http://www.metcouncil.net/factsheets/mdl-mrl.html

Class A is defined as a building "which is generally occupied for permanent residence purposes," vs. Class B buildings, which covers rentals, hotels, etc. So while a website concerned with rentals would, obviously, be concerned with that aspect of the law, it sounds to me as though this applies to sales as well.

Any experts want to weigh in?

Ah, here's the thread on that article.

I think this new rule will actually support the outer boros. The demographic that lived with temporary walls won't be able to afford these apartments now, so maybe more over to Brooklyn, Queens, Jersey, etc.

The fact is Manhattan is the cheapest it's been for a number of years. The demographic we are speaking of is not making long term plans. They want convenience, fun and be close to work. This is not a long term commitment, if they can make it work they will. Some get help from parents.

splaken
about 1 hour ago
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report abuse Ah, here's the thread on that article.

I think this new rule will actually support the outer boros. The demographic that lived with temporary walls won't be able to afford these apartments now, so maybe more over to Brooklyn, Queens, Jersey, etc.

Riversider is correct. The boroughs will not ever play a part in this equation. The real decision makers involved here (mommy and daddy) still have a "welcome back cotter" version of bk in their heads. this is why they want skyler and timmy in doorman buildings in the first place. they'll have to dig a bit deeper, or get used to the idea that their offspring probably doesn't have any more chance of getting raped/robbed/killed living in a "non secure" walk-up building in our fair city than they did on their local college campus' or during spring break.

two rules in dealing with shares:

1. NEVER bring one roomate out without the other. No matter how much they say the other roomate will like the same apartment they do, no matter how badly the say they need the apartment. absolute waste of everyone's time.

2. ALWAYS consult mom and dad. They'll have to qualify their overeducated but infinitely stupid offspring for the apartment anyway. And no matter how much Timmy and Skyler (especially Skyler, the female) say that Mom and Dad don't care if they are in a doorman building or not, if you actually speak with mom and dad, you get to the truth of it a lot quicker.

Thatz some f'king awesome rental borkarage marketing campaign. Pay up for the doorman 1bdrm wo a roommate or else your daughter will get raped (cause therez no way my LL will drop the price!).

Hey jimnutz are you hiring ex-cons to rape and murder pretty little interns from Iowa living in a walk up? Flmao.

i think all the steroids you stick into that pimply ass have effected your brain. read the post

dnftt

I'm allz natural. Big macs and chkn fingers. Fact of the matter is, I eat like a horse. My 6 yo has taken to repeating her lovely mother. 'dad, you eat too much!'

Wife and I were huge foodies, but 2 young kids makes us crock pot believers. Man the chkn tika masala sauce from crate and barrel is kick azz.

But back to the Bo walls. Me Tunis another nail in the LLs coffin. Sorry, but the demand line shifts down. The effect of te elimination of roommate 1bdrm demand. Sorry Econ 101.

WTF iPhone 4? Steve jobs you didn't say testing while holding the antenna fks it up too. Damn you skinny turtle neck geek.

w67thstreet
16 minutes ago
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report abuse "I'm allz natural. Big macs and chkn fingers. Fact of the matter is, I eat like a horse. My 6 yo has taken to repeating her lovely mother. 'dad, you eat too much!'

Wife and I were huge foodies, but 2 young kids makes us crock pot believers. Man the chkn tika masala sauce from crate and barrel is kick azz.

But back to the Bo walls. Me Tunis another nail in the LLs coffin. Sorry, but the demand line shifts down. The effect of te elimination of roommate 1bdrm demand. Sorry Econ 101."

so you're a fat fuck, that also figures. actually, your "econ 101" is way off. what'll happen, if anything, is that prices for "real" two bedrooms in ANY type of dwelling will go up. and a product will be developed that will both meet code and roomates need's for privacy. and you'll just sit their, with your shrunken non-working member in your hand saying "shit, i was wrong about THAT too???"

curious to know....
how many landlords or mgmts have claimed they received a violation for a pressurized wall?
From what the DOB and NYC have been marketing is the illegal rooms for rent in the outer boros. would love to hear back

Just out of curiosity, does that apply to co-op/condo owners? If I want to put up a wall to create an office do I need an approval from the city, if board is ok?

I just had an inspection at Peter Cooper village checking for illegal walls. They came in and checked - I wasn't home but they gave me notice and left a note that we passed - we used some cabinets to divide a part of a the living room into a playroom

A licensed company has the right to put up a pressurized wall and if the buildings management co. doesn't allow pressurized walls you can still use free standing and bookcase walls. I even wrote up a few blog posts about the wall market in the city for a class at NYU and ironically quoted that times article. Feel free to check it out http://pressurizedwallsguide.blogspot.com