Why do people favor NYC firms?

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.
seriouslyinformative
Posts: 285
Joined: Sun Jun 05, 2011 9:48 pm

Re: Why do people favor NYC firms?

Postby seriouslyinformative » Tue Jun 28, 2011 11:29 pm

rayiner wrote:New Yorkers are like people in abusive relationships. Check out this idiot:

--LinkRemoved--

"They also installed blinds, however, the windows are single pane and somewhat drafty. This is to be expected in an older building, but I will go into why it is a problem later."

Sure, to be expected...

"The first three days I spent in my apartment, I had my heater on only at night (high) and was still cold--especially when I was more than a few feet away from the source. It sounded and felt like I was using a blow-dryer for heat. Then, I get my first electricity bill...for $82."

Hmm...

"Then, I get my first electricity bill...for $82. If it costs that much for THREE DAYS, then imagine what it would be for a month!"

Well that's gotta be a mistake...

"consulted a friend who also lives in Gateway. The bill for his 2-bedroom is $500 per month. After speaking with management, he discovered that the units are not designed for heating and they are indeed like inefficient blow-dryers."

He moved out right?

"'I'm pretty happy with this place. Compared to the 3 apartments I've had in Midtown, Gateway is definitely cleaner, nicer and much more serene."

Wait wut?

Score: 4/5.

Reading some of the responses, they seem to take pride in putting up with third-world problems in a $2500/mo apartment:

"My gf and I turned on the heat in our apartment ONCE this winter - and it was a cold winter. our Elec bills were about $50 a month. not bad. but maybe we are from hardier stock. "


If you're ready to shell out $2,500-$3,000 for a 1BR, you will find some ridiculously nice places. Most people who have "Stockholm's Syndrome" in NYC are people who are living on modest means and are forced to accept what's given to them. When you're looking in the amounts above, you really have an abundance of choices throughout Manhattan. I recommend hunting in August/September. At the moment, vacancies are at an all time low. This translates into brokers and landlords having better leverage. But stuff starts freeing up around August/September, and that's where you get more wiggle room to negotiate lower broker fees.

Does make you miss the days of the financial crisis, I suppose. Back then, buildings–especially new developments–were offering stuff like one-three months' rent free. It really was a renter's market back then. But, quickly enough, things have reversed.

User avatar
thesealocust
Posts: 8448
Joined: Mon Oct 20, 2008 8:50 pm

Re: Why do people favor NYC firms?

Postby thesealocust » Tue Jun 28, 2011 11:33 pm

We could really use another financial crisis right about now. Stocks are looking to expensive to invest in, housing is expensive, above the law is getting boring, etc.

Warroad
Posts: 3
Joined: Tue Jun 28, 2011 11:05 pm

Re: Why do people favor NYC firms?

Postby Warroad » Tue Jun 28, 2011 11:36 pm

seriouslyinformative wrote:
Warroad wrote:Just use craigslist & look under "by owner" so you don't have to pay a broker fee.


Again, see above for why "no fee" really doesn't mean much


Some of the listings on craigslist that say "By owner" are actually brokers. Some of them are actually "by owner" and thus actually have no fee.

seriouslyinformative
Posts: 285
Joined: Sun Jun 05, 2011 9:48 pm

Re: Why do people favor NYC firms?

Postby seriouslyinformative » Tue Jun 28, 2011 11:36 pm

thesealocust wrote:We could really use another financial crisis right about now. Stocks are looking to expensive to invest in, housing is expensive, above the law is getting boring, etc.


I think the whole "housing is expensive" thing is just an NYC phenomenon. The city was bailed out in the heat of the crisis. I'm sure other markets are still reeling from the real estate bubble burst and that renters/buyers in those markets have significantly more leverage in negotiating deals.

But yes, the Dow is horrendously overvalued, and abovethelaw is boring.

seriouslyinformative
Posts: 285
Joined: Sun Jun 05, 2011 9:48 pm

Re: Why do people favor NYC firms?

Postby seriouslyinformative » Tue Jun 28, 2011 11:38 pm

Warroad wrote:
seriouslyinformative wrote:
Warroad wrote:Just use craigslist & look under "by owner" so you don't have to pay a broker fee.


Again, see above for why "no fee" really doesn't mean much


Some of the listings on craigslist that say "By owner" are actually brokers. Some of them are actually "by owner" and thus actually have no fee.



Yeah, it's kind of hit or miss. And there's a lot of crap on craigslist too. Just an cesspool for finding good NY rentals.

Honestly, if your firm's relocation package covers a broker's fee, it's stupid not to take advantage of it. Eliminates the huge headache of having to look on your own, a good broker really does work for you, you really find a place that fits your preferences, etc.

User avatar
thesealocust
Posts: 8448
Joined: Mon Oct 20, 2008 8:50 pm

Re: Why do people favor NYC firms?

Postby thesealocust » Tue Jun 28, 2011 11:38 pm

seriouslyinformative wrote:
thesealocust wrote:We could really use another financial crisis right about now. Stocks are looking to expensive to invest in, housing is expensive, above the law is getting boring, etc.


I think the whole "housing is expensive" thing is just an NYC phenomenon. The city was bailed out in the heat of the crisis. I'm sure other markets are still reeling from the real estate bubble burst and that renters/buyers in those markets have significantly more leverage in negotiating deals.

But yes, the Dow is horrendously overvalued, and abovethelaw is boring.


Let's form a hedge fund. Investment strategy: figuring out other funds' strategies and betting hard to make them go haywire leading to systematic collapse?

seriouslyinformative
Posts: 285
Joined: Sun Jun 05, 2011 9:48 pm

Re: Why do people favor NYC firms?

Postby seriouslyinformative » Tue Jun 28, 2011 11:39 pm

thesealocust wrote:
seriouslyinformative wrote:
thesealocust wrote:We could really use another financial crisis right about now. Stocks are looking to expensive to invest in, housing is expensive, above the law is getting boring, etc.


I think the whole "housing is expensive" thing is just an NYC phenomenon. The city was bailed out in the heat of the crisis. I'm sure other markets are still reeling from the real estate bubble burst and that renters/buyers in those markets have significantly more leverage in negotiating deals.

But yes, the Dow is horrendously overvalued, and abovethelaw is boring.


Let's form a hedge fund. Investment strategy: figuring out other funds' strategies and betting hard to make them go haywire leading to systematic collapse?



Haha. I feel like this idea has already been implemented by some hedge funds :lol:

User avatar
thesealocust
Posts: 8448
Joined: Mon Oct 20, 2008 8:50 pm

Re: Why do people favor NYC firms?

Postby thesealocust » Tue Jun 28, 2011 11:40 pm

:(

User avatar
rayiner
Posts: 6184
Joined: Thu Dec 11, 2008 11:43 am

Re: Why do people favor NYC firms?

Postby rayiner » Tue Jun 28, 2011 11:45 pm

seriouslyinformative wrote:
rayiner wrote:New Yorkers are like people in abusive relationships. Check out this idiot:

--LinkRemoved--

"They also installed blinds, however, the windows are single pane and somewhat drafty. This is to be expected in an older building, but I will go into why it is a problem later."

Sure, to be expected...

"The first three days I spent in my apartment, I had my heater on only at night (high) and was still cold--especially when I was more than a few feet away from the source. It sounded and felt like I was using a blow-dryer for heat. Then, I get my first electricity bill...for $82."

Hmm...

"Then, I get my first electricity bill...for $82. If it costs that much for THREE DAYS, then imagine what it would be for a month!"

Well that's gotta be a mistake...

"consulted a friend who also lives in Gateway. The bill for his 2-bedroom is $500 per month. After speaking with management, he discovered that the units are not designed for heating and they are indeed like inefficient blow-dryers."

He moved out right?

"'I'm pretty happy with this place. Compared to the 3 apartments I've had in Midtown, Gateway is definitely cleaner, nicer and much more serene."

Wait wut?

Score: 4/5.

Reading some of the responses, they seem to take pride in putting up with third-world problems in a $2500/mo apartment:

"My gf and I turned on the heat in our apartment ONCE this winter - and it was a cold winter. our Elec bills were about $50 a month. not bad. but maybe we are from hardier stock. "


If you're ready to shell out $2,500-$3,000 for a 1BR, you will find some ridiculously nice places. Most people who have "Stockholm's Syndrome" in NYC are people who are living on modest means and are forced to accept what's given to them. When you're looking in the amounts above, you really have an abundance of choices throughout Manhattan. I recommend hunting in August/September. At the moment, vacancies are at an all time low. This translates into brokers and landlords having better leverage. But stuff starts freeing up around August/September, and that's where you get more wiggle room to negotiate lower broker fees.

Does make you miss the days of the financial crisis, I suppose. Back then, buildings–especially new developments–were offering stuff like one-three months' rent free. It really was a renter's market back then. But, quickly enough, things have reversed.


The building in the comment above is a Battery Park City place where the the 1 BRs start at $2,700...

From what I can tell there were some good deals to be had in FiDi in 2009, but those seem long gone. Unless the websites lie and brokers get super double secret rents.

Warroad
Posts: 3
Joined: Tue Jun 28, 2011 11:05 pm

Re: Why do people favor NYC firms?

Postby Warroad » Tue Jun 28, 2011 11:47 pm

seriouslyinformative wrote:
Warroad wrote:Some of the listings on craigslist that say "By owner" are actually brokers. Some of them are actually "by owner" and thus actually have no fee.



Yeah, it's kind of hit or miss. And there's a lot of crap on craigslist too. Just an cesspool for finding good NY rentals.

Honestly, if your firm's relocation package covers a broker's fee, it's stupid not to take advantage of it. Eliminates the huge headache of having to look on your own, a good broker really does work for you, you really find a place that fits your preferences, etc.


Certainly depends on what your budget is and how much leg work you're willing to do. I found a very reasonably priced one bedroom in Brooklyn through craigslist and I'm happy with it.

User avatar
rayiner
Posts: 6184
Joined: Thu Dec 11, 2008 11:43 am

Re: Why do people favor NYC firms?

Postby rayiner » Tue Jun 28, 2011 11:50 pm

seriouslyinformative wrote:
Warroad wrote:
seriouslyinformative wrote:
Warroad wrote:Just use craigslist & look under "by owner" so you don't have to pay a broker fee.


Again, see above for why "no fee" really doesn't mean much


Some of the listings on craigslist that say "By owner" are actually brokers. Some of them are actually "by owner" and thus actually have no fee.



Yeah, it's kind of hit or miss. And there's a lot of crap on craigslist too. Just an cesspool for finding good NY rentals.

Honestly, if your firm's relocation package covers a broker's fee, it's stupid not to take advantage of it. Eliminates the huge headache of having to look on your own, a good broker really does work for you, you really find a place that fits your preferences, etc.


Even Cravath only covers $3,000 brokers fee...

Someone had a theory that biglaw salaries shot up to $160k so NYC associates could afford to live in decent apartments. With rents expected to go up 10% over the next year, maybe it's time for NYC to 190...

http://money.cnn.com/2011/03/15/real_es ... /index.htm

More stats: biglawyers can't even afford the average rent in NYC: http://money.usnews.com/money/blogs/flo ... re-spiking
Last edited by rayiner on Tue Jun 28, 2011 11:52 pm, edited 1 time in total.

User avatar
thesealocust
Posts: 8448
Joined: Mon Oct 20, 2008 8:50 pm

Re: Why do people favor NYC firms?

Postby thesealocust » Tue Jun 28, 2011 11:50 pm

Simpson Thacher drew the short straw last time. Who will step up to the plate this go around?

seriouslyinformative
Posts: 285
Joined: Sun Jun 05, 2011 9:48 pm

Re: Why do people favor NYC firms?

Postby seriouslyinformative » Tue Jun 28, 2011 11:51 pm

From what I can tell there were some good deals to be had in FiDi in 2009, but those seem long gone. Unless the websites lie and brokers get super double secret rents.


Again, my friend literally got a rental in 20 Pine for $2.7k. 700 square feet. I think it's probably still on streeteasy, so I'll look for it. But yeah, they're there. Again, $2.5k+ is more than enough. When you tell anyone in the city that that's your budget, they typically assume that you will find a nice swank place. Won't approach what Melo was staying in, but it'll be nice. It won't be in SoHo, but it'll be nice.

seriouslyinformative
Posts: 285
Joined: Sun Jun 05, 2011 9:48 pm

Re: Why do people favor NYC firms?

Postby seriouslyinformative » Tue Jun 28, 2011 11:53 pm

Even Cravath only covers $3,000 brokers fee...


I don't know about Cravath. But I know that several NY offices, including mine, cover the broker's fee.

seriouslyinformative
Posts: 285
Joined: Sun Jun 05, 2011 9:48 pm

Re: Why do people favor NYC firms?

Postby seriouslyinformative » Tue Jun 28, 2011 11:55 pm

Here's an example:
http://streeteasy.com/nyc/rental/754484 ... t-new-york

$2,600/month for a 675 square foot place. Building is amazing. Location is FiDi. Done.

User avatar
rayiner
Posts: 6184
Joined: Thu Dec 11, 2008 11:43 am

Re: Why do people favor NYC firms?

Postby rayiner » Tue Jun 28, 2011 11:56 pm

seriouslyinformative wrote:
From what I can tell there were some good deals to be had in FiDi in 2009, but those seem long gone. Unless the websites lie and brokers get super double secret rents.


Again, my friend literally got a rental in 20 Pine for $2.7k. 700 square feet. I think it's probably still on streeteasy, so I'll look for it. But yeah, they're there. Again, $2.5k+ is more than enough. When you tell anyone in the city that that's your budget, they typically assume that you will find a nice swank place. Won't approach what Melo was staying in, but it'll be nice. It won't be in SoHo, but it'll be nice.


Looks like a good deal. Could probably make an alcove with that square footage, but you can put up shelving...

http://img.streeteasy.com/nyc/attachmen ... ection.jpg

Look at the size of that bathroom. :mrgreen:

seriouslyinformative
Posts: 285
Joined: Sun Jun 05, 2011 9:48 pm

Re: Why do people favor NYC firms?

Postby seriouslyinformative » Tue Jun 28, 2011 11:58 pm

rayiner wrote:
seriouslyinformative wrote:
From what I can tell there were some good deals to be had in FiDi in 2009, but those seem long gone. Unless the websites lie and brokers get super double secret rents.


Again, my friend literally got a rental in 20 Pine for $2.7k. 700 square feet. I think it's probably still on streeteasy, so I'll look for it. But yeah, they're there. Again, $2.5k+ is more than enough. When you tell anyone in the city that that's your budget, they typically assume that you will find a nice swank place. Won't approach what Melo was staying in, but it'll be nice. It won't be in SoHo, but it'll be nice.


Looks like a good deal. Could probably make an alcove with that square footage, but you can put up shelving...

http://img.streeteasy.com/nyc/attachmen ... ection.jpg

Look at the size of that bathroom. :mrgreen:


With that square footage, you're looking at a studio that's larger than most 1BRs in NYC. And the bathooms there amazing. I think the water in the shower comes out this mechanism in the roof, rather than some faucet. Really therapeutic. I'd totally live there if I didn't... you know... want to live in the Financial District. But to each their own.

seriouslyinformative
Posts: 285
Joined: Sun Jun 05, 2011 9:48 pm

Re: Why do people favor NYC firms?

Postby seriouslyinformative » Wed Jun 29, 2011 12:01 am

785 square feet (literally larger than the 2BR I once lived in in Manhattan): http://streeteasy.com/nyc/rental/759527 ... t-new-york
815 square feet: http://streeteasy.com/nyc/rental/774870 ... t-new-york

Sup Kid
Posts: 557
Joined: Sat Oct 23, 2010 2:49 pm

Re: Why do people favor NYC firms?

Postby Sup Kid » Wed Jun 29, 2011 12:12 am

In the past 24 hours since I was last on TLS, this thread basically doubled in size....

To that end, here's the tl;dr from my skimming: NYC is expensive, NYC apartments are really expensive, to some people Texas > NY, to other people NY > Texas, and thesealocust continues to impress with his ever-changing user images. Done.

User avatar
thesealocust
Posts: 8448
Joined: Mon Oct 20, 2008 8:50 pm

Re: Why do people favor NYC firms?

Postby thesealocust » Wed Jun 29, 2011 12:20 am

Sup Kid wrote:In the past 24 hours since I was last on TLS, this thread basically doubled in size....

To that end, here's the tl;dr from my skimming: NYC is expensive, NYC apartments are really expensive, to some people Texas > NY, to other people NY > Texas, and thesealocust continues to impress with his ever-changing user images. Done.


/thread

/employment forum

User avatar
rayiner
Posts: 6184
Joined: Thu Dec 11, 2008 11:43 am

Re: Why do people favor NYC firms?

Postby rayiner » Wed Jun 29, 2011 12:34 am

seriouslyinformative wrote:785 square feet (literally larger than the 2BR I once lived in in Manhattan): http://streeteasy.com/nyc/rental/759527 ... t-new-york
815 square feet: http://streeteasy.com/nyc/rental/774870 ... t-new-york


Thanks for the info. I'd seen this building before, but I figured it was flame. Good to know it's legit.

Renzo
Posts: 4265
Joined: Tue Dec 02, 2008 3:23 am

Re: Why do people favor NYC firms?

Postby Renzo » Wed Jun 29, 2011 4:31 am

thesealocust wrote:
Sup Kid wrote:In the past 24 hours since I was last on TLS, this thread basically doubled in size....

To that end, here's the tl;dr from my skimming: NYC is expensive, NYC apartments are really expensive, to some people Texas > NY, to other people NY > Texas, and thesealocust continues to impress with his ever-changing user images. Done.


/thread

/employment forum



Dude, I'm sorry but you're wrong. All threads should end at

rayiner wrote: maybe it's time for NYC to 190.

imchuckbass58
Posts: 1245
Joined: Mon Mar 16, 2009 3:24 pm

Re: Why do people favor NYC firms?

Postby imchuckbass58 » Wed Jun 29, 2011 7:23 am

seriouslyinformative wrote:
Warroad wrote:
thecilent wrote:I guess I'll ask for some help in here, since it seems like a lot of nycers here: anyone have any advice for finding an apt? I got streeteasy and nofeerentals so far, which kinda help.. anyone know other good places or have any tips to offer? Tyia

Just use craigslist & look under "by owner" so you don't have to pay a broker fee.


Again, see above for why "no fee" really doesn't mean much


Another good website is http://www.nybits.com. Pretty much all the large corporate landlords in manhattan posting their listings there no-fee.

seriouslyinformative
Posts: 285
Joined: Sun Jun 05, 2011 9:48 pm

Re: Why do people favor NYC firms?

Postby seriouslyinformative » Wed Jun 29, 2011 7:41 am

rayiner wrote:
seriouslyinformative wrote:785 square feet (literally larger than the 2BR I once lived in in Manhattan): http://streeteasy.com/nyc/rental/759527 ... t-new-york
815 square feet: http://streeteasy.com/nyc/rental/774870 ... t-new-york


Thanks for the info. I'd seen this building before, but I figured it was flame. Good to know it's legit.


No problem. And the 4,5 is just a block away, so door-to-door your commute should really be no longer than 20 minutes, and will probably be closer to 15 on a good day.

alumniguy
Posts: 426
Joined: Fri Mar 18, 2011 3:24 pm

Re: Why do people favor NYC firms?

Postby alumniguy » Wed Jun 29, 2011 7:48 am

To chime in on the broker/no-broker thing. You first need to know what you're looking for - if you want an apartment in an amenities laden, new/renovated highrise building, you certainly don't nee a broker. I will second nybits as THE go-to place to find such apartments without a broker. That website has contact information and locations of most if not all of the major corporate landlords. If you do use a broker for these types of places you are probably wasting money, unless you don't want to do the legwork in finding the apartment. Most of the information on these types of places is publicly available and many companies have in-house rental teams. So, if you bring your broker, often times you end up paying more (or get less incentives) to compensate your broker.

Most craigslist ads that feature these types of buildings are from scum brokers that don't really offer much value.

However, if you don't want a large highrise, then you probably need a broker. Generally, walk-ups are the land of (i) individual owned units in coops/condos or (ii) smaller management companies These type of owners need a broker to get word out on their apartments and generally don't want to deal with the hassle of the rental process. Craigslist, many many years ago was a decent place to find apartments in this category, but now it has become overloaded with brokers and finding a true no-fee, no-broker apartment is pretty hard (not impossible, but hard). Because good apartments in NYC generally get rented very quickly, having a good broker is essential. They'll have the open listings (available to all brokers) and then probably some exclusive listings (only available to that brokerage).

I have had three apartments in the city. First apartment was a walk-up I found with a Citihabitats broker. Generally a pretty bad broker, but found me a decent place. I looked on my own exhaustively and never saw the place I ended up renting on the internet. Second apartment was a new building. I used the companies in-house rental team and didn't pay a fee. My third apartment is another walk-up I found through connections in the city and didn't end up paying a fee.




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.