1st Year Analyst, where to live in NYC?

Hi all, Happy Friday.

Hope everyone had a great week. I was wondering if anyone had any advice as to which apartment buildings would be best suitable for a first year analyst at a BB? My office is downtown and I would like to stay in Manhattan if at all possible. I also know that I will likely need to convert a one bedroom into a two, or a two into a three, etc. Salary is going to be 85K, so budgeted about 2K a month MAX per person for living (4K a month for a one bedroom, 6K for a two). I also know its a bit early to start looking for a July 1 move in date, but I would like to get the ball rolling ASAP. So far, I have heard these buildings are good places to starting looking:

*8 Spruce Street (NY Gehry building)
*10 Hanover Square
*Tribeca Towers (little on the pricy side)

Any insight into NY housing would be greatly appreciated. Have a great weekend.

 
Best Response

Hi,

I'm a broker at Douglas Elliman. To get straight to the point, you will need to make 40X the monthly rent in order to qualify for most apartments in NYC. If you are using a guarantor, they will need to make 60X the rent.

I can tell you from experience that the 3 buildings you mentioned will not allow flex bedrooms with most of their apartments. They will consider flexes on their larger units on a case by case basis. Judging by your budget of $2K ($4k with a roommate) this will not be a possibility.

It seams like you are tying to live in a luxury doorman building. You need to know that this will most likely not be an option in the areas (Fidi-Tribeca) you've mentioned.

Not to mention you will be looking for an apartment in the middle of the summer rental season. During this time you will not find many no-fee apartments and very little landlord concessions.

Realistically speaking, you'll need to look much further north( Harlem, Yorkville, Washington Heights etc) to find something that might work. Of course there is Brooklyn (Bushwich, Bedstuy, East Williamsburg).

Good Luck

 

"you will need to make 40X the annual rent in order to qualify for most apartments in NYC. If you are using a guarantor, they will need to make 60X the rent."

Are you saying that in order to qualify for an apartment with a monthly rental rate of $2,000; you need to make at least $960,000? and the guarantor has to make $1.4m?? Surely you mean monthly, Keith Lee.

 

Fordham Rd. Thuggnation.

Pat I used to work on 50th and 8th. Not a bad place to live with Chipotle right there lol. You ever go to some of those bars (Social, Latitude, etc)

looking for that pick-me-up to power through an all-nighter?
 

I liv ri nea da beach boyyyyeee, put a hex on u wit me wishbone, bloodfire.....

"Seeing this house and your fine sword and hearing how you're importing and exporting chinamen, let me guess, you must be fucking rich." Kenny Powdersss
 

How is living in Williamsburg? I've never lived there, but it looks like a fun place to party, it's a 15 minute subway ride away from Manhattan and I can save a lot of money on rent by living in Brooklyn.

Men are so simple and so much inclined to obey immediate needs that a deceiver will never lack victims for his deceptions. -Niccolo Machiavelli
 
Waymon3x6

184 Lexington Ave. Doorman building, hardwood floors, stainless steel appliances, balcony and roof deck. 20 minute walk for me to work up on 46th.

We are in a flex, $3800 / mo. Try to get a higher apartment because the noise on Lexington can be obnoxious at times. Just a thought.

“We”? How many people 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 

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