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Thursday, October 02, 2008
 
A Quick-Reference Guide to Manhattan for New Renters - by Nicholas A Judge

Manhattan is a big place. Many of its neighborhoods are larger than whole cities in other parts of the country. For those new to the city, it can often seem a daunting cityscape. This quick guide will provide a quick reference point for you as start to figure out what part of the island you would like find a New York apartment in.

Chelsea: A relatively expensive area to live, there are large numbers of clubs that people from across the city flock to. There is also a strong GLBT community here.
This is the toughest part of town to find an apartment. Vacancy rates were just 0.53% during the third quarter of 2007.

East Village: Home to Alphabet City, once considered one of the rougher parts of the city, the East Village today is populated by more and more twenty-somethings, and boasts a solid nightlife filled with a good number of quintessentially New York bars. NYU has a strong presence in this part of the city. At 0.93%, vacancy rates are just slightly above Manhattan averages

Gramercy/Flatiron: Last year, Grammercy was home to the single largest real estate deal ever, in terms of dollar value. In a move that is sure to change the face of the area, the city sold a large public housing complex for many billions of dollars. Outside of the public housing, this is the third most expensive part of Manhattan to rent an apartment in.

Harlem: Long one of the most notorious urban areas in the country, Harlem today is experiencing a bit of a renaissance. The Clinton Foundation houses its offices here, and a number of urban renewal projects are taking place here. Rents remain relatively low. During the third quarter, it cost just $2,179 on average for a 3-bedroom apartment.

Upper West Side: Fans of Seinfeld will recognize much of this area. Scenes from the show almost always took place in this part of New York. Vacancy rates are 0.87%, which is just about the average for the island.

Upper East Side: One of the wealthiest parts of the city, it is considerably easier to find a single or flat here than it is a three bedroom apartment.

Soho/Tribeca: The single most expensive part of the city to rent an apartment in, the area boasts a number of warehouses converted into large flats. It is home to the famous Tribeca Film Festival. The vacancy rate is 0.93%; a single will cost you a hefty $3,555 on average.

Midtown: Just south of the park, midtown east and midtown west are home to some of the most famous parts of the city. Madison Square Garden is here, as is Penn Station.

West Village: Perhaps the most European feeling part of the city, the West Village is home to a large number of British style pubs. Apartments are expensive here: A single costs an average of $3,082. A 3-bedroom is an average of $6,438.

Article Source: [link to source]

posted by Matthew Day at 03:13 AM | 5 Comments

Monday, September 22, 2008
 
Wall St and NYC Rentals

Wow, when you pick up the paper these days it all sounds pretty depressing out there at the moment! The landscape of Wall St has changed practically over night, and looks like there could be lots of New Yorkers out of work pretty soon. So what does this mean for renting in NYC?

Well up to now the rental market has been pretty strong in NYC with a vacancy rate of only 1.5%. But CNN tells us that "losses are mounting: From July 2007 until July 2008, about 11,000 jobs were lost in New York's finance and insurance sectors. Approximately 40,000 jobs in the region's financial-services industry could be lost in the current downturn, and approximately 120,000 jobs may ultimately be affected."

So does this mean rents will come down? Probably not immediately. According to Christie, senior director of investor relations and research for AvalonBay Communities Inc. (AVB) , "There tends be a lag of a quarter or two" before a job losses sort effecting rents.

So while no one really knows for sure, it looks like rents may come off a bit in the next 6 months but the upheavals on Wall St are unlikely to cause a collapse in the cost of rent for NYC rental apartments.

Link to Article

posted by Matthew Day at 03:21 AM | 2 Comments

Thursday, September 18, 2008
 
Another NYC Acronym Name

NYC Renters are pretty good at decifering the origins of a NYC neighborhood name. We all know where SoHo, TriBeCa and NoLIta came from. Most of us are now familiar with SpaHa and SoHa and SoBro (South Bronx) is making a comeback.

So you won’t be surprised to hear a new NYC name has been developed. This time it is not for a NYC neighborhood, but for a NYC park - CaVaLa Park. Pretty obvious isn't it? No? The park is bounded by Canal, Varick and Laight Streets!

[link to source]

posted by Matthew Day at 03:37 PM | 0 Comments

Saturday, September 13, 2008
 
Luxury Rental Apartment Hunting in NYC

So you want to find a luxury apartment in New York. Where do you start? Where do you go? Sure, you can look in the newspaper, you can drive around, you can ask around, but the best, quickest way to find a quality apartment is to contact a New York apartment broker.

A broker will have the right tools and the right connections to help you find the best deals on the most sought-after apartments in the New York area. With access to hundreds of listings, a qualified broker will be able not only to help you find your dream apartment, but also to inform you about the neighborhood. The price and lease terms of your future apartment is very important, of course, but information about government, schools, taxes, entertainment, and more, is also very important in making your decision.

The contract for your new apartment is also very important, and your broker will be able to help you understand each aspect covered in it, so you can make an informed decision. Your piece of mind is a great priority here, because you have to ‘live’ with your decision for a while. Literally...

A New York apartment broker will guide you through the entire process, from finding a place that suits your needs and taste, to making yourself familiar with the area, or even helping you with your moving needs.

New York real estate is a fast-moving market, and you cannot afford to fall behind and miss out on great opportunities. Whether you are a college student looking for a small studio, or a couple looking for a one-bedroom apartment, or perhaps a larger family looking for a large luxury loft, visiting a New York apartment broker is definitely the best way to go.

Welcome To New York!

posted by Matthew Day at 11:20 AM | 0 Comments

Saturday, September 13, 2008
 
Niche Brokering - Clothing optional...

Many of the renters reading this blog right now have come to NYRentClub because they are tired of dealing with all the shadiness out there in the NYC rental market. Well apparently in some other US markets it's not the shadiness you need to worry about - it is whether the broker likes to wear any clothes!

Jackie Youngblood, a Realtor in Florida caters to nudist buyers and sellers. Her slogan... "skip the outfit, wear the lifestyle,"

Youngblood and her husband have been nudists since 1983. After she retired she set up her real estate practice in Land O' Lakes region in Florida, where there are a number of nudist real estate developments. This niche must be pretty Florida specific, with their warm winters. You've got to think nudist business must get slow in the colder months!

Apparently this type of niche marketing by real estate brokers around the US is becoming more common.

Jamie Adams & Associates set up shop in the stadium complex that houses the Texas Rangers. Adams also founded MVP Agent which is a national referral network that services the real estate needs of professional athletes.

Like Adams, Valerie Fitzgerald, who owns Valerie Fitzgerald and Associates Beverley Hills, exclusively targets high-profile entertainment types like Winona Ryder and Babyface.

The moral of the story I think it a good one. Find a Niche! NYRentClub targets a niche of NYC renters that appreciate the value of a good broker, but demand top service at a fair rate. What is your niche?

Check out the full story here:
[link to source]

posted by Matthew Day at 11:17 AM | 1 Comments

Friday, August 22, 2008
 
Summer Heat and Townhouse/Brownstone Walk-up Workout!!
Seriously...I do not know why I don't weigh 100lbs!! Where am I coming from you ask? Well I am a curvy kinda girl, love my figure but with all the walk-ups I show in this Summer Heat I just don't understand why the pounds aren't falling off. Maybe I need to hit these stairs like a Stairmaster machine. Get the heart rate pumping!! or maybe I need to spread my enthusiasm about townhouse/brownstone walk-ups to more clients. Get a regular routine going.
I am a huge fan of the classic New York City Brownstones and Townhouses!! I think they have the best vibe, filled with character, and of course have the most space for the price. You also get your high beamed ceilings, exposed brick, maybe a wood burning or decorative fireplace, beautiful hardwood floors. What more can you ask for? That is classic New York people!!
So, needless to say, I show these apartments a lot.
Trust me the walk-up is always worth it!!  Take a look if it's still not for you, atleast we did a little cardio for the day. ;-)
posted by Cammy Cutler at 03:56 PM | 2 Comments

Thursday, August 21, 2008
 
Tenants Sue Landlord in Attempt To Force Repairs

We have all had issues with our Landlord at one time or another. But most us just get cranky and call a friend to vent, thinking there isn`t much we can really do except wait for the super to show up and fix the sink for the 100th time!

Well some NYC tenants in a Pinnacle Group building on Riverside Drive and 144th Street have gone a few steps further. They are suing their landlord, claiming that the six-story rental building is in need of extensive repairs.

Pinnacle is planning to convert the building into condos, but the tenants are claiming that `mold, constantly leaking pipes, rotting wood, fallen ceilings, and dangerous electrical environments` must be fixed before the conversion can begin.

It is going to be a classic David vs. Goliath given the Pinnacle Group managing an estimated $1 billion in real estate and controlling over 21,000 rent-regulated apartments!

[link to source]

posted by Matthew Day at 12:54 PM | 0 Comments

Thursday, August 21, 2008
 
NYC Neighborhood Festivals August 23rd and 24th

For those of you in the area, here are a few dates for up and coming Neighborhood Festivals

Saturday August 23rd
Gramercy Park Neighborhood Festival
(on 3rd Avenue from 14th - 23rd Street)

Sunday August 24th
Third Avenue Merchandise Fair
(on 3rd Avenue from 23rd - 34th Street)

posted by Matthew Day at 12:24 PM | 1 Comments

Tuesday, June 03, 2008
 
How I decided to go into real estate...

Hey!  Welcome to my real estate blog.  I`m gonna use my first blog entry to tell you about my incredible journey into the world of Manhattan real estate. 

I moved to Manhattan in December, 2006 with my 9yo son, my cat, and my little dog, too.  I was horrified by what brokers showed me in my price range!  And, most of them lied about what they had, ignored my criteria and building pet policies, and otherwise wasted my time.  Finally, and because my sublet had bedbugs, I ended up spending $600/month more than I could really afford.  What a nightmare!

So, I thought, how am I going to pay for this rent?  I was still smarting from the 15% of my annual rent that I paid to my broker (who, in retropect, wasn`t that great but better than the others I` seen).  Then, I was inspired!  I thought, I bet I do that job better than any of the people who tried to help me and at a lower price!  I went to real estate school and the rest is history. 

 

posted by Sue Ferrer at 01:07 PM | 2 Comments

Thursday, May 22, 2008
 
three pinot grigios later - why I love New York, and the two bedroom tax...
I LOVE nyc.It`s true. I am `that girl`. Whenever I go home to Ohio, I am the one candidly telling everyone I meet in the bar (several beers later) why they should move to New York. Because really, where else can an average Wednesday evening turn out like this:

It was innocent enough to begin with. I heard some swing music the other night and decided I wanted to go dancing. A former client turned friend that I adore and I had been talking about getting together, so I threw it out there - how about we head over to Swing 46? She agreed, and soon I had managed to invite a few more people, so the evening was looking promising.

Well, my day at the office ran over (as usual) and so I arrived at the spot nearly an hour later than I intended to find one of the friends I had invited already waiting, and she was the ONLY person in the bar! We began chatting, and soon another would-be client joined us. The conversation somehow took a turn and my colleague and I began talking politics - now to know me is to know that independent though I am, I can never walk away from a good debate! So this is how the evening began.

Fast forward a little while, and (debate over) you will see a group of people - one from Ohio (me), one from good ol`Virigni (my co-worker), two from Greece (former client plus friend) and one from Barbados (also former client) all together bonding over swing music and a nice glass of wine. A little dancing was had and then several people had to head out.

This happened to be just as the fun was picking up at the bar, and my fab former client turned friend and I stuck around to take in the scene. There was fun dancing, several Russians who had had far too much to drink, photographs, more dancing, etc. etc.

Fun though it was, eventually we decided to head out before the Russians got out of control! I asked the bartender for the check before `the Russians were coming` and he nearly made it, but not soon enough. Sarah and I watched from the semi-sunken doorway as the Russians went left, no right, no left again, gave them a short lead time, and then bolted across the street to avoid any awkward goodbyes.

Once we got out to Eighth Avenue (home of all things crazy at 11:30 at night, even on a Wednesday) we proceeded to narrowly avoid a swindling gypsy cab that wanted $20 to take Sarah to the UES before she jumped into a normal yellow, and I headed to the always adventurous 42nd Street Subway.

The trip home to Williamsburg was fairly uneventful, except for the guy who got on the L train and sat next to me from 8th Ave to Union Square. For no apparent reason, he said something about crazy New York as he sat down next to me. I responded that it was crazy, but it was fabulous too! We proceeded to cover where we were from, raised, and lived in the following moments, including important details like the town I am from not having a single stop light (just a traffic circle where the two main roads cross) and the crazy crazy rents & apartment costs in Manhattan. We even laughed about the so-called `mansion` tax, which imposes a 1% tax on any property that is sold for over $1 mil. I like to call it the two bedroom tax, because far from mansions, it penalizes pretty much anyone who needs to buy a two bedroom or bigger in Manhattan. This all occurred in the three minute time span between 8th Ave and Union Square!

This is what I love about New York! Anywhere else in the country I would have been driving home, isolated in my car, and would have never had the amazing experience from the door of Swing 46 to my front door. It`s not likely that I would have had friends from Greece, Virginia, & Barbados all together at the table, and I certainly wouldn`t have interacted with the gypsy cab or the crazy people waiting for the subway, and would have never had the great conversation with the random man getting on at 8th Ave and off at Union Square, who shared a valuable interaction with me.

This is why we are willing to pay crazy rents for shoebox apartments! It may not seem like much to the outsider who lives in a 5000 sq. foot home, but there is a quality to NYC that just can`t be found anywhere else. It`s not just the Pinot grigio talking, I promise - I wouldn`t change it for the world!
posted by Jennifer Mielke at 11:44 AM | 0 Comments

Saturday, May 17, 2008
 
How does a broker hater become a broker?

There`s a dirty little secret in my past - they might take my license away if word gets out, but I`ll take the chance. I am a former broker hater. There, I said it. And it1s true - really really true!

My first apartment in NYC was a classic bait and switch, and I was duped big time. As time (and moves) carried on, my feelings of ill will were solidified by all the lousy agents who crossed my path... The people who try to convince you that the 500 sq ft box you`re standing in is in fact a sprawling 1000 sq ft loft? Those are fun. Or how about the ones who only show you apartments that are 20% above your budget? Then there`s my personal favorite: the people who `listen` to all of the things you want/don`t want in your new home, and then show you only apartments that have the don`t wants (???) - I once told an agent definitively that my boyfriend would NEVER agree to rent a floor through apartment, he passionately dislikes them. She proceeded to drag me all over Brooklyn for hours looking exclusively at - yes, you guessed it - floor through apartments! Seriously, I am lucky I wasn`t arrested that day. Sadly, I could go on and on, and that`s just from personal experience.

I hated real estate agents, and I swore them off. I also moved out of NYC shortly there after, and returned a couple of years later to move into my boyfriend`s apartment and not have to go through the headache.

My dislike was so severe that the one big reservation I had about getting into this business was having to deal with all the other brokers in this business! I was terrified. Luckily, I found a terrific agency where the owners actually care about providing great customer service, so I am surrounded by people hustling FOR their clients instead of hustling their clients (a very important distinction). I know, it sounds terribly cheesy, but it`s true!

Now I`m a year into this career, and I have had many occasions to analyze why this crazy industry is so crazy. What I have come up with is far too verbose for one entry, but stay tuned and I`m sure you`ll hear more.

For today, I`ll wrap it up with this: The funny thing is, the more people that I work with, the more horror stories I hear, the more I begin to think those bad agents did me a great service. By teaching me what not to do, they helped me know how to best help my clients every day. Who knew all the slackers would actually have a positive effect on the industry?
posted by Jennifer Mielke at 11:45 PM | 2 Comments

 

 



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