SA 2021 NYC Housing Thread

Hope recruiting is going well for everyone – I recognize this is ~12 mo in advance, but figured I'd start a thread that might pick up in the coming months, given quarantine boredom. Keeping it optimistic with the assumption that SA 2021 will be in person.

I'm going to be doing an IBD SA stint at an EB and would want housing in midtown; I know the popular options by convenience are the student dorms (NYU/New School). I think it might be most cost effective to rent out an AirBnB with about 2-3 other roommates (as many dorms require a dining plan).... If interested, definitely lmk!

Interested to hear what plans you all have, as well as any reviews. Hopefully this thread can be of resource throughout the year!

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  • Intern in IB-M&A
Aug 15, 2020 - 7:34pm

JPM also just reposted an article about the value of online internships (LinkedIn)

  • Intern in IB - Gen
Aug 15, 2020 - 11:24am

Housing in NYC is best found just a few weeks before your move in date, and I think there is a very low chance that internships next summer are virtual because there are some banks that are making people come in post Labor Day and a majority of the other banks doing the same starting from the new year, but this is mute point if there is another outbreak.

If you want a cheap place though in Midtown, Hell's Kitchen and around Times Square are good.

  • Prospect in IB - Gen
Aug 15, 2020 - 7:10pm

thanks for the input – did you sublet or use airbnb? How'd you find roommates?

Aug 16, 2020 - 12:28am

I guess you can tag me on here and get the last laugh. But logistical speaking too much has to occur in too little of a time span.

Array

  • Intern in IB - Gen
Aug 15, 2020 - 9:56pm

AirBNB is a pretty solid option. Paid around $1300 for a room with a few other roomates. Was located in Manhattan but not too close to my office. Was in a pretty good and safe area close to multiple trains. Good food options, close to parks, etc... Had a ~25 min commute.

  • Intern in IB - Cov
Aug 16, 2020 - 12:57am

I was a SA this year at BofA and was going to live at EHS housing (Marymount building on 2nd and 55th). Obviously the internship was virtual but EHS was awesome about refunds and we got all our money back as long as we canceled by early May. Sorry I don't have first hand experience living there, but they were super flexible and helpful and it seemed like it would've been a nice place to live!

  • Prospect in IB - Gen
Oct 29, 2020 - 12:37am

Just got SA offer for a BB in Midtown (hope it's in person). What are some good spots besides dorms? Don't mind splashing some extra $ for a better place in terms of convenience that's also not too isolated from others socially, will probs get a roommate. Not from NYC so don't really know the ropes there in terms of real estate. 

  • Intern in IB-M&A
Nov 10, 2020 - 11:59pm

Should we be concerned with having a single because there is a solid chance we will at least need to have some days virtual. I don't want my roommate in the back of my zoom call.

  • Intern in IB - Cov
Nov 25, 2020 - 6:31pm

Updated thoughts on SA 2021 in NYC being virtual? I'm having mixed feelings with promising vaccine news but rising cases. Anyone know when we should get a confirmation from banks for in-person or virtual? 

  • Prospect in S&T - Other
Nov 26, 2020 - 1:29am

Considering any American can get a vaccine by April-May 2021, I'm decently bullish on it. Spoke with a VP and it seems like a lot of banks will be flirting with a 'Hybrid' model for 2021 so like 2-3 weeks of in-person stuff followed by a (mostly) virtual gig. They might try and make conferences/meetings virtual, but I'd still expect some face time especially for S&T. Not sure about IBD but would expect something similar.  

Best case, we go fully in-person with mandatory vaccination, worst case we get a hybrid with a mix of in-person and virtual. Would be very surprised if FO goes 100% virtual though. 

Nov 27, 2020 - 5:01pm

Seems too early. Even if everyone can get it by May, that's too late to alert interns who need to make housing and travel accommodations. Additionally the banks will be bringing back workers in phases, etc and attempting to plan an in person internship on top of this would be a nightmare. 

Array

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  • Intern in IB - Gen
Nov 26, 2020 - 2:50am

With al of the discussion here, when should I start looking for housing? My bank said they won't get back to us on this until March. Will I still be able to find housing then? Any chance NYU housing will be available this summer?

  • Intern in IB - Gen
Nov 27, 2020 - 12:31am

About whether the internship is virtual or not next summer. I'm going to guess hybrid at best and virtual at worst. No way it's going to be 100% in person unless the vaccine gets massively distributed sooner than expected.

  • Intern in IB - Gen
Nov 27, 2020 - 5:31pm

I would say start looking in February, theres no point in looking this early. It's a renter market anyways and with the next few months being the best time for renters just given cylical movement in RE markets plus Feb being the last wave of pre-covid signed leases that are about to expire, there shouldn't be an issue with trying to find a lease/sublet/AirBnb early next year. If the bank were to announce that the internship is in person then you can lock in the place, but if they delay it until say April or May you still shouldn't really have any issue finding a place.

  • Prospect in IB-M&A
Nov 27, 2020 - 4:31pm

Microsoft just went 100% virtual for all their 2021 Summer Internships and I believe Google said 2021 Summer Internships are all virtual back in October and are seeming to stick with that rhetoric up until now given the recent positive vaccine news. I feel like Wall St. internships will fight for in-person settings but I can't see that realistically happening.  

  • Prospect in IB - Cov
Nov 28, 2020 - 10:12pm

If we're lucky and get to be in person/hybrid does anyone have any suggestions of places to live in tribeca?

  • Intern in IB - Gen
Dec 1, 2020 - 5:24am

OP checking back in months later lol

I don't expect to hear word from my bank on what the setting will be anytime in the near future, but given that the vaccine hasn't been rolled out yet & it's December, I'm thinking that we'll be hybrid or virtual. Even if within the next few weeks/months a vaccine is made public, it'll be quite some time until it is fully administered to resume normalcy.

I'm not going to seriously start apartment searching until Feb/March and hopefully by then I'll hear word from my bank. Despite this, in the event that it is *completely* virtual, I'm still going to try and rent out an apt (NYC or elsewhere) as WFH is really not an option with my crowded household :/

*Also, I'm thinking of potentially starting a thread for finding SA roommates in the coming months (e.g. indicate city & location, budget, living characteristics/preferences, etc) so that people can reach out and PM each other to potentially organize something. Is this something people might be interested in?

Most Helpful
Dec 1, 2020 - 10:24am

Here's my take on NYC SA Housing:

Midtown Offices:

  • Murray Hill / Gramercy is by the far the most popular location for these offices and they will range around $2k-3kk if you plan to live by yourself or about $1.5-$2.25k if you choose to have roommates. You can sublet or AirBnB honestly in these locations. Nightlife is good here as a lot of young professionals choose this area
  • Long Island City is another great location as it is very close to midtown (1-2 train stops into the city) and is located in Queens, meaning COL will be lower. Nightlife is not amazing here, but because of its proximity to the city it doesn't matter since you can go there instead and Uber home. If you want to live in Hunter's Point in LIC, then prices will be higher for the nicer neighborhood

Downtown / FiDi Offices:

  • Battery park city is very popular and is absolutely beautiful. The prices here are STEEP. Studios will range from $2.5k-$3.5k. If you choose this area, I strongly recommend having roommates so that you're only allocating about $2k a month renting. Nightlife is okay here but mostly will probably travel more to midtown / village area for better ones (but honestly nightlife shouldn't be a huge factor for a SA only)
  • Tribeca is not super popular simply because it's so expensive. I'm talking a MINIMUM of $3k a month even with roommates... This is a very wealthy area and for a SA stint, I don't recommend it, unless you have daddy's wallet
  • Hudson Square is viable as it'll cost only $1.5k-2.5k and with roommates even cheaper. The neighborhood is rich but it is also farther from most offices, so do note that

Personal Opinion:

DO NOT dorm at NYU, they charge around $2.4k a month for dorming in their law school and the dorms are not great at all. NYU is located in the village which is pretty far from both downtown and midtown offices. Strongly recommend having at least 1 roommate (probably someone doing their SA stint too). Also a bit on me, I was born and raised in the city and have lived here for over 20 years.

In addition, some of you guys are probably worried about being able to find a roommate. I recommend finding your fellow incoming SA at your firm, via school or LinkedIn and just reach out and start a dialogue. If you guys click, I'd say think about rooming with them. In terms of timing, I'd say start to do a little searching in late March and early April. You'll probably commit to a place sometime in May. 

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  • Intern in IB - Gen
Dec 29, 2020 - 4:25am

Question: for Airbnb, do you have to pay the full 10 wks rent upfront? or pay it off in bits like traditional rent? Looking at a place with two other friends that comes to ~10k for the entire summer rental but we don't have the money to pay upfront to reserve the place...

  • Intern in IB - Cov
Jan 1, 2021 - 6:05pm

Thoughts on still relocating to NYC if it's completely WFH anyway? Could be nice to still check out the city and possibly meet other interns in your class in a safe way...sounds better than setting up shop in my old childhood bedroom

  • Analyst 1 in S&T - Equities
Jan 1, 2021 - 7:09pm

Guys, if it isn't in person in NYC consider yourselves lucky. Don't move to NYC if you don't have to be in the office, move to the beach for a few months or something. NYC suuuuckkkkssss right now. 

Apr 6, 2021 - 1:13pm

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