Housing in Tribeca -- why so expensive?
Hi, I am joining Citi as an analyst this July. I am living alone and at this point it is too late to find a roommate. I've been looking at studios in Tribeca area but they start at around 3k.
Where should I look for places? Where do most people live? Any suggestions are welcome.
how is it too late to find a roommate?
upper east side for cheap
yolo
Supply and demand might be a contributing factor.
How can you not afford $3K as an analyst? Is this a back office gig?
I don't think it's not being able to afford it, but just not wanting to pay 36k for housing.
3K is a lot for a 1st year analyst though. much cheaper options out there with 1-2 roommates
My boys at Citi didn't even consider Tribeca as an option due to price. It is currently a very trendy area associated with very upscale bars / restaurants with a bunch of celebs who live there. I'd go with EV or LES. You'll have a great time there and there is decent (not amazing) subway access via the J / Z line.
To the people asking why analysts do not want to drop 3K on rent, its because you'd want to do fun shit around the city when possible rather than spend all your take-home on rent.
wouldn't midtown west / west village area be an easier commute to tribeca?
Yeah they would, however:
Midtown west (ie hells kitchen) - not a ton of stuff there and those in my social circles who live there aren't too fond of it. But I agree it is a decent destination for a first year as housing is probably the cheapest here out of EV/LES/WV
West Village - I love this place but as a first year, there is no way I would've wanted to drop the kind of money west village requires you to on an absolute shoe box of an apartment. Awesome place to go out though - good bars and close to some great clubs.
The above two are feasible but I just don't like Hells and WV is too expensive (speaking through the lens of a 1st year). EV/LES are best in terms of maximizing fun and amount of rent. LES reminds me of a college town and sure, the rent is more than HK (subjective on the building you live in) but IMO totally worth it - you'll have a blast there.
if you want to save money, get 2 roommates. There are always people looking. I've seen 3 analysts cram into a 1 bedroom - flexed into a 3-bed using a temporary pressure wall...3600/month /3 = 1200/month each. Just make sure you get your own renters insurance (costs like $20/month). When you do this, you give up the common/living room area...but to only pay 1200/month...you'll save 24k/year...do that for 2 years, and then get your own place.
young people in NY don't hang out in their apts much anyway...the whole point of being in NYC is there is so much to do...many young people in early 20's do this. Look at craigslist...and if you can't find it there, try https://www.thrillist.com/lifestyle/new-york/how-to-find-a-roommate-nyc…</a">https://www.thrillist.com/lifestyle/new-york/how-to-find-a-roommate-nyc…
If you can't find people looking for roommates...go find/lease a suitable apt and then search for roommates yourself. Its always better to be the organizer anyway..that way you get to pick the apt, location, roommates, etc...
I've very rarely seen a 1 bed into a three way split only for about $1200 per person in a commutable that someone in banking would live in. I paid about $1400 for a somewhat shitty 2 bed with very little common space in Hell's Kitchen with in unit washer dryer. I didn't have a blast living there and only stayed a year. My suggestion is find a no fee place for sure for your first apartment if you're very new to NYC because then it doesn't hurt to move after a year.
Don't completely live terribly because it's mad depressing to come back to a shitty place after pulling long hours. You don't need a baller luxury building, but if you can afford a little privacy - I'd take it. I was so snappy when I was in banking and was glad that I had my own real walls and didn't have to share my kitchen and bathroom with more than one person,..
my junior trader colleagues (including the guy sitting next to me right now) converted a 1 bedroom in midtown west into a 3 bedroom with a pressure wall...total rent 3600...1150 each guy in the living room (they each have a 10x12 bedroom)...1300 for the guy in the "real" bedroom who has a 12*15 room.
The common area is a 2 seater couch, chair, small coffee table and a wall mounted tv. Its a tight fit...but you aren't playing sports there...you sit and watch tv once in a while.
They rarely hang out in the common area...but on occasion.
If you screen for roommates who are compatible (including bathroom and kitchen habits) then this can workout just fine. My friend lived in that apt for 2 years...and he had a blast.
Eh I worked long hours in coverage and maybe I am a little picky about privacy and peace, but I definitely lived in by far the cheapest place from the people I knew in my analyst class ofc not including the people who lived at home.Each to their own- I definitely think getting a studio alone without a SO is a waste though.
how much did your analyst peers spend on rent on average?
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