NYC Apartments: The Good and the Bad

As one of the biggest things New Yorkers like to talk about is how much they pay for rent ("It's such a great deal!" or "It's too much, but, hey, I'm in SoHo..."), Gothamist was excited to learn the Newsday started a real estate blog. Or did they? Their real estate section is definitely robust, but what they seem to refer to as blog posts are actually just regular articles with a comments function - not that we're complaining, since Linda Perney's piece about landing an apartment was the real estate porn we love. We especially liked her realization as she decides to move out of Brooklyn:

Still, I'm an unreconstructed Manhattanite; that's where most of my friends are, it's where I socialize and shop. I also hate the subway, especially at night. So, what I'm saving in rent, I'm doubtless squandering on cabs. At heart, I belong across the river.

Ah, a feeling Gothamist knows so well. Another great NYC real estate resource is the Village Voice real estate section, and for fun, look at the latest VV Shelter article. But lately, the NYC rental market lives and dies by craigslist's real estate ads.

Ask Gothamist recently pondered what to do when a friend refuses to give up real estate scoops. Plus, in the wake of news that NYC apartments now cost an average of $1 million to purchase, Post looks at what $1 million can buy you; apparently, it's all a matter of managing expectations, managing compromises, not minding if the space is unfinished, etc. One real estate agent explains the age-old adage, "Manhattan's an island, so you can't spread out."

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Jen Chung in News on April 19, 2004 4:13 PM

Comments [rss]

FRANK HARVEY

two bedroom, one bathroom

val

so depressing... i don't even know how to start looking to buy... so i pay $2000/mo in rent - OUTRAGEOUS!

Beth

I'm 22 years old and I can't even imagine what'll happen to the market by the time I'd consider buying property. Brooklyn it is for now ...

rainman

Erin,

That's supposing that you get an apartment near the corner of Grand and Essex. Some of those Village Co-ops are DEEP in the LES. Then the only transportation near them are the buses and the M22 doesn't run too well late at night. By the 2000 census, that neighborhood has the most car ownership in the whole borough.

Erin

Jake, if you are looking to buy downtown, check out Co-op Village on Grand Street on the LES. It's the most affordable location downtown, it's close to East River Park, and serviced by the F, J, M, Z trains and the 14A bus. You can check out pricing at www.lohorealty.com.

I moved here last May, and I'm paying $300 less a month (mortgage plus maintenance) than when I was renting in a rent-stabilized smaller apartment in the East Village.

yojimbot

for the most part it is...you have to see it in context. plus id pay 200k for a two bedroom no matter what the bldg looked like.

Tim

As if being affordable housing excuses it ugliness!

Affordable housing can be sensitively designed, too.

yojimbot

is called affordable housing tim and besides,you should see the interiors.

Tim

Ugh.

That Harlem development is a monstrosity. Why do people love bricks so much that any awkwardly-proportioned hulk can be acceptable, as long as it's clad in brick?

yojimbot

also visit the HPD website to see what low cost housing in going up in the 5 boros.

Michael

But at least up there you have a subway that (a) runs at night and (b) goes somewhere useful. Here in DC we have to suffer midnight closings (at most stations) and crappy service. Not to mention trains that pretty regularly catch fire during rush hour.

yojimbot

look at www.bradhurstcourt.com

harlem on the rise!

E*

Thanks *so* much for this post, gothamist! I will be starting NYU this fall and have begun looking at housing ads to get acquainted with prices. These links are a godsend!

King Hippo

I think the key is to start small. Instead of paying rent in Manhattan, look into purchasing an affordable condo or co-op in the outer boroughs. At least that way you're building equity in an asset that appreciates in value instead of giving your $$ away to the landlord. Then in a couple of years, you can sell the small place, and use the proceeds as a down payment for a larger place. I had a friend who bought a 1BR co-op in queens for around 40-50k in 1999, and now similar co-ops in the area are going for 120k-150k.

jake

i've been feeling depressed about real estate all week. i mean, it seems like even if you make a shitload of money, you still aren't going to be able to buy a decent apartment downtown. i don't want to move to brooklyn, or some industrial area like LIC, so that leaves me pretty much shit out of luck. i guess i'll be living in this 400 sqft box for the rest of my life.