How can I find a no fee rental?
Started by Nofeeplease
about 17 years ago
Posts: 2
Member since: Nov 2008
Discussion about
I am being relocated to New York City with my family after ten years in Europe. We are looking to rent a 3 bedroom apartment, preferably in the village but we are open to other neighborhoods. We are planning to buy in one-to-two years after the expected decline in real estate prices so it is a priority to minimize frictional costs, ie. broker's fee. Can anyone recommend either specific buildings or management companies to look into for nice no fee apartments in good manhattan neighborhoods?
Check the website of Ogden Cap Properties and look at their apt's.
Try this site for no fee rentals. I just happen to be linked to the Hell's Kitchen mid-town west area, but it covers all of NYC.
http://www.nybits.com/search/hells_kitchen.html
Finding a 3-bedroom in Greenwich Village is not going to be easy. If after looking on your own for a while you can't find anything, it may pay to use a broker if for no other reason than it may be an example of the rare situation a broker could actually provide value in locating what you cannot on your own. FWIW, Sol Goldman Investments has rental building without brokers/fees, but they are annoying to deal with. 640 5TH Ave Ste 3
New York, NY 10019-6102
(212) 265-2280
One such building is 20 Fifth Ave--a fantastic prewar building on lower Fifth Ave but I'm not sure there are 3 bedrooms, although I know there are 2-bedrooms. Unsure as to availability.
Go directly to websites of management companies, and/or call them. Off the top of my head, Glenwood, Rockrose, Rose & Associates, Carlyle Construction, Ogdencap. There are tons of others, there are threads here you can search to find them.
I am a broker that offers discount fees, if you are unable to find something that works for you give me a call. My clients never have to sign fee agreements and my fee can be as low as half a months rent. I am also in the process of working out some arrangements with owners to be paid by them, it would be a nominal fee so the rent won't be anymore than going to them directly. www.theburkhardtgroup.com
urbansherpany.co
nybits is no-fee.
Try 24 5th Ave. It's a Brodsky building managed by Douglass Elliman. Although it's a co-op, there always seem to be a fair number of sponsor-owned apartments for rent. I'd suggest you call the building's onsite management office; I believe the number is (212) 473-6877.
look at the apartments owned by related, rose, glenwood, rockrose, archstone. their buildings are some of the best rentals in the city, even though that's not saying much.
A three bedroom in the West Village that you actually like is probably not going to happen at any price point that you consider reasonable, so start thinking of other neighborhoods.
The last relos I worked with -- who came through this board -- were somewhat set on a three-bedroom in the West Village and changed their minds when they saw the available inventory. (They ended up further downtown). Most of what is out there is brokered. Secondly, unless you want to pay $12k-$15K for a entire townhouse you are generally looking at a duplex, one floor of which will probably be a bit of a walkup or not get light.
Depending on your needs, that might or might not work.
If you're still dead set, the best non-brokered unit out there is indeed in 24 Fifth (good call Bramstar!) It's not a true three, it's a two-bedroom where you can convert the dining room, but it is available at the low, low price of $9,500. The number for the leasing office is 646-761-5455.
ali r.
{downtown broker}
Hi, Ali - thanks for the corrected number; the number I posted may actually be for the shareholders' mgmt office (which used to handle rentals as well).
Depending on when the OP needs to relocate, it may make sense to at least put in a call to a place like 24 5th; even if there's nothing suitable available presently, they may be able to tell him if anything interesting is expected to come up in the next couple of months.
There's a true three listed for $!0K, but I show it as an Elliman listing.
ali r.
{downtown broker}
24 5th is currently managed by Elliman so it stands to reason the rentals would be listed by them. I'd call the building's onsite mgmt office directly before contacting Elliman's real estate office.
Thanks for all the info folks--very helpful. Ali, you are probably right about my location desire: it may have to go by the wayside in order to keep the rent at all reasonable. Unless I decide to leave the kids in Paris :).
I have to say that from what I can see there are available apartments and much, much more reasonable rents than I imagined. Perfectly decent Classic Sixes on the Upper West Side for under $6,000 with no fee is not what I was expecting but it looks like there are listings of that sort available. It won't be the West Village, but not a bad way to live (and less than I thought I would have to pay).
Thanks everyone.
The UWS is a quick subway ride from the West Village...there are worse places to live, like say the UES.
This thread is a sign of things to come: lots of interest in no and low fee--and more and more units being marketed that way.
A Parisian!
Je travaille quelquefois en SoHo et j'etudie <> -- vachement difficile!
If you do end up wanting to come downtown, give me a holler at ali [at} dgneary {dot} com - I do everything south of the Park and I have relo'd many happy clients -- but you will find much, much better values above 59th Street, and it's not just the fee problem.
When you're looking at townhouse-y type things uptown, pay attention to school districts, stairs vs. elevators (depending on how old the kids are) and ask about noise and mice (technically, the listing agent/property manager doesn't have to volunteer that info, but they are supposed to answer those questions honestly).
I also have friends who have had happy years in luxury rental buildings such as those mentioned above. I would add Related Rentals to the list -- I have one client who's a very picky lawyer who has had a very good experience with Related, and they're no-fee.
ali r.
{downtown broker}
interesting that that bracket blipped out -- it was supposed to say "realtor French"
ali r.
reprinted -
AVOID BROKERS AND THEIR FEES - GO DIRECTLY TO THE SOURCE OF YOUR RENTAL NEEDS. BROKERS TEND TO TAKE YOU TO SEE THESE NO-FEE APARTMENTS FIRST AS THEY EARN 100% OF YOUR 15% BROKER'S FEE. HUSH...HUSH... THEY WILL NOT TELL YOU IT'S A NO-FEE RENTAL PROPERTY :( NOR WILL THEY REPRESENT THAT PRIOR TO SEEING THE APARTMENT. SO IF YOU NEED TO RENT, CHECK OUT THE RENTAL PROPERTY MANAGEMENT WEBSITES AND CALL THEM FOR UPDATED LISTINGS. SAVE YOURSELF THAT 15% TO BUY YOURSELF NEW FURNITURE OR HAVE A MOVE-IN WELCOME PARTY FOR FRIENDS AND FAMILY.
Excellent “BIG-TIME” Manhattan Rental Property Management:
Rose (www rosenyc com)
Related Rentals (www relatedrentals com)
Equity Residental (www eqr com)
Rockrose Management (www rockrosenyc com) [mostly chelsea, village, financial district, downtown condos]
Sky Management (www skymanagement com)
Glenwood Managment (www glenwoodnyc com)
BLDG Management Co. 115 E 92nd St New York, NY 10128 (212) 722-4931
Brodsky Management, Inc (www brodskyorg com)
Maclowe Management (www macklowe com) [condos below 60th street]
Urban Associates – 400 W 59th St # 3, New York, NY (212) 245-1870
Above average property management (mostly prewar lowrise to a few postwar)
ATA Enterprise (www ataenterprises com)
Below Average no-fee properties [aka slumlord]:
Jakobson Properties (www nofeerentals com)
Good luck
Pay no fee -- some of these buildings are now offering 1 mo free rent on to of no fee -- the brokers will keep the 1 mo free rent as a quiet fee - so do the leg work yourself and SAVE!
Don't give up on the village yet! I raised 2 children there, they started at west village nursery school(1st second generation students as my wife attended in the 60's) and then went on to PS.3. I just rented a 3 bedroom townhouse at 45 Horatio street for $6500(my exclusive see it at www.theburkhardtgroup.com ) and did a deal on a 3 bedroom at 95 Horatio street 1800 square feet for $5800 last week. There are deals out there and the WV is sooooooooooooo much better than upper west! Best of luck!
Broadwall Management Company is also no fee.
You know, not sure why we didn't think of this... but your best bet is probably...
Find a paniced buyer.
TONS of folks who are worried about affording seem to be renting recent purchases. Particularly "investor" buildings.
Or the developers who can't sell. Times covered that months ago.... consider approaching some of these not fully sold developments.
"paniced" = "panicked."
manhattanfox - all of those management companies advertise on nybits.com. Don't forget B&L, cheaper than all of them for luxury. Some - Jakobson - have real crap properties.
""the WV is sooooooooooooo much better than upper west! Best of luck!""
No way. I've lived in both and vastly prefer UWS. Very kid-friendly.