Tales from the rental market part 2

I wonder if people thought about what they really wanted in life during the last 20 months or so and decided they wanted to try living in NYC for the experience.

I hadn’t thought about that possibly; I could see that being a part of it.

So my midtown garage just raised the price on me. Anyone have success paying cash at a garage and getting a discount off the asking price?

Anyone know anything about 177 East 75th? This look cheap for the area: https://www.compass.com/listing/177-east-75th-street-unit-12b-manhattan-ny-10021/927018491822347593/

I get a discount (admittedly trivial) *because* I have automatic withdrawal, and don't make payments to the office at the garage. It's unlikely you'll get a discount for paying cash as the larger operators (Icon, SP, etc.) don't want the hassle and security concerns of handling it. The idea of getting a discount because you're paying cash 'off the books' may work in a non-chain garage, but is unlikely elsewhere.

177 E 75: That bedroom/den is a bit short on closet space. But: windows in baths and kitchens, a plus in my book. And central air, assuming it's any good, also a plus. Also: no pets. I like that neighborhood -- had friends who used to live on 73rd.

"Mouse just wants fine everything - private schools, car in the city, multiple take out meals a week, nice apartment in premium hood / location, and a lot of savings relative to his income. So burbs with top quality public schools is where he may find peace and happiness in my humble opinion. But only he and his family can make that decision."

Went through 2021 expenses in detail. You are correct that I want everything, and cannot afford it. Cuts are coming, immediately. Dropping FreshDirect.. looked at NetCost more closely and its clear I can save using NetCost.. however NetCost is not very allergy friendly so will try Stop&Shop which I think will be a little more than NetCost but still a bit less than FreshDirect. Switched Dry Cleaners. Will not longer be buying as much from Amazon... finding they are gouging on many items upon a closer look. But even larger behavior changes are needed and are coming.

Mouse, The order of cut is private school (assuming 2 kids $80k each with after school activities), car and weekend trips / second home (they all go together), and frequent takeout in the city. Groceries don't break the bank.

If it were to be me looking to cut cost (every one has different utility), weekend trips, associated staying cost, and that SUV + parking will go first. The city has plenty of stuff to do and lot of places for kids to run around.

Mouse, congratulations on your wise new year's resolutions.

Mouse, wow!
I agree with others that getting rid of the car and private school are great opportunities to save.
NYC public schools seem really good. I recently looked up my neighborhood public school - 10/10 on test scores according to greatschools.com. This is where I would send my kids, why not.
What is the rationale for a private school?

>> As an anecdote, ~150 unit condo building went across all of November and half of December without a single rental listing. One finally showed up last week. Nice apt, as a new sale it sold for less than 1/3rd (~30%) of what my apt sold for. Asking rent is only 25% less than what I’m paying going into my second year.

This rented in two weeks, over the holidays no less.

On the flip side, I am finally seeing inventory across the market increase by ~10% compared to last month.

In case people missed this:

https://www.nytimes.com/2022/03/07/nyregion/nyc-rent-surge.html
Rents Are Roaring Back in New York City
Gabbie Fried, an actor and comedy writer, had lived in New York City for 10 years and had never been able to afford her own place. Then, last February, she found a one-bedroom apartment she liked on the Upper West Side. At $1,945 per month, it was tantalizingly close to her price range — she moved in.
…

Old threads should be left to die, but in the spirit of Day of the Dead, I reanimate this one back to life.

Recall these pandemic gem in Tribeca from 2020:

> And post-pandemic, I'd upgrade to a larger, better apt by negotiating one of these down from $23K/mo to ~$20K/mo:

https://streeteasy.com/building/111-murray-street/45west

https://streeteasy.com/building/111-murray-street/47west

The first one’s back from the grave, teeth gnashing and frothing at the mouth for its $43K/mo revenge.

The second one is due for its rebirth in a couple of months.

That is a serious jump!! I would have thought $30k or so as new ask. Can they get it?

If the sale price like everything high-end is down (then the never lived in premium is gone), new price probably $10mm. At $40k per month ($450k per year rent roll including vacancy) and call it $15000x12 all-in expenses, $270k net at 2.7% cap. Not sure they get $40k.

Perhaps they will.
https://streeteasy.com/building/111-murray-street/46w

Perhaps, people seem to be going cuckoo for Tribeca. Personally, I’d take this one over those:

https://streeteasy.com/building/111-murray-street/rental/3980270