Living outside Manhattan - is it doable?
I am starting as a FT analyst in fall, and I've been looking at apartments. My budget is about $2,000 a month and I would prefer not to share apartments with others. I am fine with either a studio or a one room apartment. So far, what I've found out is that $2,000 will get me an apartment of about 400 square feet in the mid-town/downturn area. This is a little small for me and the apartments are also not really in good conditions.
I am contemplating moving outside Manhattan and to be honest, I don't know anything about Queens, Bronx, Brooklyn etc. I am thinking Brooklyn might be doable since my office is on the east side.
Does anyone have any experience living outside Manhattan - what are the pros and cons? I would like commute time to be less than 20 minutes - I guess that's not doable?
Any areas outside Manhattan that you would recommend? I don't need to be near the action, but I would prefer the place to be safe and at the very least not stink of pee and poo....you get the idea.
I never lived outside Manhattan but I know lots of bankers who do. I would look at Brooklyn first, there are some nice spots over there. Why are you anti roommate/s it will allow you to get much more for your $. Keep in mind that you will be taking taxis or black cars home on most days, so the commute shouldn't be too bad even if you're outside Manhattan. That being said, a 20 minute commute is pretty ambitious, even for most parts of Manhattan you will likely spend longer getting to work between waiting for trains, switching trains, walking to and from, etc.
are you working? If you're in midtown, astoria and long island city would be good. You can get a very nice 1BR for $2000/month in those areas and it's like 10-15 in. subway ride into midtown. plus, the NRW arrives pretty frequently. If you are downtown, definitely look towards brooklyn. The nicer areas (boerum hill, williamsburg, etc.) are comparable in price to Manhattan, so you'll probably get a studio for $2,000. But there are other parts of Brooklyn that are pretty affordable and definitely have characteristics of the upper west side.
Most likely because he is a douche bag with zero social skills who likes to lie on the internet to inflate his self-worth and boost his low self-esteem.
//www.wallstreetoasis.com/forums/its-my-turn-now-to-be-an-arsehole //www.wallstreetoasis.com/forums/are-first-year-associates-spared //www.wallstreetoasis.com/forums/going-back-on-my-wordHey, tool, do you even have an offer? Why do you fabricate situations and pretend like you're seeking advice so that you can "inadvertently" flaunt on an anonymous message board? What a waste of peoples' time.
he may be lying/may be a douche...but this is otherwise a good thread...
I know a few people living in Hoboken/Jersey City - you can take the PATH into the city. However personally the developments that I like in that area will probably run you about $2000/month. E.G. http://www.appliedco.com/properties/rentals/
I grew up in NJ so I don't have a bias against it - lots of people do though! It's slightly cheaper and if you don't care about nightlife as you've said you can get nice apts with a short commute to the Financial District.
Ask HR about your reimbursement policies. Some firms (like mine) allow you to take cabs/black cars home after a certain hour within the 5 boroughs, and outside after a later time. Although jersey city is closer than a lot of queens, you cannot get a car unless you stay later.
Honestly, you'll spend so much time at the office, living in a small place is not a big deal. In addition to your commute, you save so much free time getting into the city to meet friends for drinks, dinners, shopping, etc.
Take a weekend trip out to new york, and really look at the apartments. From midtown east (where my office is), there are not a lot of nice apartment options within a short commute away outside of manhattan. Jersey is tough. Getting across town to the port authority, ferry or the PATH easily adds 15 minutes to your commute (in addtion to commute time to manhattan). On the Queen's side, Long Island City has nice apartments, but is really quiet outside. It was, and still is, a very industrial part of the city. You will be heading into the city to do almost anything. A couple of people i know live on roosevelt island, which didn't work out that well either. it's really quiet, and the commute is tough.
I currently live on the upper east side. The commute is an easy 20 minutes door to door, and the rent is slightly cheaper than places elsewhere in the city. Take your time, do you reserach before you lock yourself up for a year.
First off, check out the Upper East Side. You can find some nice studios/1BR in the $1,500-$2,000 range. I'm sure your bank has set you up with a discounted broker and they will be able to help you.
Second of all, the "outside of Manhattan" varies significantly on where you are going to work. If you're working downtown, check out Jersey City/Hoboken. Also, check out Downtown Brooklyn/Brooklyn Heights (though the latter won't be much of a discount).
In Midtown, check out Long Island City and Williamsburg. LIC has some affordable luxury apts (like avalon riverview). Williamsburg is mostly older apts, and not too cheap, but you can def find some deals.
Good luck.
First off, check out the Upper East Side. You can find some nice studios/1BR in the $1,500-$2,000 range. I'm sure your bank has set you up with a discounted broker and they will be able to help you.
Second of all, the "outside of Manhattan" varies significantly on where you are going to work. If you're working downtown, check out Jersey City/Hoboken. Also, check out Downtown Brooklyn/Brooklyn Heights (though the latter won't be much of a discount).
In Midtown, check out Long Island City and Williamsburg. LIC has some affordable luxury apts (like avalon riverview). Williamsburg is mostly older apts, and not too cheap, but you can def find some deals.
Good luck.
Ha why did B2 spend the time to look up previous threads by the OP? Weird...
B/c it's easy to smell bullshit and half the people on this forum are full of bullshit - I'm always going to call them out.
Check the Newport development in Jersey city. It's absolutely fantastic!! It's really close to Manhattan and the Path station is right next to you and so is the ferry. The view is amazing as well as it faces the Hudson river. Great gated community. Not sure about the cost of a one bedrooom, but a two bedroom is running about 2700-3000, so I'm assuming a one bedroom should fall in your budget.
b2, you are one sick individual who needs to see a doc before it's too late. Do you have a chip on your shoulder or something, maybe with respect to your background or identity? Your posts are always full of anger, angst and insecurity.
I don't go around seeking apartment tips when I am not looking for one. I do switch my identity a little when I am asking for advice on controversial topics such as reneging on offers. I am a bit paranoid on that front but it doesn't cause anyone harm.
To everyone else, thanks for the advice. It's very helpful.
Anger and angst? Perhaps. It's quite frustrating having to read idiotic posts from morons such as you. Insecurity? Never.
Whether first-year associates are spared is such a controversial topic, so I can see why you'd have to invent an identity to speak about it.
Keep trying bud, someday you'll make it.
This will probably be of little use, but I can not figure out why people are so against having a roommate?!? I could understand if you lived at home a lot but it seems most people's priorities are out of whack. I mean, to each their own, but I'm just dumbfounded sometimes.
When I was in the military I literally lived across the street from our daily morning formation. I didn't particularly enjoy living in the barracks, but it was more then suitable given we had to meet every morning at 6:30 a.m. and I could get up at 6:15 and make it there on time. For some crazy reason, every time people got the opportunity they would move off-post so they could live in an apartment. Granted the military gives you a monthly stipend to live off-post, but generally this would be a couple hundred short of the market rent in the area, so the individual would have to pay out of pocket for their housing, not to mention the twenty or so minutes it would take to get to base and then the twenty or more minutes it would take to get through the check points at the gate. Then if you factor in that we would do our physical training and then most of the people would leave post again and drive home, shower, change and then go back through the same drive and sitting at the gate again just to get back to work on time!!
To each their own, but I was under the impression that time is at a premium in IB and i cant understand why someone would pay extra to have a bigger, nicer apartment that will literally stay empty for the majority of a day, not to mention the precious time that is lost commuting to and from this great apartment and the additional expense incurred from maintaining an apartment on your own.
Good luck to you.
Wow b2, your denial about your insecurity sounds very...lame.
My advice: repeat this every morning "I am not a little insecure bespectacled nerd", and some people (at least your mom) may just believe that you are a well-adjusted individual who doesn't spend all his time feeling bitter about his background/family/identity.
[Quote] Whether first-year associates are spared is such a controversial topic, so I can see why you'd have to invent an identity to speak about it. [Quote]
That post per se isn't controversial, but if I've used a consistent identity all throughout for my posts, losers like you who spend all his time trawling through WSO for previous posts (yes, you really do that..which is sick) may just find a linkage somewhere, and find out something. You know, one can never be too paranoid against insecure losers who are on the verge of doing something crazy, in the hope of getting his five minutes of fame and attention.
Projecting your own insecurities onto me... interesting. I've never once mentioned my family on this board. Pretending to have an offer to make yourself feel better... is it working?
Keep trying bud, someday you'll make it.
The only places people from my group who lived outside of Manhattan were in Brooklyn Heights/Park Slope and Hoboken. Hoboken is especially easy if you work at Merrill, Goldman, DB, or anywhere else in the FD. You'll get off at the World Trade Center and probably have an equidistant walk to either the West (Merrill) or East (everything else). Unfortunately it's all outdoors, I believe. Brooklyn Heights is nice if you work at CS, UBS, JPM, LEH, MS or anywhere else that's easy to get to along the 4/5/6. You can also get to Citi by taking the A/C/E and getting off at Chambers (it's still probably about a 6 block walk outdoors, though).
I just take outdoor walking into account because it's pretty miserable to be walking in cold rain with nice work clothes on. Very doable to live outside of Manhattan, though. You'll just have to sacrifice convenience and night life for a bigger (better?) apartment.
As a caveat, I don't know anyone at the analyst level in my group that lived outside of Manhattan. The youngest was a 3rd year associate with a kid. One of my friends at a MM bank lives in Hoboken, though.
May not be the best for this thread... but what sort of areas in manhattan are the best for first year IBD analysts working in midtown? Probably would want to move into an area that would take less than 15 minutes to get to work and is a fun area to go out in.
Thanks in advance.
Living outside of Manhattan as a 1st year (Originally Posted: 07/12/2013)
So after graduating I moved back in with my family in Brooklyn. I start banking soon and have been on the fence about moving to Manhattan. If I stay at home I'll be saving roughly $2000 a month.
The commute from my parents house to the office would be 40 minutes on the train. This doesn't seem too bad in the mornings provided that I'll be working late and getting a cab home anyway.
I wanted to know peoples opinions on whether or not this is a good idea. Have 1st yrs on this forum lived in the outside boroughs? If so, how was it?
There's an analyst in my group who has lived in Prospect Heights for the past year. He is looking aggressively to move into Manhattan right now. With the car/cab home it isn't terrible, but if you ever have to come in early, on a weekend or holiday, or during bad weather, you're going to hate your life.
I think the ultimate determinant will be whether you are in a face-time group. A lot of people say they aren't but then actually stick around unnecessarily because they see a few others doing so. Mine isn't like that at all; they know they have the power (and likelihood) of ruining your life whenever necessary, so when there's downtime, you are a free man. That's the only reason I think he's gotten by; some weeks have been brutal, others have been enjoyable. Personally, I couldn't deal with it.
Anyone else have any input?
I think APAE hit it on the head and it depends on the number of hours you are working (not just facetime). If you are getting worked hard, the commute is not worth it relative to the money saved given you're likely making enough to live nearby. Alternatively, that is a lot of money you have for trips/cars/real estate/investments, etc.
Those I know who have done it, say the only downside was going out became a hassle, then again you can afford the hotel rooms.
In my experience, work can be draining, but the absolutely worst and most tiring part of the day was my long commute. I'd rather live close to work and work longer days, than work shorter days and have to commute further home.
All of these posts are missing the point here. You'll be saving ~$20k of post-tax dollars by living at home. While I personally couldn't imagine living at home after starting a FT job, if you're amenable to that, the savings are very attractive.
I know several second years that live in Brooklyn and make 30 min commutes in the morning without issue. Hell, some people in Manhattan have 30 minute commutes to work (FiDi to Midtown, StuyTown, etc.). The people on here are exaggerating the difficulty of the commute. If you can consistently make it to work in 40 minutes (e.g. you're not being overly generous and you're talking about door-to-door figures), you're on the edge, but you should be fine. Savings are definitely worth it.
Yes, my commute was more like 2+ hours, but the only point that I was making is that the commute (IMO) is much worse than actually being at work a little extra longer. I mean hell, when I go out on LES, most times I just cab it home because I'm way too tired to get on the subway.
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