Need help finding someone to Sublet or take over a lease in the UES!

Sorry forgot the link: http://newyork.craigslist.org/mnh/sub/671627571.html

gee 3550.00 sounds way way way too steep for a far far far east one bedroom. On top of that do you really think anyone would be interested in moving out in the dead of the winter. Good luck with this one.

ha, thx for the encouragement :)

And yes, lots of people (like my wife and I) love Yorkville, and don't mind the fact that its far east. In fact, we just bought on 81st/1st. There is a certain allure to the area.

You always have to pay a premium for true outdoor space, and a Penthouse!

Moving out in the Winter stinks, trust me I have done it twice, but, in my scenario, the new tenant has the option to sign a new 12 month lease now, or to sign an extension (after my lease is over) with a guaranteed price now.

Any other ideas of ways I can market this?

Thanks!

Yeah try lowering the price. keep in mind you are east of York Avenue and getting to the train stain has to be a major pain.

To see if it is the price, check what other comps in the area are renting for. If that's it, then you will need to consider lowering the price.

I am bw First & York!

Normal "walk to work pace" to 77th St / Lex actually isn't so bad. I am in Rock Ctr (where I work) in 25 mins in the am, assuming I dont have to let the first 6 train go, thanks to overcrowding.

I'd rather not lower the price bc we have a mortgage to pay for, and my wife is expecting, so we have enough on our plate!

Agree with Houser, the silence speaks volumes about your current pricing strategy. Tons of market news about declines in the Manhattan rental market.

You probably signed a one or two year lease at 3550, it is worth less on a per month basis if they can only lease it for 6 months.

You may do better leasing it furnished too as it is a pain in the ass to move furniture in and out if you can only use it for six months.

Offer a free month's rent, offer to pay for their move-in expenses. Get creative.

the rent for the 6.5 months is $23,075. You have said that you have other things on your mind (pregnant wife, new apt you have bought and presumable also normal life and work matters). Therefore suggst you drop the price and get it shifted ASAP and move on. Any "loss" is just an additional cost of purchase of your new place. If you drop your price to 3,005 and get it offloaded for the full 6.5 months then this is the same as not renting it for one month and then gettng it rented for 3550 for the remaining 5.5 months. Drop the price. Take the loss as part of the apt buying costs and get on with your life. Oh and think of throwing in the furniture because how much would you get second hand anyway.

Alternatively if baby is due soon, keep the apt for a while and use it to sleep in to get a good night sleep with the wife and baby in the new apt !!

I won't comment on price, I have no idea of upper east side rentals, but I think your ad is one of your problems. Try adding two things:

1) Put a phone number people can call. It might be a pain but you have a better chance of getting responses. When I did that I was inundated with calls.
2) Have an open house this weekend and post this fact on craigslist. Just tell people you'll have an open house on Saturday between 9 am and 1 pm and let people come by. People will come.

Since it's a costly PENTHOUSE in Yorkville, how about the glam NewYorkSocialDiary.com? Don't know what the ad price might be but certainly the swells look at NYSD. Did you say penthouse? UES??

This reminds me of people who try to sell their two year old couch. It is like new, so they figure, well, it retailed at $2000, so I'll sell it for 25% off at $1500.

Except that it retailed at $2000, but at a certain time of year you probably could have bought it for $1200 brand new from the retailer, with the warranty and original receipt from the retailer.

So in absence of pricing at $800-$1000, it ain't gonna get sold, but the seller just doesn't get it.

Like this apartment renter ... wants the person to even take over for the half month that s/he is moving out, at full rent, no incentive whatsoever, and that person is then at the mercy after 6.5 months of whatever new rate the owner wants to charge....

Also, stop describing that glorified balcony as a huge private terrace!

and I thought that was a fire escape.

guys broker alarm here. Ok, I've been doing furnished rentals (short term rentals) for 8 years and the only problem you're having is that very very small group of people takes a lease that has 5-6 months left. The risk is too high plus the pain moving furniture and then eventually moving out again in a couple of months.
Those apartments only rent through good discounts or with furniture.
Oh, and I do agree with others the location is also an issue.

keep the space for family when the baby comes?

I appreciate everyone's comments...

A few points of clarification...the Terrace is a HUGE PRIVATE TERRACE...it is 26 feet by 8 feet with completely unobstructed city views! Take a look at the floorplan! I will change the photo of the terrace to better show it's true size. Good point.

I will add my phone number to the add, another good point.

My wife and I were considering having an OPEN HOUSE this weekend, so I guess we will for sure now! Although 9-1 won't work, maybe 11-2?

Agreed about the short-term lease vs. pain of moving, etc. That being said, my Mgmt Co has agreed to 2 possibilities: (1) they sign a brand new lease immediately, effectively terminating my lease OR (2)the Mgmt Co will provide a guarantee in writing (now) about what the rent will increase to. The Subletter then has the option to renew if he/she wants to.

Unfortunately we can't leave it furnished, bc we need the furniture for the new apt. We are considering buying a new dinner table, hence why we might be able to toss that into the deal (it's a standard glass square dinner table).

We considered dropping the price, but the problem is we certainly cannot drop it to $3,005/month. We flat out cannot afford to...worst case scenario if the apt goes vacant in June, there are enough people who need a 1 month rental, and then i will unfortunately continue to deal with the stress of finding someone to take it over for the remainder of the lease (or hope that the Mgmt Co is able to find someone).

Again, I really appreciate everyone's tips/pointers, please keep them coming!

Here is the new Craig's List link: http://newyork.craigslist.org/mnh/abo/672724923.html

I can't include the OPEN HOUSE details yet bc i need to confirm the timing with my wife first :)

Please let me know of other changes you all recommend!

Have not read all the posts above through completely, but I think you need to get some pictures for your Craigslist post that are in focus and more flattering to the apartment (looked at your new post already). As somebody who is using Craigslist right now, I would probably cruise past your ad because the pictures just don't make it look that appealing for the price (if it is just my computer that shows them as fuzzy, please ignore this). Maybe you have a friend with a good camera and a good eye for photos. Also, although you say that you cannot afford to drop the price $500, as somebody pointed out above, each month you fail to find a renter, you are essentially lowering the price anyway. Good luck!

Good news, the Mgmt Co agreed to lower the rent to $3350 for a new 12 month lease. It is still $3550 for a 6.5 month sublet though.

Not sure why the photos are coming up fuzzy...the only photo which does is the terrace photo bc i had to enlarge it...tomorrow morning before work (i.e. when it's sunny) i will take a new terrace photo...

Any more ideas?

http://newyork.craigslist.org/mnh/abo/672815861.html

The pics are not that great in my opinion very fuzzy. But the main problem is the gap between what you think it is worth and what other renters think (which also includes their options and neighborhood/proximity to train etc. . no matter what you think 1st and york is generally not seen as convenient). So good luck you keep saying you can't afford it - but the truth is, each month it goes unrented you also are losing money. good luck.

The pics are not that great in my opinion very fuzzy. But the main problem is the gap between what you think it is worth and what other renters think (which also includes their options and neighborhood/proximity to train etc. . no matter what you think 1st and york is generally not seen as convenient). So good luck you keep saying you can't afford it - but the truth is, each month it goes unrented you also are losing money. good luck.

Actually, my couch example isn't quite correct ... the couch will still be there if it doesn't sell at $1500 and the opportunity remains for the price to be cut.

The apartment however, is a perishable asset, like an airline seat. Mike, remember, Priceline is successful because it sells inventory at low prices that otherwise are beneficial to the airline who would otherwise get no revenue. You need to start thinking that way, otherwise you'll start to "not afford to cut" your way to no rental revenue at all.

Reminder, I'm not trying to make rental revenue, I'm trying to avoid a loss, to which there is no write-off available to me!

Honestly, it doesn't matter to me what I think it is worth, it only matters that I find someone to take over my apartment! Doesn't matter if it is via new lease at $3350 or a sublet at $3550. Bottom-line is I don't see any of that money, my (current soon to be previous) Mgmt Co does.

I am not arguing that it is not as convenient as say living on LEX or PARK; I am saying that there are truly nice things about living further East...mainly it's quiet, Carl Schultz Park and it's large dog run, etc...sure a 22 yr old right out of college might not love my location, but people who are starting a family, or have a large dog might (my 60 pound lab mix loves the C.S. Park Dog Run)...

For the record, the walk from Sutton Place is longer to a subway than my walk to the subway, and yet it's one of the most desirable places in the city to live (look at the prices over there!)...

I'll take entirely new photos tomorrow morning!

That being said, what do you all think a "reasonable" rent would be that would entice someone to take the apartment ASAP! I can't negotiate the price further down with the Mgmt Co since I already got them to drop $200 from what I pay, and $450 from what they initially wanted to charge for a new lease. I can only toss in my own out-of-pocket incentives, and I am not going to lie, there isn't much room in my finances right now...

If you know someone who needs an apt, pass them my way and if they want the place, I won't forget who referred them!

Not sure I've ever been in a penthouse, but...aren't they supposed to be....you know, nice?
I mean, I associate the word penthouse with luxury and extravagance and...
Maybe it's just me. Or maybe they changed the definition of the word, but...
The apartment in the pictures above doesn't look like a penthouse.

It's strange - i guess you aren't understanding our point. Of course the money goes to the management company - but we are saying that neither price might be low enough.

I also dont even see a sliding glass door to the lovely terrace you are highlighting. Honestly, I am a bad person to write but I actually would never consider very far east or very far west (and I consider between first and york to be very far east, as do many people). If I were to - it better be a special place and again - your penthouse is not giving that vibe. Now if it is neither special or conveniently located, then i hope it is a good price. And I think what we are saying is that the market silence is speaking to the desireability of this apartment (it is being compared to everything else being offered).

So you may need to even cut the price lower. Obviously, we know what the management company wants. What that means is that you would need to pay what they want and receive the lower amount and your loss would be mitigated (i.e. it isn't totally lost, just partially). If I have to explain that again - well then we are in different universes and it isn't worth explaining.

girlygirl77, haha we are in the same universe...I completely understand what you mean about the pricing. I will sit down and try to come up with some numbers that work with my budget, but there isn't much room unfortunately. Purchasing an apt + moving + new baby on the way + etc = walking a thin line!

Location is well, safe to say, a very personal opinion. To some, living far east or west is good, to others they want to be as close to the subway (and "action") as possible. I would rather live further East (on the East Side) than further West (on the West Side). Even though West End is probably closer to a subway than East End is. I've lived all over the city- Union Sq, Chelsea, "Chelsea Heights" (i.e Penn St area), Kips Bay, UES- and gladly welcomed the change when I moved to YORKVILLE.

I will take new photos to better advertise, I guess sometimes you don't see the fault in yr own work!

JohnKNYC, there are various types of Penthouses. There are the $10MM Park/Madison Ave penthouses, like where Spitzer's "lady friend" is probably living these days, and there are top floor apartments, also known as Penthouses. As I am sure you know, in general, the main benefits you get by living in the Penthouse are that (a) you generally have the best views as compared to any other apt in the bldg (b) there are usually fewer apts on yr floor (c) sometimes you get the best outdoor space. My PH has all 3 of those. I am not living like Paris Hilton, but then again if I was, then I really wouldn't care about losing my security deposit.

P.S. I'm not trying to be a PH snob bc the new place that we bought is on the second floor facing the back "courtyard"!

If you end up losing even one months rent, then your fixation on a particular price is worse than lowering the price.

Also having a minium of 6.5 months is also a bit of a joke. I think it should be 6 months. You are desperate to rent, but the renter has many other options. Why do they have to pick up the 1/2 month? Anyway, you should think about looking at it from the potential renter's perspective. And definitely do a search for comps in the area for a reality check too.

You're in a difficult situation...don't drive yourself crazy...lower the price rent it out quickly, relax and enjoy the thrill of having a baby.

true true, I am in the process of changing my closing date to the end of May, which will allow me to change my move date to 5/30, in which time hopefully the rental mkt will pick up a bit.

The Renter will then have the option of 6 month sublet or a new 12 month lease at a lower rate. Unless someone has to have a short term 6 month lease, then it is a no brainer on which option to take!

Mike, I think that you should take time to produce some professional photos to make the apartment look good. It is not very appealing with the photos you have. We were in the same boat as you are, but then our management company was very nice (they returned our security deposit without asking us find a replacement).

HI, i have taken new photos, let me know your thoughts on them!
http://newyork.craigslist.org/mnh/abo/676492869.html

Suggest you stand on the terrace and photograph through the window (open the window first) into the living room and then into the bedroom with as wide an angle lens as you have to create the impact of space as this is not achieved with the photo of the living room. If you only have a point and shoot camera, do you know anyone with a Nikon or Canon DSLR with a 12mm or so wide angle lens. Also suggest you declutter what you can from each room before you take the photo and if possible remove from the rooms and store elsewhere so that and people viewing see space and not clutter.

My 2c worth anyway