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Are landlords desperate in Harlem to get tenants?

Started by notadmin
over 15 years ago
Posts: 3835
Member since: Jul 2008
Discussion about
Got this email in a local blog (harlem), surprised about the whole: "heard in the radio I'm giving you a great deal by splitting a broker fee that shouldn't be there to begin with, please do NOT negotiate the rent": ========================================================== I heard a radio story this morning that the apartment glut is over, tenants are paying broker fees instead of landlords. I... [more]
Response by jason10006
over 15 years ago
Posts: 5257
Member since: Jan 2009

The asking rents were up 10% YOY in my doorman building in East Harlem...but my old place, a walk up in Central Harlem, got 30% lower rent then what I paid back in 2007.

Overall, the market reports have been a mixed bag for harlem, some say up, some down. i think the "ups" are genrally doorman nondos or brand new rental buildings. I don't think the are desperate, but you should NEVER have to pay ANY fee in any part of Harlem. You did not have to even in 2007 or before.

In the odd case where a condo owner was not willing to pay the fee, they WERE willing to add an extra free month or two on the end of the lease to make up for it.

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Response by notadmin
over 15 years ago
Posts: 3835
Member since: Jul 2008

"you should NEVER have to pay ANY fee in any part of Harlem. You did not have to even in 2007 or before"

great rule of thumb jason!

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Response by jason10006
over 15 years ago
Posts: 5257
Member since: Jan 2009

What I meant was that many of the places I looked at in 2007 & 2009 were condos with a fee, but the owners or brokers told me that they would deduct the fee from my rent if I signed 2 year leases. All the pure rental buildings were no fee with 2 year lease, including where I live now. Get it? Same for Fidi, BTW.

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Response by NYCMatt
over 15 years ago
Posts: 7523
Member since: May 2009

$2250/month to live in HARLEM?

I guess the old axiom is true: There IS one born every minute!

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Response by LENOXav
over 15 years ago
Posts: 150
Member since: May 2010

PISS OFF ya lil shiz-nit 'NYC Matt!!'

I've read the comments over the years from you about that [must be] DIS-functional coop YOU live in!
[skrew U2 for the preposition at the sentence end, that is likely to get ya even further bent outta shape-if thats possible!]

Keep ya thoughts to Bk Heights or wherever the hell it is ya actually live in BK . . .
[whattsamatta anyway?? ya got some kinda Manhattan envy??, along with ya other definitely apparent envy??]

HARLEM is home for me and plenty others on here.
Maybe not as vocal as the "prime Manhattan" crowd who seem to get a nutt every time they even say that flippin phrase.

FACT is: HARLEM has plenty going for it amidst all the bumps and bruises!
I'm actually GLAD that YOU, your type, and similar others, steer clear of Harlem.
It Keeps our Quality of Life and neighbors of better and Improving stock!
Also helps insulate us in a wierd way from bubble BS! [Some happened, but not as much as elsewhere, and the drift back to a new reality is in FULL swing!]

Some folks CHOOSE Harlem, for VALUE and less of the hustle n bustle of other parts of Manhattan!

AND I dont shudder walking the streets going about my daily activities!
I'll leave that to you and your ilk on one of your bi-annual trips to visit 'the ghetto' when ya decide to take a tour of 'the other NY'
And ya wonder why ya stick out like a sore thumb??
Its not the gay thing or the white thing, its ya nasty vibe thing!

No doubt, YOU have absolutely no flippin idea what you can get in Harlem for 2250/Month!!

I know you wouldnt live in a, hooked up-with Condo amenities; 1100 sq. foot, 2 bedroom, in Harlem!
[And THANK YOU LORD FOR THAT!!]

. . . ya lil spoiled, whining, shiz-NIT!

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Response by ab_11218
over 15 years ago
Posts: 2017
Member since: May 2009

"Also helps insulate us in a wierd way from bubble BS! [Some happened, but not as much as elsewhere, and the drift back to a new reality is in FULL swing!]"

This is the dumbest statement of the year. Sorry LENOXave, but the biggest bubble burst in NYC, including all the boroughs, was in HARLEM. Where else have you seen prices drop up to 50%?????

Welcome to reality.

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Response by inonada
over 15 years ago
Posts: 7952
Member since: Oct 2008

"I'm actually GLAD that YOU, your type, and similar others, steer clear of Harlem."

LENOXav, I think NYCMatt lives in a 1BR in Hudson Heights or some other part of Washington Heights. He has some weird sort of complex, which many of us find very humorous. If your material possessions are even incrementally "lower" than his, he looks down at you. For example, studios are "not for adults", or what you just saw with Harlem.

In short, he thinks his 25%-larger apartment or 25%-more-expensive neighborhood makes him special, and that all those "beneath" him housing-wise are beneath him as humans. Except many live in places several times larger than his, in neighborhoods many times more expensive. What so many of us find funny is that a person with so little in the "I have more than you" department can be so nasty and looking-down-on-others.

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Response by jason10006
over 15 years ago
Posts: 5257
Member since: Jan 2009

What is funny is that for me, living at 101st, I think its NUTS to live way up in WH. It would take me twice as long to get to and from work or anything I enjoy doing. Matt would also argue for days at a time that he could get to Fidi in half an hour by train (the 1 local) whereas it took me 45 minutes door to door on the 2/3 express from 116th. Which of couse is impossible. He is a bit delusional.

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Response by asdfasf1234
over 15 years ago
Posts: 83
Member since: Jul 2010

sorry to veer off topic, but the original listing seems overpriced to me. the apartment is a garden apartment (which indicates no doorman) and it's on 136th st. i know 2 people who signed leases within the last 6 months for doorman buildings in west or central harlem below 125th who paid the same or less. as jason pointed out, they shouldn't be charging you the fee or it should be rebated through a rent credit. these are just 2 data points out of many, so do your own research into what the rent/fee should be...

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Response by Mikev
over 15 years ago
Posts: 431
Member since: Jun 2010

Jason I am moving from WH to 115th street. I actually have to say your are incorrect to say that it may be a longer commute. Currently on the A line and get on at 175th, express straight down to 42nd where i transfer to 7. Now i will be taking the local B/C train down from 116th. While my commute will be shorter it only took about 10 minutes at most off.

Also you really have to consider where you live and situation. For instance we looked at buying a place on 103rd and broadway, but ruled it out because my daughter will be starting at a school on 84th and columbus. In order to get her to school i would have had to take two buses or a subway and a bus to get her there and that is before even thinking of getting to work. Even staying in washington heights would have been more convenient.

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Response by ynotie29
over 15 years ago
Posts: 83
Member since: May 2009

Jason, I agree that some may exaggerate the commute time from Hudson Heights, but access to the Express A does often mean a faster commute downtown, as compared to those who take the 1 Local from the lower 100's.
My spouse commutes to Pace(near the Brooklyn bridge) on the A, and gets there in about 40mins.

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Response by notadmin
over 15 years ago
Posts: 3835
Member since: Jul 2008

> i know 2 people who signed leases within the last 6 months for doorman buildings in west or central harlem below 125th who paid the same or less. as jason pointed out, they shouldn't be charging you the fee or it should be rebated through a rent credit.

exactly right! this listing was posted in Harlem4Kids, which deviates and seems to be a RE blog sometimes.

http://www.nytimes.com/2010/08/10/nyregion/10bigcity.html?scp=1&sq=Harlem4Kids&st=cse

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Response by jason10006
over 15 years ago
Posts: 5257
Member since: Jan 2009

What are you people jabbering about? I said "it took me 45 minutes door to door on the 2/3 express from 116th".

EXPRESS. Not local, express. He was comparing the 1 LOCAL from 155th or whatever to the 2/3 EXPRESS from 116th, and saying his commute time on the LOCAL was 15 minutes faster than mine on the EXPRESS. Both the red line.

As for $2250 being too much...if it has 2 bathrooms and/or in unit w/d, maybe, maybe not. But no way you can find a doorman building right now with 2/2 and w/d in unit for $2250 below $125th. The closest you can get is a "virtual" doorman bldg at 124th/3rd where you can a 2/2 with WD in unit for about $2500. But when I looked a year ago, and rents were lower than now, there was nothing like what I have for $2250.

My place is $2610, net, for 26 months, 1200 SF with WD in unit and 24 hr doorman (but no concierge.)

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Response by asdfasf1234
over 15 years ago
Posts: 83
Member since: Jul 2010

Both buildings have doorman, 2 bathrooms, below 125th St
$2000
http://streeteasy.com/nyc/rental/657902-coop-1831-madison-avenue-east-harlem-new-york
$2250
http://streeteasy.com/nyc/rental/665129-condo-1400-fifth-avenue-central-harlem-new-york

Just to prove I am not making stuff up. Also, both people signed leases in February, which may be a weak month for rentals.

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Response by LENOXav
over 15 years ago
Posts: 150
Member since: May 2010

"Also helps insulate us in a weird way from bubble BS!
[Some happened, but not as much as elsewhere, and the drift back to a new reality is in FULL swing!]"

"This is the dumbest statement of the year. Sorry LENOXave, but the biggest bubble burst in NYC, including all the boroughs, was in HARLEM. Where else have you seen prices drop up to 50%?????

Welcome to reality."

Let me see if I can help E-DU-MA-Friggin-CATE U--AB11218!

Because "Pookie" and "Butter" are still hangin on certain corners slingin weed, crack, numbers or whatevah, NYC Matt, Bob_D, and all others like him, have stayed, and will continue to stay away from Harlem!
[THANK YOU, LORD!]

[in that weird way . . . ] THAT means that Rents, Sales Prices, never reached Full Bubble size, because there were never enuff 'wealthies' enuff to FINANCE max bubble size!
[read 'wealthies' any flippin way u want, thats why its there!]

NYC-Matt n Bob-D aint comin thru, even together, in "the New Harlem" . . . so guess who's taking advantage of the 50% Price drops? [those are your numbers, AB 11218, not mine, as I think we are at about 30%, with enough more to come in the next year or so!!]

Anyways . . . . HENCE, 'protection' and 'opportunity' for myself, and my peeps [of all the flavas, who CAN H A N G--and that would be the 'new' hang, not the hang of the good ol' days!] thats opportunity for US, to rent or purchase at less expensive cost, in the "drift to the new [Harlem] reality!"

FEEL ME; NOW, AB 11218??!!

Oooooh! . . . . so, is Harlem SAFE??
NOT for Y-O-U if you come on some online forum to ASK that question!

One of the main draws to Harlem keeping it uppermost in the minds of many who might not openly admit it, is Great Pricing relative to 'prime Manhattan' without the hustlenbustle!

The Transit/Transport Network via Harlem is excellent without ANY question!
A B C D 1 2 3 4 5 6 to wherever in quick time!
100 101 102 103 104 105 5 10 15 35 116X 125X 135X 145X whatevah!
Harlem River Dr West Side Highyway The Deegan Cross Bronx [well! . . . maybe not so much Cross Bx!]

. . . . just wish it didnt have so many Black people, . . . though, . . . right?

cause, in that weird way, again, THATS what helps INSULATE Harlem from the truly crazy bubble pricing that would follow wealthy newcomer renters and/or owners in great[ER!] numbers!

. . . . cant farm 'em ALL out to deep BK!!--they gotz too many babies on THE welfare, right?

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Response by w67thstreet
over 15 years ago
Posts: 9003
Member since: Dec 2008

LenoxAV, you getz a thumbs up from me.... but does not negate the fact when UWS 67th st. condos are trading for $500psf, you'll see $200psf in harlem. I hope you are renting... :)

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Response by jason10006
over 15 years ago
Posts: 5257
Member since: Jan 2009

Ok asdfasf1234, I don't think you are lying. But I was only looking at places with both doorman and WD in unit, and the ones you listed don't have that. And coops are cheaper than rentals in EVERY neighborhood, always. And the condo you showed is fee. Not no fee like mine. So not apples to apples. But I see your point, if TOP does not have a WD and or 2bth, perhaps one of the ones you posted would be better for the same price.

Lenoxav, you so crazy.

But I think its true that harlem has fallen the most per sf of all Manhattan neighborhoods...but just barely. Its not down 50% from the peak, that's just a plain lie. here is the 1, 5, and 10 year trends for harlem versus Manhattan. Harlem is up by more than Manhattan for the 10 and five year periods, but down by more year over year.

However as jmiller or urban digs would tell you, looking at one 'hood for one quarter is not a large enough sample size to state anything definitive. The fact that prices er sf are up 53% since 2005 while for NYC they are up 33% means that its a bit of a stretch to say Harlem has had the biggest tumble.

http://www.trulia.com/real_estate/Harlem-New_York/5131/market-trends/

http://www.trulia.com/real_estate/New_York-New_York/market-trends/

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Response by jason10006
over 15 years ago
Posts: 5257
Member since: Jan 2009

...sorry, i take that back. On a PSF basis, Harlem is up YOY while Manhattan is flat. So pretty much not a big issue. The main drop whathisface may be referring to is the abberent YOY drop after the closing of 110 CPN or whatever, where there were $10MM condos sold and such. ALL the industry reports said at the time that Harlem was up so much just because of that one building, and a year later down just because of it.

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