Skip Navigation

Rockrose/200 Water---to renew or not to renew?

Started by mlhyyz
almost 16 years ago
Posts: 5
Member since: Sep 2010
Discussion about
My husband and I moved into a 1 bedroom at 200 Water St. last fall. Our lease is up and we are being asked to pay $500 more/month (our rent is going from $2550 to $3050). We really like our apartment and the building, but can't afford the extra $6000/year. A few questions: 1. What is the best way to renegotiate our lease? 2. What are some of the best value apartment buildings in the financial district for us to check out? 3. If we want to check out other buildings in the financial district, do we have to get a broker to show us around? Is there a list of buildings in the area that will show up apartments without brokers? Thanks!
Response by evnyc
almost 16 years ago
Posts: 1844
Member since: Aug 2008

I'm also in a Rockrose building, and when we tried to negotiate last year found that they were very, very unwilling to negotiate. Your best bet is to try NY Bits and Streeteasy, look for same-building comps and be forewarned that the data in both places is not that robust. It doesn't take into account concessions and so forth - there just isn't as much transparency in the rental market. Also see if you can find any near competitors like Glenwood, Rose Associates, Related, etc. that are offering concessions. My view is that a broker is not going to help you very much, but a few calls to leasing offices at other buildings will. Plus you can get some of the legwork out of the way if you do decide to move.

Rockrose has a well-deserved reputation for being very difficult to deal with. Good luck.

Ignored comment. Unhide
Response by malthus
almost 16 years ago
Posts: 1333
Member since: Feb 2009

Your best way to renegotiate is to make it clear that you will leave. It sounds like this would not be a bluff anyway since you have stated already you can't afford it. Make them a counteroffer. As much as it costs to move, it costs them to have a vacant apartment for at least a month. Landlords count on the fact that tenants hate to move and will pay to avoid it.

Ignored comment. Unhide
Response by jamba97
almost 16 years ago
Posts: 79
Member since: Dec 2009

2 gold

Ignored comment. Unhide
Response by inonada
almost 16 years ago
Posts: 8085
Member since: Oct 2008

When exactly is your lease up? Your best bet is to find one or two alternative places you'd actually be happy to move into unless they give you a rent of X. Having the cards is much easier than bluffing.

Ignored comment. Unhide
Response by omega
almost 16 years ago
Posts: 61
Member since: Sep 2010

You should also see if there are any other 1 BRs available in your building. Call Rockrose annonymously and see if they are offering any concessions on those 1 BRs. If they are, offer to renew with the same concessions.

Ignored comment. Unhide
Response by mlhyyz
almost 16 years ago
Posts: 5
Member since: Sep 2010

Thanks for the advice so far! (I just realized that I posted in Sales when I should have posted in Rentals -- my apologies)

What is the best way to go about finding alternative 1 bedrooms in the financial district? Should I print out Craigslist posts to present to the Rockrose leasing agent (is that even a credible source considering a lot of them may be fake ads posted by brokers)? NYTimes? Check out places by setting up appointments or walking around?

Ignored comment. Unhide
Response by evnyc
almost 16 years ago
Posts: 1844
Member since: Aug 2008

Craigslist is useless; it is not a credible source and will detonate your case if you attempt to use it.

NYBits.com and Streeteasy are places to start, but you will want to go to the leasing offices websites to check on availability. Making calls posing as a renter is also a reasonable bet. Inonada is right that the best bet is having the cards in hand before negotiating, and being prepared to walk if you can't reach a deal.

Ignored comment. Unhide
Response by evnyc
almost 16 years ago
Posts: 1844
Member since: Aug 2008
Ignored comment. Unhide
Response by mlhyyz
almost 16 years ago
Posts: 5
Member since: Sep 2010

Great! I had a friend call the Rockrose leasing agent (as per omega's recommendation) and they are not offering concessions to new renters.

I just called 2 Gold and they offer one month free over a 12 month lease (so a $3050 apartment ends up being $2800).

I will continue the hunt and keep you posted! Thanks again to everyone for their advice so far!

Ignored comment. Unhide

Add Your Comment