Comments (183)

Feb 9, 2016

IIRC, @IlliniProgrammer lived in Hoboken during his internship in NYC.

You can search his posts for Hoboken and you'll find some good stuff.

Feb 9, 2016

Forgot to mention Astoria as well. Found some really nice places for that range but I don't know if the neighborhood is what we're looking for.

Feb 9, 2016

Don't know much about housing directly in the city. But, if you can't get directly in the City there's bound to be a shit-ton of spots in Queens, where you can take an easy commute on the LIRR into Penn Station (34th Street and 7th Ave)

Continuous effort - not strength or intelligence - is the key to unlocking our potential.

-Winston Churchill

Feb 9, 2016

you can still get into NYU if you take a class ($300 or so for the class, and I only paid $200/week for my dorm although I had a roommate). read my comment in this post.

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Feb 9, 2016

Most colleges in NYC with dorms will except you if your just interning you dont have to take a class... NYU has dorms in the village which are very nice and close to midtown you should check those out.

Feb 9, 2016

google CCNY the towers, or Hunter college dorms...

Feb 9, 2016

Thanks for all the responses, guys!

I've been doing some research, and it seems that Hunter College's summer housing is ridiculously expensive considering what you get. It's $2000+ a month, and I'm sure you can find much nicer places than a dorm room for that price.

How do you guys feel about Columbia summer housing? It's located in Morningside Heights, and the place that I'll be working at is right next to Grand Central, or Midtown East. Is this viable for me? The best thing that it has going for me is the convenience -- I don't have to worry about getting internet set up, or my toilet breaking down. I especially don't have to worry about some shady landlord, since I'll never even be able to check out the place.

I appreciate all the input, gents. Keep it coming, please!

Feb 9, 2016

Maybe look into School of Visual Arts, there are a few spots left in their Ludlow residence. I think it's on the lower east side but it's not terribly expensive

Feb 9, 2016

Thanks, notaspammer. Looks promising.

Would you guys rather be living in Morningside Heights or the LES? Looks like the SVA residence on Ludlow is a little closer to where I work, but only marginally.

Thanks again for all the input!

Feb 9, 2016

I can't speak from experience, but from what I hear, many live in Hoboken, NJ, as it's much cheaper.

Feb 9, 2016

Share an apt. Go on Craigslist and look under shares. Save yourself some money, after all, we are not making money for quite some time. And even then...

Fibows, Hoboken is cheaper, but it is not super cheap either. Plus, dealing with the PATH is the last thing you want to do at 2am. Even on a weekend not as a banker.

Feb 9, 2016

Live close to your bank, not necessarily fidi. Most analysts I know try to live near work.

This is the type of question where you have to step back and ask yourself, is this relevant to bankers only, or is this just common sense?

Feb 9, 2016

being close = less travel & more sleep
better way to go 4 IB

Feb 9, 2016

I'm renting a studio for about $1,700 in Midtown East. Definitely not planning on live outside the city.

Feb 9, 2016

like many say,

last thing you want to think about before and after work is,

"damn...i hope that train's on time..."

again, your weekend worsens by commuting..

go for a place in the city.

Feb 9, 2016

Tell some girl at the bar in Manhattan that you live in Jersey and you will never get pussy in Manhattan. Hey baby, want to wait for the PATH train with me for 45 minutes and go back and fuck me? Your dick better taste like strawberries.

    • 1
Feb 9, 2016
PoolSideBanker:

Tell some girl at the bar in Manhattan that you live in Jersey and you will never get pussy in Manhattan. Hey baby, want to wait for the PATH train with me for 45 minutes and go back and fuck me? Your dick better taste like strawberries.

Best post I've seen on here in a while, lol.

Feb 9, 2016

I wish I could laugh, but the Jersey cock-block happened to me a little over a year ago. Needless to say, my dick doesn't taste like strawberries...(i've heard). I quickly found a place in Manhattan.

Feb 9, 2016

Yeah, whoever said most analysts live in Jersey is just wrong.

Feb 9, 2016

I am living with 3 other bankers in SoHo for 1500 each. Most people live in Midtown East (Murray Hill) or West (Hell's Kitchen).

As for living near work, I hear that people who did that said it was the worst decision they ever made. Living farther away allows yourself to mentally leave the office. If you are in the same neighborhood you work, every time you walk down the street you will think about stuff you should be doing for your boss. This was told to my group by numerous people!

Feb 9, 2016

How long before work starts are you guys moving in? I'm trying to take a trip before I start and don't know how close to my start date I should cut it...

Feb 9, 2016

You can get a MUCH bigger place in Hell's Kitchen than in Soho for the same dough. Some of the SoHo places I saw were really absolute shite. Also, being close to work is HUGE especially when the weeks get long.

If you're in Murray Hill, the "not being able to leave work" thing does apply to some extent. In my opinion, Hell's Kitchen has a completely different feel to it than Murray Hill .. I would suggest you take a look.

Don't even think of Jersey.

Feb 9, 2016

I'm not sure what you are asking as you seem to have it down. Tribeca is the most expensive neighborhood in the city but you can absolutely find nice 2 bedrooms in doorman buildings around 5k-5500 in the Fidi/Battery Park City/Tribeca area. You won't be in the absolutely best buildings but in good luxury buildings for sure. Same with 4k Hoboken even right around the Ferry/PATH terminal. If you live uptown like UES or UWS you could find the same with a more residential feel if you want that. If you work around like world financial center I think Hoboken is actually more convenient than brooklyn/uptown because the ferry let's you off right there and is a much more pleasant experience than the train on top of being a quicker commute than brooklyn/uptown to that area around WFC.

If your company will pay for a broker than just go that route but otherwise just Google around for luxury buildings in areas you like and contact their leasing offices directly because they'll gauge you for 15% of the lease amount in some cases now. You do save on the 3.5% city tax if you live in Hoboken. Lastly I know you said your total income will be 300k but it does matter how much of that is bonus because if your base is 180 you wont qualify for a 5k apartment in the city. At least 40x is the standard.

Feb 9, 2016

Thanks, what I am looking for is just general feedback on neighbourhoods and any info on other areas or things that I may now know about being an outsider that I could consider given my situation. For example you mentioned that UES and Brooklyn will be more of a hassle to get to WFC than from Hoboken/JC. I guess a follow up question is also then can I really experience NYC life (restaurants, bars, events, etc.) with the same convenience from Hoboken/JC as-well?

Also thanks for info on the 40x rent. I had read about this but always understood it to mean 40x rent in total income. Not just base salary. In that case my base will be around 150-160K but the employer said they would give me a letter with total expected income which I could use to show buildings/landlords when renting out.

Regardless I will use the broker but just want to do some diligence for before my arrival.

Feb 9, 2016

Personally I like Hoboken. It's a more village type feeling. Trees, brownstones, small pubs and shops everywhere, etc. PATH runs 24 hours to the city but it is annoying late at night because it's only every half hour. You can of course get cabs back but that'll run you around 40-50 a trip. Very convenient to take the ferry to work if you work around the world financial center. I just moved from Chelsea to Hoboken and my commute time stayed the same (20-25 minutes door to door) for a building in that area. Ferry is more expensive than the subway but I live in a nicer place than I did in NY for less money and i'm 3 blocks from the PATH/Ferry. Jersey City dies at night so I wouldnt live there but if some people like how quiet it is and there are nice luxury buildings there.

Tribeca is a great mix of offices, trendy bars/restaurants, shops, etc. It's just become the most expensive neighborhood in the city. Battery Park City is right there and is nice and on the water. If you value your green space there is a decent amount there. It's very family heavy and not tons of night life but you can obviously subway/cab easy to nightlife. Fidi similarly has a lot of nice places to live but dies after happy hour. The village is your most trendy location with everything you could possibly want. West village is a little more upscale IMO. Chelsea, Murray Hill, and Gramercy are all pretty interchangeable to me. Nice places, some green space, some ok nightlife, etc. Probably good middle ground. Murray Hill is a little too midtown for me as I try to avoid midtown at all costs because of it being flooded with tourists. And then of course you get to the UES and UWS which are more residential and family friendly. A little quieter but good food and ok nightlife. I like the UWS more than the UES because I think there are more good places to go out and better food overall. The UES is kind of a barren wasteland of shops, nice buildings, and families between like 64th and 86th which isn't really my style. But I do really like the area around the 86th street stop in the UES. Tons of new construction and cool new bars/restaurants between like 82nd and 90th. I can't speak to Brooklyn so much because I dont spend time there. The only place i've spent time is Williamsburg and it's kind of a pain in the ass to commute for me to that area.

Also, for the 40x thing. If your employer is willing to put on paper "Expected annual income of 300k" you should be fine (can't promise as I haven't been through this). The problem often becomes when your bonus is really variable (which happens with finance types). My employer wont give an expected income this year (though they'll give prior years bonuses) and that did cause me an issue when I was looking before because my base was like 35x. It'll be something to think about and it wont be uniform across all places you see.

HTH

Feb 9, 2016

That's a ton of great information. Much appreciated. I'll adjust my visits to the neighborhoods and discussions with the broker, etc. based on feedback such as this so this should be very useful.

Feb 9, 2016

You can easily get a luxury apartment in Hoboken with everything you want in your price range. I really can't comment on NYC as I don't really know what you can get for that price and have never lived there.

As for Hoboken, you can either live downtown by the train station which gives you access to the PATH, Ferry and NJTransit Bus and train services or Uptown where you have the Ferry and Bus. Downtown has a younger crowd, is louder by all the bars and the buildings are a bit older. Uptown is quieter, newer and you see a lot of young families around. You can find a place by the water (right by the ferry) that will run you around $3,000-$4,000 for a 2br 2ba 1100-1300sqft, a lot of these place also offer a shuttle service to the PATH. The Shipyard and Maxwell Place are two places that come to mind.

Feb 9, 2016

Personally I like the buildings in and around Battery Park City. Overall it's a great neighborhood.

Feb 9, 2016

Thanks. Hoboken, Battery Park and FiDi are the main areas I am thinking of checking out due primarily to access to WFC.

Feb 9, 2016

I think craigslist is a good place to find subleases...

Feb 9, 2016

No f'n way you should talk to a broker for a 3-month stay!

Dial down your expectations somewhat, and craigslist is usually a decent way to go. I say keep plugging.

Feb 9, 2016

yeah with NYC you gotta dial down your expectations.

Craigslist is the best, check the roommates section because there is really no reason to rent something solo for a 3 month stay

Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

Feb 9, 2016

If not, ring the HR to see whether they have a company preferred real estate agent, who can help you finding a place.

Feb 9, 2016

Check craigslist and sublet.com. No point in paying commision to a broker for a 3 month stay. I did my summers earlier this year and found a pretty good sublet through craigslist.

Feb 9, 2016

Live in Murray Hill

Feb 9, 2016

60k include signing bonus?

Feb 9, 2016

Nah, 60k as just the base salary but signing wasn't at all that much really

Feb 9, 2016

That Murray Hill song is pretty funny

Feb 9, 2016

70k (without signing bonus) is standard 1st yr salary nowadays...at least for BB

Feb 9, 2016

Yea i mean i figured the salary was a little low, but this isn't a BB. Signing bonus wasn't that great either. At this point i'm just hoping they make up for it with the bonus. But can anyone tell me about the housing situation? Is murray hill actually an option?

Feb 9, 2016

Murray Hill or Astoria or UES... although i think UES sucks, id rather hells kitchen and walk crosstown to work

Feb 9, 2016

Murray Hill, its close to grand central so its easier to get around.

Feb 9, 2016

depends what youre scene is and what area you enjoy. def get roomates, and you can generally live most places on 60k.

midtown and UES will give you the most bang for your buck, but if you're downtown always, might consider evillage or LES. i lived in a nice tribeca doorman high rise with a roomate (converted 1br) on 70k just fine.

Feb 9, 2016
weeds499:

depends what youre scene is and what area you enjoy. def get roomates, and you can generally live most places on 60k.

midtown and UES will give you the most bang for your buck, but if you're downtown always, might consider evillage or LES. i lived in a nice tribeca doorman high rise with a roomate (converted 1br) on 70k just fine.

Hey weeds, I'm thinking of moving to tribeca but didn't see any affordable doorman buildings. Can you share (or PM) the name/address of that building, or some other luxuries you may know of?

Feb 9, 2016

What about chelsea?

Feb 9, 2016

How much will you be making? That's generally the most helpful bit of information.

Feb 9, 2016

80 base - you're right, should have included.

    • 1
Feb 9, 2016

yeah, it totally depends on how much you're making
remember, the rule for rent is:

SALARY PER ANNUM/40= rent per month

so... if you're making a nice, round number... 40 k per year?
then that means you have $1000 for rent per month

assuming you want to live somewhere nice, you might need to get a roommate
if you're in finance and can afford places on your own, look into places in midtown

I'm not concerned with the very poor
-Mitt Romney

    • 1
Feb 9, 2016
Mitt Romney:

yeah, it totally depends on how much you're making

remember, the rule for rent is:

SALARY PER ANNUM/40= rent per month

so... if you're making a nice, round number... 40 k per year?

then that means you have $1000 for rent per month

assuming you want to live somewhere nice, you might need to get a roommate

if you're in finance and can afford places on your own, look into places in midtown

is this rule on an after-tax basis?

Feb 9, 2016

How would you describe yourself:
a. Frat bro
b. Hipster
c. Yuppie
d. Other (please explain)

Feb 9, 2016
duffmt6:

How would you describe yourself:

a. Frat bro

b. Hipster

c. Yuppie

d. Other (please explain)

if you're a hipster masquerading as a incoming first year analyst in midtown, where should you be looking?

Feb 9, 2016

@duffmt6 and @yeahright thanks, guys. sb'ed.

Feb 9, 2016

Can anybody chime in on what my options would be at 55K? Probably no bonus and the office is in midtown.

Feb 9, 2016
Higheck123:

Can anybody chime in on what my options would be at 55K? Probably no bonus and the office is in midtown.

Will really depend on how many people you are living with.

Assuming one roommate: FiDi, Harlem or outside Manhattan. Maybe some places in the LES or close to the FDR/West Side Highway.

Feb 9, 2016

Thanks all. Any other comments? 80 Base with likely 50-80% bonus.

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Feb 9, 2016

My office is in Tribecca too, planning to live in FiDi.

Feb 9, 2016

Fidi is cheap / murray hill. Brooklyn one stop away is good as well I hear if your willing to commute like 15 minutes, more space etc.

Feb 9, 2016

Im going to be working in World Financial Center, kind of in the same situation. I am willing to commute a bit (no more than 5 stops on subway though). What areas of Brooklyn would you recommend, I am definitely interested if it isnt to far and saves a good amount of money. The places in FiDi I saw are pretty damn small, found the murray hill/gramercy park area much better bang for my buck, will brooklyn be even cheaper then those two areas?

Feb 9, 2016

From my experience Park slope seems to be the best spot as it is right across the bridge, also Williamsburg. I know park slope is considered one of the nciest parts of brooklyn. The subway is 1-2 stops away and take 10-15 minutes from FiDi

Brooklyn will definitely be cheaper, or you will end up getting 1.5-2x more space for the same price. Unfortunately because of my midtown location I find it not as accessible.

Feb 9, 2016

Check out nybits.com.

Feb 9, 2016

West Village or Tribeca. Don't live in FiDi unless you have a desperate need to save money. You'll be sorry.

Feb 9, 2016

Murray Hill and Grammercy Park look a little far, but I can't really judge the actual commute just looking at a google maps screen.

FiDi is obviously close, but I heard it kind of blows to live in.

West Village looks like one of the better options.

Feb 9, 2016

Seriously dude? Search function, google, all that...

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Feb 9, 2016

I think this topic has been posted/talked about ad nauseum a ridic number of times the past month or so

Feb 9, 2016

live in east new york or brownsville, beautiful areas.

Feb 9, 2016
shorttheworld:

live in east new york or brownsville, beautiful areas.

i agree. i hear canarsie and queensbridge are up-and-coming areas.

Feb 9, 2016

those are nowhere near the caliber of ENY or brownsville though :P ocean hillllllll

Feb 9, 2016

Queens, all the rich people/royalty go there to find their wives.

Feb 9, 2016

Anything in BK is top tier.

Feb 9, 2016

west village

Feb 9, 2016

I'd be interested in hearing about this as well.

I start the same day as you and given my location I'm thinking Union Square, Murrary Hill, or Gramercy Park area right now.

Fuck and I have to find a roommate...ugh..

Feb 9, 2016

Check out :http://www.nybits.com/, pretty good site. I live in Murray Hill and pay a lot for an overpriced apartment, but I found mine in 2007, during the boom. You should find it relatively easier to find a cheaper one now.
Also check out craiglist.org of course. Let me know if you want me to dig up a few more sites/resources.

Feb 9, 2016

this has been discussed a few times. run a search.

i would avoid brokers since you will end up paying them anywhere in the neighborhood of $3-6K

at my old firm, we used to shoot out emails to each other for people looking for roommates (roommates were moving out and needed new blood, etc).

depends where you work as well. I've seen more and more people living in Jersey City if they're working downtown (DB, Citi, GS).

Some people made the journey from JC to midtown as well. They all run relatively about the same. Murray Hill/Union Square tend to give you less bang for your buck making them more expensive than the UES (see 80s and above).

The world has changed. And we must change with it.

I'm making it up as I go along.

Feb 9, 2016

The mkt in NYC is really soft. You will find a ton of no-fee brokers these days... the caveat is that the buildings they take you to are "no fee or 1 month free." Meaning if you walk into the building on your own the apt will be 1800/month, with 1 month free. If you walk in with a broker, the building will pay the broker and you will not get a free month since the building paid the broker fee.

Best way to do it would be to check out CL... if you're close by and you have a friend in NYC, stay at their place for a few days and walk around the city and walk into random buildings.

As far as what areas.... depends where you work.

Feb 9, 2016

I'd strongly recommend using craigslist. Always some decent sublets and apartments posted there.

As for where you want to live, it really depends on where you're working, the hours you're working, and how convenient you want everything to be. If you're working 80-100 hr weeks you'll want some place closer to work even though rent will be more in the financial district. If your hours are more chill, you can move further from work.

Feb 9, 2016

Outside of finding someone from school as a roommate in NYC, what other methods do you recommend for find ing a roommate?

Feb 9, 2016

whats there to be worried about? how does something like this get you frazzled. As a kid, I've moved to cities and looked for housing on the day I arrived (not recommended of course, but just saying).

Feb 9, 2016
Philosopher:

whats there to be worried about? how does something like this get you frazzled. As a kid, I've moved to cities and looked for housing on the day I arrived (not recommended of course, but just saying).

Agreed. This kid needs to grow a pair

Feb 9, 2016

Rental prices are dropping across the city, but there are plenty of landlords still trying to charge prices that are way too high. Large complexes are the best bet right now, because they don't tend to hold out like the small landlords do. So you can get reduced rents, get them to pay the brokers fees, and also get 1-2 months of free rent.

An example are the Trump buildings on the water front on the west side. All of them have tons of vacancies, no brokers needed to rent, 1-2 months free rent, and even their own agents clearly state that all rents are negotiable.

Cheapest neighborhoods are still: Financial District, UES (east of 3rd Ave, and way north). Then probably Murray Hill. That said, LES is now cheaper than all of them, but fewer large buildings means your search will be tougher.

Financial District is a pain because so few people work there anymore (almost everything is in Midtown), but prices have always been cheaper than the rest of the city, and they way overbuilt luxury condos there. Those are in turn going rental, and prices are dropping like a rock.

On Central Park itself (UWS or UES), SoHo, West Village, and Tribeca are mixed bags. Lots of places maintaining high rental prices, but also lots of deals.

Craig's List is a great resource, and so is contacting large buildings directly. Brokers could be worth it if you can get their fee paid by the building. For an internship I'd just stick to Craig's List....

Feb 9, 2016

I never thought of just saying fuck it and looking for an apt when I show up....thanks for the advice SAC

to the rest, thanks for the real talk

Feb 9, 2016

Negotiated price down by $300 a month, plus no brokers fee and 1 month free on a nice hi-rise in UES 80s. Inquired to a post on Craigslist, which are normally posted by brokers but mostly all are no-fee. I decided on this one after 4 months of looking online everyday and seeing ~25 places in person on UES, UWS, Murray Hill, and Midtown on both sides. Chose based on best combo of area + apartment/building + rent.

Don't work in the city and have a car, so didn't need to be very close to subway and made the tradeoff of taking a nicer place further away. If commuting within the city, I def. wouldn't want to be more than a couple minute walk from subway.

In my 4 months of looking, I've seen the most bang for buck in the past 2 weeks. Places are going for hundreds less than same time last year and even compared to just a couple months ago. Spring is normally a time where the market picks back up, so either this development will soon temper OR the environment will continue driving places down.

Also, if looking for a roommate, checkout the "Rooms/Shared" section on craigslist.

Feb 9, 2016

I had a question - I heard in the boom days, landlords would simply accept offer letters for proof of income needs. With a salary of only 60k, how are people supposed to lock down an apt when you need to make 40x the monthly rent, of say, 1700?

Besides a good credit score, what other documents do you need to produce? From some of my reading, it seems like you need to have held down your job for at least 2 years, make much more income, and have supplementing paystubs and tax returns. How is a recent college graduate supposed to get an apt? Any insight is much appreciated.

Feb 9, 2016
werdwerd:

I had a question - I heard in the boom days, landlords would simply accept offer letters for proof of income needs. With a salary of only 60k, how are people supposed to lock down an apt when you need to make 40x the monthly rent, of say, 1700?

Besides a good credit score, what other documents do you need to produce? From some of my reading, it seems like you need to have held down your job for at least 2 years, make much more income, and have supplementing paystubs and tax returns. How is a recent college graduate supposed to get an apt? Any insight is much appreciated.

You'll also have your $10k signing bonus, so you get bumped up to $70k, so the 1700/mth is now doable with the 40x requirement. But really, while they say 40x, it's not really a strict rule (at least, that's not what I faced with my building mngt, and also I know a colleague who was able to get a 2000/mth place without a co-sign). So long as you show you're employed with a steady income, that's good enough for them. I imagine it should be even easier now given how soft the nyc market is now.

All I had to show was my offer letter with proof of base salary and bonus. Also confirmation of my visa status. I didn't even have a credit score since it takes awhile before you can get a credit card if you're not from the country...

Honestly, it's much easier to get a place with a roommate - esp. where the person is already living there and they are just looking for someone to resign a lease with.

Wherever you decide to live... it's key to be close by a subway (under 10 mins).

Feb 9, 2016

I would echo the advice given here.

Plan out your budget. I would not plan on spending more than $1,500 a month on rent. You're after tax pay check should be around $3k month after taxes. Think of all the extras you need to spend on. Metrocard ($81/month), dry cleaning/laundry ($100/month), health care premiums and co-pays, 401-k matches, gym memberships ($100/month is typical, some spend less, some more), utilities ($200+ month, can be split with roommates). Then take out $20/day for breakfast/lunch/starbucks/snacks. Then take out the sorta discretionary spending: drinks, dates, clothes, weekend trips. If you have student loans, take out a payment for that. Then whatever you have left (if any) can be spent on models and bottles.

The "free month" rent scenario does reduce your effective rent, but remember that your current income needs to be able to support the monthly payments not factoring in the free month. the free month is typically the last month of the lease. I had issues with my landlord accepting my relocation bonus as part of my income, some are more flexible, but most if not all landlords know that wall street jobs aren't that stable right now.

Not to be pessimistic, but your first year is going to be TIGHT on cash. Your first bonus payment will make things much better, but until then, it's going to be tough unless you have mommy and daddy chipping in.

Some tips:
1) Avoid brokers, you'll pay for them somehow
2) Be realistic about travel time, if you're working a lot, you don't want to be far away from the subway to get in. Budget in a few cab rides to work because you're simply too tired to walk or take the subway. Budget in a few rides back from a night of drinking. No matter where you live, you're likely to be drinking on the other side of city.
3) Get a roommate. It is very difficult to get a decent studio for under 1500. Ideally, you want a doorman; you need someone to collect your laundry and any packages (online shopping)

Many analysts (including myself) live in converted apartments. NYC has zoning laws on the minimum square footage a room can be before it can be considered a room. To get around this, many people put up a pressured wall in the living room to create a second bedroom. Look for a living room that is long enough to be split. My current apartment is 24 feet deep, creating a sizeable living room and extra bedroom. Most apartments in New York city are between 18-22 feet. You don't need a dining room in your apartment, just enough room for a couch, coffee table and a nice flatscreen tv.

I would also plan to visit new york once to get a feel of different areas and to see a few apartments. Then select an area that you want to focus on and come back and select your apartment. There are many cheap hotels that you can stay in on hotwire/priceline and there are also hostels available if you want to save even more.

PM me if with a few details if you need some more help. Where you're working (cross streets) and where you are looking. I know of a few 1st and 2nd year analysts leaving and may be able to point you in a direction of open rooms or open apartments that work well for bankers.

Feb 9, 2016

eric - great advice. I'll probably shoot you a PM tomorrow about a couple things.

Feb 9, 2016

Hey Guys,

I'm also a senior looking into apartments in NYC, and I was doing a search for threads on this topic. A lot of the advice on this thread is great, but I had a question about furniture. Are most apartments already furnished? If not, where do people usually get furniture? I'm thinking moving in without furniture would be a real pain... Any advise appreciated. Thanks!

Feb 9, 2016

Entry level leased apts usually come absolutely bare. If you don't come to ny a few days before you start, you can use online mattress places like 1800 mattress, i'll let you google, they'll deliver the same day. Best place I found to get furniture is craigslist. Lots of nice couches people are looking to just get rid of. Other than that, Ikea, even though I hate the cheap crap, it's the only thing you can probably afford to furnish everything.

Feb 9, 2016

.

Feb 9, 2016

good site, but some of those prices seem too good to be true. Studios going for 1600-1700 in Manhattan. Will keep searching though

Feb 9, 2016

padmapper, streeteasy, nybits

(personally I don't have any experience with those but worth a shot I guess)

Feb 9, 2016
Feb 9, 2016
Feb 9, 2016

http://ny.curbed.com/tags/rental-market-reports
Looks like you can expect around 1500 to 2k.

"The way to make money is to buy when blood is running in the streets."

-John D. Rockefeller

Feb 9, 2016

It honestly is all dependent on luck. I don't care what anyone else tells you, it's luck.

I live in Greenwich Village in a full 1 BR with a separate full bathroom, kitchen, and living room. I live with my girlfriend and we split a $2200 rent. The apartment is awesome size, walkup building, awesome location.

Then I know someone who lives in Midtown shitty West and pays $1050 for a 3 BR with three other people, a living room/kitchen combo, and like 8 floors to walk up.

It's all about timing.

Feb 9, 2016

Agree that it's a lot of luck. Found my apt on my own,but was lucky to view it and grab it before others did. Timing just worked out. Started looking a couple weeks before job started. Would've used a broker if I didn't find on my own fast...but gotta get good word of mouth referral so you get a reputable one. At the price point you are looking at they aren't all that interested in helping you.

Feb 9, 2016

I'd guess you wanna live as close as possible.

I mean, when you are working 80 to 90 hours a week, you want your home ASAP when you get off from work 3:00 at night cuz you know you'll be abck in the office 8 in the morning.

Feb 9, 2016

agreed with ziggy, that commute will add up + you really don't save that much money, until you are 40min+ commute or you want to live in the ghetto

Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

Feb 9, 2016

Manhattan (will vary by area) - Studio $2000+, 1 BR $2500+, 2 BR - $3600+

Jersey City (Newport) and Hoboken - Studio $1500+, 1 BR $1850+, 2 BR $2700+

Feb 9, 2016

bump

Feb 9, 2016
  1. East Village
  2. own-association fees
  3. subway-15 minutes,2 min walk
    or taxi or WALK LIKE TODAY!!!!!!!!!!!!!
  4. same if in NYC
  5. realtor,few years back
  6. commute is a killer
  7. nothing, probably keep it forever

Good Luck to you.

Feb 9, 2016
  1. Gold/Fulton
  2. $1900
  3. either 2 subway stops (subway on same block) or 15 minute walk
  4. same
  5. broker
  6. Might save money, but pain in the ass to get home or bring anyone back to your place
  7. not pay a broker fee
Feb 9, 2016

I left the city a couple of months ago. This data was valid at the time I left.

90 Washington (Washington/Rector)

$2575 -- studio

Walk 20 minutes. Subway took around 12 minutes but I never took it -- why not save four bucks a day and get some fresh air?

Commute sucks and you never go anywhere.
Same.

Broker.

Take more time, look at more places.

Feb 9, 2016
  1. John/Gold
  2. 2800 (1400 per person)
  3. Walk 5 minutes
  4. Same place (good apt, no commute, handy for the tube)
  5. www.rent-direct.com
  6. Only Manhattan (unless you have like kids)
  7. Nothing
Feb 9, 2016

I guarantee whoever posted this is getting credit and/or being paid for asking these questions.

Congratulations for responding to a survey. . .WTF

Feb 9, 2016

or it's someone who's potentially going to be working downtown and trying to get a feel before he tries to get a place of his own? i could see it being a survey but i dont think it actually is

Feb 9, 2016

Thank you ToBankOrNotToBank, that is exactly what I'm doing. Didn't think I'd hurt any anti-survey sensibilities.

Feb 9, 2016

20-30 sounds terrible in the morning (unless door-to-door). at night your bank will comp your car ride back--black cars are cool at first, but eventually you'll just take the fastest taxi home.

best places to live from midtown -- Chelsea, or Murray Hill

Feb 9, 2016

Ignoring the fact that 20-30 minutes is a bit long of a commute time, it wouldn't put you anywhere desirable to live anyways, considering 20 minutes from Midtown puts you either in Queens, Brooklyn, or way uptown.

Feb 9, 2016

Mine is 90 minutes away...is everyone only 20-30?!

Feb 9, 2016

I live in Murray Hill and will still have at least a 20 minute commute to my Midtown West office. Been told by some analysts in S&T that they just take cabs to work, as the $10 bucks is worth a helluva lot less than the 40 minutes more of sleep you'll get.

Feb 9, 2016

^90 minutes away from an IBD Analyst gig? Holy shit dude.

Feb 9, 2016

20-30 MIN IS GOOD

FARTMAN

Feb 9, 2016

You can be 90min from UWS to GS HQ if you take the train door to door. DOn't do it.

Sleep under your desk and shower at the gym.

Feb 9, 2016

You can be 90min from UWS to GS HQ if you take the train door to door. DOn't do it.

Sleep under your desk and shower at the gym.

Feb 9, 2016

http://media.lawrence.com/img/special/steinberg-ne...
This is kind of related but your post made me think of this picture

Feb 9, 2016

I don't need a shitload of conveniences at my door step but the subway/train nearby is nice to have. Walking is for fatties and poor people.

Feb 9, 2016

Great picture, but not sure why Nebraska and Kansas City are there.

Victor, I agree that subway and train nearby are nice. Hiking 15 minutes just to get to the train is what could annoy me.

Feb 9, 2016

i strongly recommend that you not live that far out.

when you're in NYC, everything you do requires the subway system (unless you cab every time). this means going out to the bar, visiting friends, going on vacation, getting to work, going to the park/museum, concert, everything. so if you live 15 minutes from the subway, EVERYTHING you do now takes at least 30 minutes longer.

in addition, living 15 minutes walk from a subway station does not mean your trip is ONLY 15 minutes longer. there are fewer stations out there and you are only close to 1 or 2 trains, possibly only local. that means you will need to wait longer at the station (SIGNIFICANTLY longer on nights and weekends) and that you will need to transfer to get to where you are going. as opposed to living somewhere with lots of trains (think union square) where you will have a lot of train choice.

unless it's a very tight money situation, you should just look to room with more people in slightly less conditions somewhere more convenient.

Feb 9, 2016

sent you a PM

Feb 9, 2016

you definitely wont impress chicks living out in the boonies either as a side point...

Feb 9, 2016

Don't do it. You might as well go all the way and live in New Jersey instead

Feb 9, 2016

If you're living in the city and paying city rent, you shouldn't have to commute longer than 20 minutes total. What's the point.

Feb 9, 2016

All I know is my office is in midtown and my apartment is within walking distance...that's what matters to me. I went a little over the top in terms of "niceness" with my place, but, coming home to a nice apartment in a nice area after work is essential for me.

Feb 9, 2016

I wouldn't recommend living that far away. As a first year you work insane hours and that hour commuting could be spent getting some much needed sleep. The FiDi is much cheaper since the real estate crash, you should be able to get a really nice JR 1 BD for less than $1250.

Feb 9, 2016

Really??? This is good to know, I will be on the street for work and thought about Ft. Greene, Prospect Heights, Park Slope areas to live, budgeted around 1500. The max commute I want to take is 20 minutes. From what I always heard FiDi was extremely expensive but I am going to look into it.

Thanks

Feb 9, 2016

Not in this situation yet, nor will I be in NYC, but when working so many hours a quick walk home would be the longest commute id want.

Can also take a quick walk home on a break if you need anything, shower to freshen up, or take a quick nap and get back to the office.. i dont know, but the last thing you want is another hour/day of commuting

Feb 9, 2016

Thanks for the insights. My door to seat commute would be 25 minutes give or take. Unless I live in FiDi, my commute won't be less than 15-20 minutes anyways so I'll deal with it. The place is too good to pass on.

Feb 9, 2016

Why not Exchange Place, Jersey City? 5 minute train ride under the river to tax-haven NJ from the World Trade Center. Save $350/month in taxes and get a really nice view.

Feb 9, 2016
IlliniProgrammer:

Why not Exchange Place, Jersey City? 5 minute train ride under the river to tax-haven NJ from the World Trade Center. Save $350/month in taxes and get a really nice view.

I love how you plug Jersey in almost every post. I worked in Exchange Place one summer and did the reverse commute from 33rd and 6th, do they have a stop downtown too ?

Feb 9, 2016

illini I think you edit every one of your comments at least 5 times.

Feb 9, 2016
youngblood:

illini I think you edit every one of your comments at least 5 times.

Welcome to my OCD world. :D

Feb 9, 2016

staten island is where the deals be

-bustin balls and banging hoes

Feb 9, 2016

Getting on that ferry sucks ass

Feb 9, 2016

I am wondering the same thing actually and I hope others offer good guidance. I have heard that in NY, bankers (even analysts) are typically much more cut throat then other locations. Is this true? Would it be more laid back in a office in like Atlanta or Chicago or even Charlotte as opposed to NY?

Feb 9, 2016

NY isn't all that cracked up to be, its mostly because people associate finance with NYC. I would say go to where you like your GROUPS (you'll work 100 hours with them) and where you like the PEOPLE. Once you start working you'll realize that this is the number one most important. I'd rather be in Ohio with cool people than in NYC with dbags.

Feb 9, 2016

I have the same decision to make. I'm leaning towards Charlotte for the same reasons already mentioned- I like the group, it's obviously a better cost of living and it's just a more laid back lifestyle. But I'm concerned about the exit opportunities. I feel like it is worth it to go to NY for 2 years because of how much it will help with PE, etc. Does anyone have any input on this?

Feb 9, 2016

I think I'm with 1styearBanker on this one. Your first priority should be to like the people you work with. If you can't stand them it's going to be miserable for you. Plus, working in NYC is really no big deal. I don't live in the city but I do commute into it. You'll enjoy the first 3 months because its all new to you. Then it'll be really no big deal, and, if you're not used to a big city, you'll get swallowed up into it. It's not for everyone. I'm actually from a small town in upstate NY. I'm only in the city because I work there. Other than that I hate NYC and would take another job at a smaller firm in a smaller city if I had the opportunity. Believe me, you do not want to live in the city. Even living in a place like Brooklyn or the Bronx will quickly break the bank, unless you are bringing in at least $100K and/or have substantial savings already. Unless you want to live in a bug infested shithole, expect to shell out at least $2,000/month for rent.

Feb 9, 2016

I'm only a college freshman, but I've lived in NY my whole life and I can tell you this much. It really sucks, but its true what they say if you can make it here (NY) you can make it anywhere.

Feb 9, 2016

I would definitely choose NYC again. I love the city life.

Feb 9, 2016
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