East Harlem

White Castle on 103rd street.
If you get the crave I couldn't think of a better place to live.....before sun down.

shaishustik: Are you looking to buy or rent?

Contemplating an opportunity to brand new (really nice finishes) studio units that I will be priced at $1,000.00 / month. U think they'll rent??

Contemplating developing that is...

they'll be snapped up quickly. the issue will be the turnover with no appreciation in rents.

Understood ab11218, thank u. Would love to hear more about ur thoughts on the appreciation issue

A few thoughts:

1. Why are you developing studios - Do you want renters who can only afford the cheapest apartment? There renters will be more "high-touch" than those with more dough.

2. Do you think high-end finishes will get you more in rent? If I could only afford $1,000 per month in rent, I would rather pay $900 and have a formica counter.

3. Low-100s btw 2nd and 3rd is a rough area. In central harlem, studios go for ~$1,000 when they are not on top of the projets. I would put $800 in your model and assume 15% vacancy. Also, add a line for legal fees. I hope this is your full time job.

Interesting Pawn, thank you. I prefer studios as i dont want to deal with larger family style units and one bedrooms tend to get shared with a fake wall and roommates so i think studios work well and have for me in the past. I think 15% vacancy rate is doable and i cant imagine having to go down to lower than $950.

shaishustik, sorry, don't mean to be pissy, but it seems like you have your answers already. if you "cant imagine having to go down to lower than $950" what's your point here?

is this a thinly-veiled advert?

shaishustik:
This would be your first building conversion (or do you own an empty lot?)

Get an experienced RE attny.
Same for the best structural engineer. (It must be built up to Dept.of Buildings code)
The best contractor too. (high end finishes mean nothing,if not)

How many rental units do you anticipate? What's the square footage? Good closet space? Walk-up or elevator? Laundry room in the basement?
A doorman? (which would be a BIG plus in that neighborhood).
Will you self-manage the building? Are you able to self-manage it? Carry property tax? Live-in super?
Add on managing agent fees, if you want to keep the building up to code and collect the rent.

Lots to think about for you to do it correctly.
There would be a market for those studios if you get it built correctly. Manage it properly.
Not just from low-class renters.
It can be marketed to perfectly fine renters: Medical professionals working at the hospitals (they get a rent subsidy from the hospitals they work for.) Broadway performers/actors/musicians.

Do it right, or not at all.

Good luck.

Just read your other thread discussion.
16 units? On how many floors?

No bathtubs is O.K.

I love Truth's "helpful" posts on subjects with which she has no experience whatsoever. The all take the same form:

"Command. Do this. Do that and that and that. Don't do this. Command Command Command. Strict Direction. Do this and that. Get the best A, Get the best B, Get the best C, and for D ... get the best. Question fragment. Question fragment. Question fragment. Command. Do this. Do that and that and that. Don't do this. Command Command Command. Strict Direction. Do this and that. Get the best A, Get the best B, Get the best C, and for D ... get the best. Question fragment. Question fragment. Question fragment. Command. Do this. Do that and that and that. Don't do this. Command Command Command. Strict Direction. Do this and that. Get the best A, Get the best B, Get the best C, and for D ... get the best. Question fragment. Question fragment. Question fragment. Command. Do this. Do that and that and that. Don't do this. Command Command Command. Strict Direction. Do this and that. Get the best A, Get the best B, Get the best C, and for D ... get the best. Question fragment. Question fragment. Question fragment. Command. Do this. Do that and that and that. Don't do this. Command Command Command. Strict Direction. Do this and that. Get the best A, Get the best B, Get the best C, and for D ... get the best. Question fragment. Question fragment. Question fragment."

thnk you all for the insight. The construction will be done all high end as i own the construction company and only put out the best. All else is taken care of, was just wondering about what everyone thought about the $1,000 price pt. I agree with the prospective tenants and was also thinking hunters new campus cant hurt

shaishustik: Just ignore alanhart,who is only here to disrupt the discussion. You can see that he has nothing to offer including any experience. He's just a troll.

As somewhereelse commented on your other thread: 1-bedrooms on Third in that area are going for $2200.
He knows somebody who lives there and so do I.
Affordable housing in Manhattan is in demand.

Luckily for you, you won't have alanhart as a tenant.
That's a plus right there.
So you won't have to wipe his old stupid racist ass off of the sidewalk.

and here's Wbottom, who ran away when Primer stood up to her.

i never run away..i go away...to the rest of my manly life...much of which involves involves impaling my girlfriend with my manhood...something you'll never know of....sadly

re primer, i have no problem, but do see fit to point out from time to time that his presence here is to promote himself and his business

aren't you some POS hasbeen entertainment lawyer, with a lot of worthless client memorabilia, and no friends??

im going to go away for a while now, dooshy

Its a fairly young and white area below 106th lately - the kids who would have moved to EV in the late 90s or Wburg more recently. A few "families" as in "is hamilton heights safe for families" as in non-poor-non-blatino families with small kids living in market rate units. Its not very "rough" at all below 106th, not at all. There are virtually zero studios for rent or sale - the smallest units, even in brand new bldgs are one bedrooms. So not a lot of comps. Its definitely more twenty-something roommate situations and families with pre-school kids who want (and can get) a 2 or 3 bd in a doorman bldg for $3k a month or less.

more twaddle from Wbottom.

jason: That's right.

aren't you some POS hasbeen entertainment lawyer, with a lot of worthless client memorabilia, and no friends??

Jason, thank you for the insight and i appreciate all your help

shaishustik: Just ignore alanhart. He's a do-nothing, has-nothing.
He's here only to disrupt this discussion.

Wbottom ran away from Primer after her attempt to insult him failed.
Another do-nothing has-nothing.

Not only are they unemployed -- they are unemployable.

but...what about you?
truth?
washed up has been?

whoops, sorry.

never been.

"Jason, thank you for the insight and i appreciate all your help"

I actually live on 101st, but used to live on 121st btw Lenox and 5th(and a half) so I know the areas pretty well. You get much better deliver service in lower-East Harlem than in Central, and obviously can walk to the Carnegie Hill/yorkville places, and so its attracting a different crowd. Central Harlem's gentrification is older and more families seeking larger places, and less of the youths.

Of course you do have projects in and around both, but so to do the UWS, LES, and Chelsea, so its not insurmountable.

and there's joy burger if you are carniverous

joy burger, which steadfastly refuses to join seamlessweb, grubhub, or delivery.com.

jason: You are doing well here in N.Y.C.
Plus you are honest and post good info here.
joy burger is a fave of many who live in that neighborhood.

jason10006, do you have a rebuttal to that?

Jason, is it fair to say that young professionals may be interested in brand new studios below 110th street off of second avenue with an attractive price pt? I agree about the families looker for larger units but that wouldnt be the play for this particular property

Professionals maybe. But most of the lets say "newer" residents are NOT wearing suits or biz cazh. More like hipster types. At least judging by who I see on the subway too and fro. More like i said the type that would have moved to the EV 10-15 years ago.

Got it, thx

we went to earl's (98th and park) the other night. i can't imagine that place existing there 10 years ago.

Truth -- Good for you, standing your ground. Like you should. The right way. Without verbs.

jason: I've seen a lot of hipster types in that neighborhood within the last 5 years or so.
Not-so-young professional/non-hipster types like living there too. My friend walks from his building over to work at the hospital.

A $1000 monthly rent sounds good to him. No bathtub is fine.
He's going to take a look around there to see where this building is.

Another friend lives in that neighborhood. Non-hipster and she works in Broadway theater.
She's seen a few buildings being converted and guesses that it's a four-story off the corner of Second ave. $1000 sounds good to her too.

shaishustik: If she asks for "Mr.saishustik" will you tell her who to make a deposit check out to?

As much as I hate to admit it--I'm a hipster. And I recently moved to East Harlem. I absolutely love the area. A bookseller friend of mine who lives in Yorkville once said "East Harlem is the only real NYC left in Manhattan". While that's a little extreme, I do admit that I find the place quite refreshing from the scene further south and across the river. I love East Harlem.

And, just so you know, my beautiful wife and I have never had any problems in East Harlem. She's gotten harassed more in the East Village than here.

aboutready
about 10 months ago
ignore this person
report abuse shaishustik, sorry, don't mean to be pissy, but it seems like you have your answers already. if you "cant imagine having to go down to lower than $950" what's your point here?

aboutready
about 10 months ago
ignore this person
report abuse is this a thinly-veiled advert?

"don't mean to pissy" what else did she mean then? reading this reminds me how lucky we are this twat isn't a regular on the board any longer.

crashlanding
about 2 hours ago
ignore this person
report abuse As much as I hate to admit it--I'm a hipster. And I recently moved to East Harlem. I absolutely love the area. A bookseller friend of mine who lives in Yorkville once said "East Harlem is the only real NYC left in Manhattan". While that's a little extreme, I do admit that I find the place quite refreshing from the scene further south and across the river. I love East Harlem.

And, just so you know, my beautiful wife and I have never had any problems in East Harlem. She's gotten harassed more in the East Village than here.

do you smell? have stupid facial hair? a drug problem? wear your trousers too tight?

it was much much nicer when you all stayed where the fuck you belong. in parts of brooklyn the rest of us didn't want to live in.

crashlanding, summer is just around the corner. just wait.....