NYC Housing--How much $$ do I need Forum

[mvp99]

Good econ approach to risk.

[Sachem]

Moving is very painful especially when you work in biglaw, the potential rent saving in winter does not justify the twice moving pains especially when you work in biglaw, so rent an apt when you need it.
If you have family and need 1 bedroom or bigger apt in Manhattan, you should find a broker. 1 bedroom or bigger apt is too expensive in professional apt buildings (no fee), so you can find an affordable and decent apt through broker's help.
If you are single and work in biglaw, get yourself a nice studio which is close to work, rent directly from professional apt buildings so you can save a few thousands broker fee.

[Monochromatic Oeuvre]

Can someone clarify what advantage, in 2015, a broker provides you that would make one worth 15% of your lease? It's really baffling to me that people who are post-bar and therefore have basically all time the in the world to do the search themselves would pay someone else.

A lot of NYC buildings require you to go through a broker, especially the newer builds that BL salary can afford.

The nicer places, sometimes. But usually not that many under $2k/month that aren't co-ops.

Between brokers' fees, rent control/stabilization, restrictive zoning, unionized construction crews, onerous building codes, and property taxes, the extra costs imposed every step of the fee make me want to tear my hair out.

[JasonSehorn]

I think it all depends on the broker's fee. There are some that offer a lower rate for law grads so if you are going to use one I would encourage you to use one that works with law grads and only charges a lower fee.

[shock259]

Many firms will pay broker fees/relocation fees. My firm is very cheap but it paid my movers and my broker fee. Ended up saving me like ~$5,000.

[orangecup]

Can someone clarify what advantage, in 2015, a broker provides you that would make one worth 15% of your lease? It's really baffling to me that people who are post-bar and therefore have basically all time the in the world to do the search themselves would pay someone else.

A lot of NYC buildings require you to go through a broker, especially the newer builds that BL salary can afford.

There are dozens and dozens of no-fee luxury rentals in Midtown. Although a broker can be helpful, it's by no means needed.

[Petrichor]

In October I will be starting my NYC biglaw gig. Come September, I will start my housing hunt. Since I have heard some horror stories about looking for housing, I plan on using a broker. I recently reached out to a broker who said that I will need at least $12K to find an apartment in the $2K-$2.5K/mo. range. Is this true? At max, I will have 7.5K. If I could hear other peoples experiences or budgets regarding NYC housing, that would be great. To give you a clearer understanding, here is a more detailed description of what I am looking for: (1) want to live alone; (2) close to work which is in Midtown East (will consider UES, Long Island City, East Village, LES, etc.) ; (3) studio/one bedroom; (4) below $2500/mo.


Thanks!

i think UES is your best option, since the 4/5/6 runs on lex and its pretty cheap to cab it to mid town east anyway

2500 (studio is possible for under 1.8k in no elevator building) can get you something pretty nice on UES, but the closer you get to lexington ave, the more expensive it gets (this only applies to areas east of lexington ave). you might need a lot of cash because even without broker, landlords want first month/last month/one month deposit lump sum so thats already 7500, if you use a broker thats 10k (assuming 2.5k rent) plus cost of setting up internet and other random crap.

also someone said you can rent a 2.5k apt for 2k in january or something, i am not sure how realistic that is in NYC, a 20% drop is huge but 10% drops are common enough though.

[BiglawAssociate]

For a one bed, I'd say around 3300 to 3500.

I don't use brokers - I just rent from nice luxury buildings with their own leasing office. I would highly recommend going this route. Brokers' fees are stupid outrageous.

[bearsfan23]

For a one bed, I'd say around 3300 to 3500.

I don't use brokers - I just rent from nice luxury buildings with their own leasing office. I would highly recommend going this route. Brokers' fees are stupid outrageous.

Why is money an issue for you? I thought you had a ridiculously rich wife? Oh wait, you made her up

[BiglawAssociate]

For a one bed, I'd say around 3300 to 3500.

I don't use brokers - I just rent from nice luxury buildings with their own leasing office. I would highly recommend going this route. Brokers' fees are stupid outrageous.

Why is money an issue for you? I thought you had a ridiculously rich wife? Oh wait, you made her up

Spouse's FAMILY is rich. We do get a couple/few thousand a month allowance for rent since we got wed. Rich people don't stay rich by throwing money down the drain...

[Big Shrimpin]

didnt read thread cuz im MFH BIGLAW and busy AF

MFH is the worst city to rent in, so prepare to vaseline ur angus, esp if ur using broker

brokers are like deadweight loss, scum-sucking tax and their value add is, if anything, marginal at BEST

so, get REAL diligent and plan on getting to MFH EARLY to run around the city like a methhead looking for a fix and see as many no-fee places as u can as fast as u can...there are DEF some diamonds in the rough and you could find a nice apartment in a decent area in MFH for under 3K/mo (LJL @ getting a place below harlem for anything less than 2500/mo unless its like 250sqft and situated on the end of a pier on one of the rivers)

have ALL of ur paperwork together, like references, credit report, certified checks, dignity, WHATEVER u need to get a deal done as soon as u see a place

finding the right place at the right price is 70% luck and 30% shrewd decisionmaking

[Big Shrimpin]

For a one bed, I'd say around 3300 to 3500.

I don't use brokers - I just rent from nice luxury buildings with their own leasing office. I would highly recommend going this route. Brokers' fees are stupid outrageous.

Why is money an issue for you? I thought you had a ridiculously rich wife? Oh wait, you made her up

Spouse's FAMILY is rich. We do get a couple/few thousand a month allowance for rent since we got wed. Rich people don't stay rich by throwing money down the drain...

LJL!!!

this is another reason the MFH housing market is ridic

MOMMIES AND DADDIES PAYING FOR ARE RENT YNY!!!!

[BiglawAssociate]

For a one bed, I'd say around 3300 to 3500.

I don't use brokers - I just rent from nice luxury buildings with their own leasing office. I would highly recommend going this route. Brokers' fees are stupid outrageous.

Why is money an issue for you? I thought you had a ridiculously rich wife? Oh wait, you made her up

Spouse's FAMILY is rich. We do get a couple/few thousand a month allowance for rent since we got wed. Rich people don't stay rich by throwing money down the drain...

LJL!!!

this is another reason the MFH housing market is ridic

MOMMIES AND DADDIES PAYING FOR ARE RENT YNY!!!!

Yeah i know FUCK THOSE RICH KIDS

At least we actually work for a living on top of that. (We need to save up money somehow.) There are so many stupid spoiled NYU kids/grads just get mommy and daddy to pay and they do nothing all day. NYU undergrads are ruining Manhattan.

[Big Shrimpin]

ya cant hate accepting the cash so i feel u

but i do HATE the kids running around the city without REAL jerbs and getting FUNDED by parents

[PinkRevolver]

I'm moving out of the 1 bedroom I have now as a first year in Fidi. Doorman/amentity building (gym, laundry, roof deck, etc). Pretty big and decently priced for the area ($3738). If anybodys moving and is interested PM and I will send details. This is an assignment of my lease so NO FEE. I can probably do furnished too if needed. Get to the 1/2/3/4/5/R within 30 seconds-5 minutes. Get to all other trains thats go to Fulton Street in 6 minutes. Groceries, Restaurants, bars and shopping all around and right next to Stone Street.