Hey - any advice for a new guy to NYC? I was out looking for a rental in Tribeca and on a random walk-in to 295 Greenwich St, found a great place. 802 square feet, totally renovated kitchen and bathroom, massive windows with lots of light. I love it but want to be sure that I'm not overpaying - the rent is listed at $3395 with one month paid by landlord which brings true cost to $3112. Broker is... [more]
Hey - any advice for a new guy to NYC? I was out looking for a rental in Tribeca and on a random walk-in to 295 Greenwich St, found a great place. 802 square feet, totally renovated kitchen and bathroom, massive windows with lots of light. I love it but want to be sure that I'm not overpaying - the rent is listed at $3395 with one month paid by landlord which brings true cost to $3112. Broker is willing to play ball on the brokerage fee as well.
Seems as if it's really a good deal, but because I'm new to the city, I don't really have a sense of the market (been crashing with a friend on the upper west side). Any thoughts out there? From doing some research on streeteasy, the price looks really good and I can't imagine it's going to be available for too long. I also like that it's in a condo, and so avoid the dormitory atmosphere of some of the rental towers I've been looking at.
Thanks for your help
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Response by NYFinancier
almost 17 years ago
Posts: 5
Member since: Aug 2007
I don't think that sounds too bad, but I imagine you will get a ton of replies saying its way too expensive. Chambers isn't the best of streets, but could be worse. If you could get it for ~ $3k per month, you'd probably be pretty close to market.
Just one opinion though! Good luck.
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Response by NYCnewbieBill
almost 17 years ago
Posts: 10
Member since: Mar 2009
Definitely helps, thank you. My girlfriend loves it, it has 4 killer closets - what's with women and closets anyway?? I digress ...
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Response by cvthompson
almost 17 years ago
Posts: 2
Member since: Nov 2005
It's a great building, well managed, good mix of units so you have families, couples and singles. It's across the street from PS234, which it nice and friendly with parents constantly going in and out. It's close to all the downtown subways. I live a block away and I have several friends who own in 295 and 275.
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Response by NYCnewbieBill
almost 17 years ago
Posts: 10
Member since: Mar 2009
Thanks guys. Even though I don't have kids I like the school across the street. And I was worried about Chambers at first, but this apartment is on the Warren Street corner, which seems much quieter. The landlord is holding pretty firm on price and frankly I don't blame them - it seems to be a great value for the money. I'm in the process of moving here for work from LA for my job and was expecting to pay $3400-3800 for something smaller. Is it possible that NY is actually a bargain now??
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Response by changedropper
almost 17 years ago
Posts: 37
Member since: Mar 2009
Yeah, you are getting a pretty good deal for today-I am looking as well and have done lots of research-who knows about 3 months from now. I would just get a 1 year lease. Prices on their way down even further.
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Response by front_porch
almost 17 years ago
Posts: 5320
Member since: Mar 2008
I am not the broker on that listing but I have seen it and I too (female) dig the closets ...
ali r.
{downtown broker}
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Response by NYCnewbieBill
almost 17 years ago
Posts: 10
Member since: Mar 2009
Is it standard in NY to do 6 month leases or provide for a rent adjustment after 6 months or so? Not something I had considered before. The broker did tell me that the landlord would consider a 2 year lease, but it hadn't occurred to me to see if a shorter lease was possible. Not that I would want to move after 6 months but if everyone is so convinced that prices will continue dropping, well ...
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Response by crescent22
almost 17 years ago
Posts: 953
Member since: Apr 2008
Do not ask what is standard. Anything is negotiable now. Find a similar condo without a broker and save yourself $3000 or $2000 discounted or whatever.
Heck, call the guy with the ad in streeteasy for 2995, looks like a similar unit in the same building.
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Response by NYCnewbieBill
almost 17 years ago
Posts: 10
Member since: Mar 2009
Hey, thanks everyone. Fingers crossed I will get the place I'm after. And my girlfriend came up with a strategy that proves that she's smarter than me - we're asking for a 2 year lease, because it seems pretty likely that the current market rate of apartments will reverse and prices go back up once employment starts rising again in the city. And since we're hoping to rent for 2 years anyway, why not lock in a good price now rather than kicking ourselves later.
Thanks again
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Response by Jerkstore
almost 17 years ago
Posts: 474
Member since: Feb 2007
With 'true cost' at $3112, I would offer $2112 and see if Geddy Lee will move in with you.
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Response by NYC10013
almost 17 years ago
Posts: 464
Member since: Jan 2007
Why not do a one year lease with an option (one way for you, not landlord) to renew at the same rent? That way you can renegotiate after one year if rents continue to decline as they should (no offense to your GF).
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Response by HT1
almost 17 years ago
Posts: 396
Member since: Mar 2009
Tribeca is totally overpriced.
Much better deals on boring UES.
But that's just me.
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Response by HT1
almost 17 years ago
Posts: 396
Member since: Mar 2009
this post must be a fake
2y lease contract - one must be nuts to lock in today's still to high rates for 2 years.
go for a monthly deal (just kidding) but prices will decline, decline, decline.
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Response by NYCnewbieBill
almost 17 years ago
Posts: 10
Member since: Mar 2009
Ha ha, totally not a fake, HT1, but thanks for looking out for me. Lots of fakes on blogs, I know. Yes, I rethought the 2 year thing as well (keep in mind I'm new to NY and particularly soft-brained anyway). So going for the 1 year lease. thanks again
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Response by evnyc
almost 17 years ago
Posts: 1844
Member since: Aug 2008
Ask for 2 free months, owner paid fee, and a rent reduction; you can probably get it! Also you might try looking at Rockrose, Rose Associates, Archstone and some other developers - if you deal with them directly the broker's fee becomes a non-issue and you have more leeway to negotiate. Good luck and welcome to the nabe.
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Response by front_porch
almost 17 years ago
Posts: 5320
Member since: Mar 2008
The apartment that Bill is looking at (which again, is not my listing) is significantly larger than many of the no-fee apartments that evnyc lists above.
I know many posters on this board hate paying brokers, but if you skip those costs and go straight to the developers, they often take the transaction costs out of the deal by offering you smaller apartments.
ali r.
{downtown broker}
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Response by NYCnewbieBill
almost 17 years ago
Posts: 10
Member since: Mar 2009
Hi evnyc - think we've got a rent reduction, broker fee reduction and free month - I think we did pretty good. And after tripping around the various buildings, I know that this is a really good deal for today's market on a per-square-foot basis. Also to front porch's comment - it was my observation too that the apartments in condos are usually listed by a broker. Of course I would prefer not to pay the broker fee also - who would? - but the quality of places that they showed me was considerably higher than what I was seeing in the rental towers. So I'm satisfied. Now all I need to do is get the deal closed ...
I don't think that sounds too bad, but I imagine you will get a ton of replies saying its way too expensive. Chambers isn't the best of streets, but could be worse. If you could get it for ~ $3k per month, you'd probably be pretty close to market.
Just one opinion though! Good luck.
Definitely helps, thank you. My girlfriend loves it, it has 4 killer closets - what's with women and closets anyway?? I digress ...
It's a great building, well managed, good mix of units so you have families, couples and singles. It's across the street from PS234, which it nice and friendly with parents constantly going in and out. It's close to all the downtown subways. I live a block away and I have several friends who own in 295 and 275.
Thanks guys. Even though I don't have kids I like the school across the street. And I was worried about Chambers at first, but this apartment is on the Warren Street corner, which seems much quieter. The landlord is holding pretty firm on price and frankly I don't blame them - it seems to be a great value for the money. I'm in the process of moving here for work from LA for my job and was expecting to pay $3400-3800 for something smaller. Is it possible that NY is actually a bargain now??
Yeah, you are getting a pretty good deal for today-I am looking as well and have done lots of research-who knows about 3 months from now. I would just get a 1 year lease. Prices on their way down even further.
I am not the broker on that listing but I have seen it and I too (female) dig the closets ...
ali r.
{downtown broker}
Is it standard in NY to do 6 month leases or provide for a rent adjustment after 6 months or so? Not something I had considered before. The broker did tell me that the landlord would consider a 2 year lease, but it hadn't occurred to me to see if a shorter lease was possible. Not that I would want to move after 6 months but if everyone is so convinced that prices will continue dropping, well ...
Do not ask what is standard. Anything is negotiable now. Find a similar condo without a broker and save yourself $3000 or $2000 discounted or whatever.
Heck, call the guy with the ad in streeteasy for 2995, looks like a similar unit in the same building.
Hey, thanks everyone. Fingers crossed I will get the place I'm after. And my girlfriend came up with a strategy that proves that she's smarter than me - we're asking for a 2 year lease, because it seems pretty likely that the current market rate of apartments will reverse and prices go back up once employment starts rising again in the city. And since we're hoping to rent for 2 years anyway, why not lock in a good price now rather than kicking ourselves later.
Thanks again
With 'true cost' at $3112, I would offer $2112 and see if Geddy Lee will move in with you.
Why not do a one year lease with an option (one way for you, not landlord) to renew at the same rent? That way you can renegotiate after one year if rents continue to decline as they should (no offense to your GF).
Tribeca is totally overpriced.
Much better deals on boring UES.
But that's just me.
this post must be a fake
2y lease contract - one must be nuts to lock in today's still to high rates for 2 years.
go for a monthly deal (just kidding) but prices will decline, decline, decline.
Ha ha, totally not a fake, HT1, but thanks for looking out for me. Lots of fakes on blogs, I know. Yes, I rethought the 2 year thing as well (keep in mind I'm new to NY and particularly soft-brained anyway). So going for the 1 year lease. thanks again
Ask for 2 free months, owner paid fee, and a rent reduction; you can probably get it! Also you might try looking at Rockrose, Rose Associates, Archstone and some other developers - if you deal with them directly the broker's fee becomes a non-issue and you have more leeway to negotiate. Good luck and welcome to the nabe.
The apartment that Bill is looking at (which again, is not my listing) is significantly larger than many of the no-fee apartments that evnyc lists above.
I know many posters on this board hate paying brokers, but if you skip those costs and go straight to the developers, they often take the transaction costs out of the deal by offering you smaller apartments.
ali r.
{downtown broker}
Hi evnyc - think we've got a rent reduction, broker fee reduction and free month - I think we did pretty good. And after tripping around the various buildings, I know that this is a really good deal for today's market on a per-square-foot basis. Also to front porch's comment - it was my observation too that the apartments in condos are usually listed by a broker. Of course I would prefer not to pay the broker fee also - who would? - but the quality of places that they showed me was considerably higher than what I was seeing in the rental towers. So I'm satisfied. Now all I need to do is get the deal closed ...
Thanks everyone