I'm one of the "few" MBAs who is moving to the city to start a finance job in late June. Unfortunately, I'm having surgery that will keep me off my feet for all of April and May, so I've started my search early. I found a good place on the UWS on Columbus in the 70s. 1-bed, about 480SF, 3-story pre-war walk-up, no d/w, but modern - of the 3 places I saw on the UWS (and 10 that I saw in Manhattan... [more]
I'm one of the "few" MBAs who is moving to the city to start a finance job in late June. Unfortunately, I'm having surgery that will keep me off my feet for all of April and May, so I've started my search early.
I found a good place on the UWS on Columbus in the 70s. 1-bed, about 480SF, 3-story pre-war walk-up, no d/w, but modern - of the 3 places I saw on the UWS (and 10 that I saw in Manhattan that day), this seemed like a good deal, if not great. Problem is that the lease start date is mid-April, so I'd be paying for about 1.5 months that I won't use. The landlord is asking 2100/month and there would be a broker's fee involved. Without surgery, I wouldn't have been looking so early, and it's possible that I could return in late May/early June, but I'm concerned that I won't be able to get a comparable place, and particularly not for 2100/month, when I can return and look in two months (start of June).
Is it worth the risk to sign for 2100/month and pay some extra fees/rent up front, or would your balk at the fee and the early move-in date given the market, instead expecting to find something comparable at the beginning of June? Thanks for your thoughts...
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Response by graziavi
almost 17 years ago
Posts: 9
Member since: Mar 2009
Hey, I'm renting my place in Greenwich Village. Very small fee for the co-op. I am the owner. Lease starts July 1. 2300 a month. Email me at graziavi1@yahoo.com. Here is the listing on cl: http://newyork.craigslist.org/mnh/abo/1087812456.html
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Response by wva97
almost 17 years ago
Posts: 9
Member since: Mar 2009
thanks and looks nice, but i prefer to be uptown and near CP
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Response by jmkeenan
almost 17 years ago
Posts: 178
Member since: Jan 2009
Wva, I fear you have fallen for the broker pitch.
650 sqft 1 bed in The Westmont (Archstone building - 730 Columbus) is available for 2530 on 6/6.2009. Price is 2530, there is no broker fee, you get a dishwasher and a doorman. You could probably negotiate it down from there.
Have you looked at or used NYBits? I would work with the big buildings -- no fees, and probably more negotiable on move in date etc.
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Response by jmkeenan
almost 17 years ago
Posts: 178
Member since: Jan 2009
Wva, how bad is it this year for your MBA class? Can you give us an idea how many fewer people from your school will be relocating to NYC?
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Response by wva97
almost 17 years ago
Posts: 9
Member since: Mar 2009
Sure. This year, the number of folks headed to NYC full time is probably very similar to last year, at least in finance roles the numbers weren't all that different from 08. The biggest change I've noticed is the number of students headed to NYC for summer internships - that number is down by half from the previous year. If the market stays down and firms don't hire FT on the back end, summer 2010 will be the big drop-off, not summer 2009.
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Response by evnyc
almost 17 years ago
Posts: 1844
Member since: Aug 2008
wva, congratulations on the job. 480 sf sounds like a studio with an ad-hoc wall up to me. Plus, in this environment there is no reason to pay a broker's fee. I just moved into a new place myself, and after dealing with both small, fee-based landlords and the management companies people mention on this site, I have to say I much prefer the management companies. Try Rose Associates, Archstone, RockRose, Broadwall...I forget the others, but there are many with locations throughout the city, and most are offering several months of free rent. I wouldn't advise beginning a lease 1.5 months early.
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Response by front_porch
almost 17 years ago
Posts: 5320
Member since: Mar 2008
Are you still in town? We are moving to a larger apartment and will have our condo available for rent in late June.
It is a large studio, around 550 square feet, with a Queen-sized Murphy bed, separate 5 by 8 room that can double as an office or a den, south exposure ..in a doorman elevator building with laundry, garden, etc. on West 56th with easy access to Central Park.
I imagine we would be looking for around $2100.
Even if you don't want a studio, that price for a one-bedroom walkup of the same size, plus a broker fee, seems a little pricey to me. I'm not sure it's worth the empty month and a half.
ali r.
{downtown broker{
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Response by bjw2103
almost 17 years ago
Posts: 6236
Member since: Jul 2007
wva97, who is the landlord for the 1-bed apt? I only ask because I've lived in that exact area and my former landlord owns quite a few buildings there. Especially for someone in your situation, I would strongly advise not renting from this particular landlord. Unless you know the city very well, you may be better off following evnyc's advice and negotiating with one of the larger management companies at this point.
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Response by wva97
almost 17 years ago
Posts: 9
Member since: Mar 2009
not certain of the landlord, but it's a gentleman, and the place is between columbus and 'dam.
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Response by mercuricoxide
almost 17 years ago
Posts: 73
Member since: Dec 2008
You should definitely wait until early June. There is no rush at all, there are plenty of deals in this market, you will undoubtedly find a place around then, and most likely for a better price.
You can get a 1 bed in a doorman/elevator building like the archstone uptown near your price.
The vacancy rate is no longer 1%, so acting anxious will only expose yourself as easy prey to some predatory agents (most likely the one you're dealing with)
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Response by wva97
almost 17 years ago
Posts: 9
Member since: Mar 2009
fair points. i don't want to be above 76th though, and this place is nice. can't seem to justify a full fee and 1.5 months of rent going toward nothing, however.
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Response by mercuricoxide
almost 17 years ago
Posts: 73
Member since: Dec 2008
Hey wva. So I get my RE license next week and would love to help you find a place in June if you'd like. I would only show you no fee places, and I'm pretty sure I can find you a 1 bedroom below 76th in your price range.
I know Manhattan very well as my parents are real estate developers here.
Let me know
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Response by jason10006
almost 17 years ago
Posts: 5257
Member since: Jan 2009
You are NUTS if you go through with it. This a renters market, and its only going to get worse...for landlords. No reason whatsoever to pay a fee and not have a DW in this market. Unless you will be physically incapable of looking, wait, and certainly get a free month to make up for any fees.
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Response by alanhart
almost 17 years ago
Posts: 12397
Member since: Feb 2007
wva97, front_porch / ali r. is one of the most helpful, on-the-level people to post regularly on this discussion board, and if I'm not mistaken her building is one of the more prestigious in the City. You can be sure she's not just hooking you in for a broker bait-n-switch. You'd do well to contact her about the place if you haven't already.
Unless a studio is not acceptable to you. At around 500 sf, I would prefer a more open space than two separate rooms.
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Response by wva97
almost 17 years ago
Posts: 9
Member since: Mar 2009
front porch, i'm in the city through this afternoon. please contact me if you are availble to discuss the apartment you mentioned today. i'm at wva97 at yahoo.com
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Response by uwsmom
almost 17 years ago
Posts: 1945
Member since: Dec 2008
wva97 - so, your job starts late June and you wouldn't start looking again until early June. That's cutting it pretty close, however, I agree w/ others who have said you could probably get a similar or better deal in June. I'm sure you could find a place within a week or two max. Inventory is high and I think it's just going to go up this summer. Although, I can understand wanting piece of mind before going into surgery and if you are comfortable paying the extra expense it will be a great weight off your shoulders. I will also add that we live off Columbus in mid 70's and absolutely love the area. When we saw our place, we jumped on it (also a good deal to us compared to other places we saw, but this was in 2004). It's a little different now. Trust your instincts.
Good luck with surgery and apartment hunting.
Welcome to the neighborhood. It's a good one!!
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Response by uwsmom
almost 17 years ago
Posts: 1945
Member since: Dec 2008
btw - The apartment above us is vacant. I wonder if you looked at it. 3rd floor of brownstone, back of building, terrace (maybe 10x12), smaller than ours so maybe about the size you mentioned. It's been vacant for at least 6 months. We've lived in this building for 5 years and I've never seen an apartment sit for longer than a month or two. Draw your own conclusions...
I have no idea what they're asking. Must be too much since it's been sitting for so long.
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Response by wva97
almost 17 years ago
Posts: 9
Member since: Mar 2009
ladies and gents, thank you for your support and suggestions. i signed on a different place today also on the UWS; no fee and a june move-in. ta-da! thank you all for the feedback.
Hey, I'm renting my place in Greenwich Village. Very small fee for the co-op. I am the owner. Lease starts July 1. 2300 a month. Email me at graziavi1@yahoo.com. Here is the listing on cl: http://newyork.craigslist.org/mnh/abo/1087812456.html
thanks and looks nice, but i prefer to be uptown and near CP
Wva, I fear you have fallen for the broker pitch.
650 sqft 1 bed in The Westmont (Archstone building - 730 Columbus) is available for 2530 on 6/6.2009. Price is 2530, there is no broker fee, you get a dishwasher and a doorman. You could probably negotiate it down from there.
Have you looked at or used NYBits? I would work with the big buildings -- no fees, and probably more negotiable on move in date etc.
Wva, how bad is it this year for your MBA class? Can you give us an idea how many fewer people from your school will be relocating to NYC?
Sure. This year, the number of folks headed to NYC full time is probably very similar to last year, at least in finance roles the numbers weren't all that different from 08. The biggest change I've noticed is the number of students headed to NYC for summer internships - that number is down by half from the previous year. If the market stays down and firms don't hire FT on the back end, summer 2010 will be the big drop-off, not summer 2009.
wva, congratulations on the job. 480 sf sounds like a studio with an ad-hoc wall up to me. Plus, in this environment there is no reason to pay a broker's fee. I just moved into a new place myself, and after dealing with both small, fee-based landlords and the management companies people mention on this site, I have to say I much prefer the management companies. Try Rose Associates, Archstone, RockRose, Broadwall...I forget the others, but there are many with locations throughout the city, and most are offering several months of free rent. I wouldn't advise beginning a lease 1.5 months early.
Are you still in town? We are moving to a larger apartment and will have our condo available for rent in late June.
It is a large studio, around 550 square feet, with a Queen-sized Murphy bed, separate 5 by 8 room that can double as an office or a den, south exposure ..in a doorman elevator building with laundry, garden, etc. on West 56th with easy access to Central Park.
I imagine we would be looking for around $2100.
Even if you don't want a studio, that price for a one-bedroom walkup of the same size, plus a broker fee, seems a little pricey to me. I'm not sure it's worth the empty month and a half.
ali r.
{downtown broker{
wva97, who is the landlord for the 1-bed apt? I only ask because I've lived in that exact area and my former landlord owns quite a few buildings there. Especially for someone in your situation, I would strongly advise not renting from this particular landlord. Unless you know the city very well, you may be better off following evnyc's advice and negotiating with one of the larger management companies at this point.
not certain of the landlord, but it's a gentleman, and the place is between columbus and 'dam.
You should definitely wait until early June. There is no rush at all, there are plenty of deals in this market, you will undoubtedly find a place around then, and most likely for a better price.
You can get a 1 bed in a doorman/elevator building like the archstone uptown near your price.
The vacancy rate is no longer 1%, so acting anxious will only expose yourself as easy prey to some predatory agents (most likely the one you're dealing with)
fair points. i don't want to be above 76th though, and this place is nice. can't seem to justify a full fee and 1.5 months of rent going toward nothing, however.
Hey wva. So I get my RE license next week and would love to help you find a place in June if you'd like. I would only show you no fee places, and I'm pretty sure I can find you a 1 bedroom below 76th in your price range.
I know Manhattan very well as my parents are real estate developers here.
Let me know
You are NUTS if you go through with it. This a renters market, and its only going to get worse...for landlords. No reason whatsoever to pay a fee and not have a DW in this market. Unless you will be physically incapable of looking, wait, and certainly get a free month to make up for any fees.
wva97, front_porch / ali r. is one of the most helpful, on-the-level people to post regularly on this discussion board, and if I'm not mistaken her building is one of the more prestigious in the City. You can be sure she's not just hooking you in for a broker bait-n-switch. You'd do well to contact her about the place if you haven't already.
Unless a studio is not acceptable to you. At around 500 sf, I would prefer a more open space than two separate rooms.
front porch, i'm in the city through this afternoon. please contact me if you are availble to discuss the apartment you mentioned today. i'm at wva97 at yahoo.com
wva97 - so, your job starts late June and you wouldn't start looking again until early June. That's cutting it pretty close, however, I agree w/ others who have said you could probably get a similar or better deal in June. I'm sure you could find a place within a week or two max. Inventory is high and I think it's just going to go up this summer. Although, I can understand wanting piece of mind before going into surgery and if you are comfortable paying the extra expense it will be a great weight off your shoulders. I will also add that we live off Columbus in mid 70's and absolutely love the area. When we saw our place, we jumped on it (also a good deal to us compared to other places we saw, but this was in 2004). It's a little different now. Trust your instincts.
Good luck with surgery and apartment hunting.
Welcome to the neighborhood. It's a good one!!
btw - The apartment above us is vacant. I wonder if you looked at it. 3rd floor of brownstone, back of building, terrace (maybe 10x12), smaller than ours so maybe about the size you mentioned. It's been vacant for at least 6 months. We've lived in this building for 5 years and I've never seen an apartment sit for longer than a month or two. Draw your own conclusions...
I have no idea what they're asking. Must be too much since it's been sitting for so long.
ladies and gents, thank you for your support and suggestions. i signed on a different place today also on the UWS; no fee and a june move-in. ta-da! thank you all for the feedback.
Congrats & best of luck to you!