As everyone knows the market for apartments in NYC is insane right now so wanted to get some data points from the community.
Am currently living in a 1 BR / 1.5 Bath ~1,000 sq ft condo in midtown (1980s building with good amenities) and am on a 2-year COVID deal which is just being renegotiated. My lease was ~$4K/month (this unit historically rented for between $4.1-4.4K pre-COVID which may be lower than market bc of condo move-in fees and the fact that it is an older building). Over the weekend my landlord reached out saying he received an unsolicited offer from a broker for over $5.2K and wants to negotiate.
For NYC folks out there - would love to hear your experiences and more interestingly, what you are paying relative to your base salaries (I am pretty frugal and budget everything off of my base). For instance:
1 BR / 1.5 Bath in Midtown East
950 sq feet
Pool / Gym / 1980s building
$4,000 / month (21% of base), potentially increasing to $5,200 / month (28% of base)
$225K base
I feel you - my current building got bought out by a real estate PE fund and everyone is essentially getting pushed out. Hard to hate the same machine that also employs me, but it's tough out there.
Moving to another apartment with my SO, with our rent going from 15% of combined base to 25%. Both are ~700 sq.ft., downtown, and post-war (pre-80s though).
Bummer, thanks for the datapoint. Hope you guys are happy with the new spot.
Deleted
Hi all,
I'm looking for a roommate / coliving in Manhattan with the budget up to 3.2K.
Please, let me know if interested.
start your own thread dont hijack a weeks old thread
You sure you're comfortable using your gross base to make these calculations??? Once you take taxes into account, that 4k nut becomes a HUGE part of your take-home pay, no?
Lol, he’s a PE VP. His total take home is probably like $600k pre tax. He’s just using his base only to be conservative
When you start a message with "lol" it makes it seem like you're a 14 year-old little girl.
OK, so first off, you're looking at this all wrong. What you can afford has nothing to do with market prices. For example, your current rent is $50/sf, which is insanely low for Manhattan. The fact that this is a meaningful proportion of your take home pay (though, not an unreasonable amount) has absolutely no relevance to what the right rent is for that apartment. As you say, you got a great deal because you moved during COVID - that does not entitle you to keep a sweetheart deal just because. Moreover, you live in a 1,000 sf apartment! That's a roomy 2 bedroom, frankly... so you have way too much apartment, so to speak, for one person.
Even at $5,200 your landlord is probably selling themselves short.
All that being said, your proper move is probably to meet your landlord "halfway" and offer him $5,000/mo or something. That's still well below market, it saves you the hassle of moving, probably easier for your landlord... everyone wins.
I'm just always amazed (not really, though) and the number of people on this site who are gung-ho proponents of the free market until the second it impacts them, and then they're crying for special treatment. Not that you are crying or whining, OP, but... this is essentially a complaint that you don't get to keep a sweetheart deal in one of the most expensive housing districts in the entire world.
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