$350k In Forest Hills
This is an oversized one-bedroom apartment in a pre-war, elevator building in Forest Hills, Queens. It sold for $349k in late 2019, which is just ~$400 PPSF based on an unofficial square footage estimate of 850. The building is a 5 minute walk to Austin St restaurants, E/F/M/R express subway stop and LIRR.
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The Current Application Process Is Insane
Hopefuls must submit years of financial statements and tax documents, go through a background check, and pay a fee of over $1,000. After applicants complete the rigorous application process, the co-op board can still deny them.
Back in 2011, the co-op board was and faced a defamation and racial-discrimination lawsuit by a former board member who lived in The Dakota.
How Can You Factor In Time And Labor
Even the best paint wont hide a shoddy surface or application. Any dings and dents, cracks and crevices will only be amplified by a fresh coat of paint, and so will need to be prepped first. Expect to pay an average of $50 per hour for quality painters.
Assuming it requires minimal prep work, that 2,000 square foot apartment would take at least two days to paint, for a minimum of $800 in labor costs . Some painters calculate the cost by square foot, with $5.25 being the average for NYC. Ask your painter about their rate.
People often fail to look into the prep work when trying to make sense of fee ranges, Morris says, but it is a major part of any paint job. A handyman who comes in with a low bid is just going to be putting paint on the walls, which might be fine if you’re a renter thats going to move out in four years.
Otherwise, buyer beware: For a more flawless result, youll want to hire a painter who will do the necessary spackling and sanding filling in holes from nails and repairing hairline cracks takes little time and is usually baked into the price. Some painters tack on an hourly rate for more substantive repairs.
To really make your home your own, especially one that is 100 years old and has had countless other inhabitants, it is usually worth the cost of having the walls skim-coated to near perfection, Morris says.
If you do decide to paint those historic details, you may want to splurge on Farrow & Ball’s Dead Flat finish.
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‘my Search Was Better Than Usual As I Had A Hookup From A Friend’
Rizwan moved to New York from Boston in 2021. To find housing, he relied heavily on his network of friends. His first apartment, a third-floor walk-up in Williamsburg, was less than ideal, he said.
“The odor was so bad, it was unlivable,” he told Insider. Unable to stay in the apartment, he got permission from his landlord to break the lease. He found a complex that had several openings and offered a good rate, so he signed a new lease.
“My search was better than usual as I had a hookup from a friend and we started looking when COVID prices were still a thing,” he said, referring to the period in 2021 when so many people were moving out of New York apartments that landlords were offering astounding discounts on rent.
StreetEasy recently predicted that in 2022 the low prices renters saw at the onset of the COVID-19 pandemic will disappear and that New Yorkers can expect rents and home prices to increase as housing availability declines because of demand. This means renters or buyers, regardless of salary or title, would have to duke it out to find the best spots in the city.
How Long Before I Can Move In
The length of the period between signing a contract and actually closing on the property is very much a case-by-case situation. Some estimates say it takes about 90 days from when the contract is signed to when you get possession of your home, but it really depends on a variety of factors. Buying a condo versus a co-op, getting pre-approval from your lender, the real estate lawyer youve hiredall of these factors can play a big role in the amount of time it takes to secure your home. Condos can usually be secured within to 30 to 45 days, and co-ops can take between 60 to 90 days.
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Find A New Favorite Park
Although Central Park gets all the hype, New York plays host to over 1,700 parks. These parks are free, fun, and offer fitness opportunities for the whole family.
Whether youre an everyday jogger, a tennis fanatic, or a birder, a day out at one of NYCs parks presents the opportunity for entertainment and fun. Better yet, its free your bank account will thank you.
How Much Do You Have To Put Down To Buy A Condo
Its possible to put down as little as 10% on a condo apartment in NYC, although some condo buildings have minimum down payment restrictions. The specific down payment rules vary by condo building. If a building has no minimum down payment requirement, you can put down as little as the bank and the seller are willing to allow.
Condos have higher buyer closing costs than co-ops, so part of the down payment savings you may achieve with a condo would go towards additional condo closing costs. With that said, condos usually have lower seller closing costs than condos. This is because many co-op buildings in NYC charge sellers an additional closing cost called a flip tax.
Its also important to understand that condo buildings still may have certain sublet restrictions and other house rules which have some resemblance to what youd find with co-ops. There is a huge variety in terms of management style and the general approach for running condo and co-op buildings in NYC. In other words, the simple classification of condo or co-op does not paint the whole picture.
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$750k In East Village
This beautiful, spacious and true one-bedroom co-op in the East Village offers plenty of pre-war charm with its exposed brick and decorative fireplace. It sold for $730k after just 46 days on the market.
This pre-war, walk-up building is one block away from Tompkins Square Park and close to many great restaurants, shopping, and supermarkets.
$12m In Greenwich Village
This is a rare and unique sun-filled, corner loft co-op unit in a classic pre-war building in the heart of Greenwich Village. This unit sold in 2019 for $100k above ask in just 25 days with a recorded sale price of $1,300,000.
Built in 1891, 23 Waverly Place is a former factory and classic, pre-war gem in Greenwich Village. The building enjoys great views to the New York skyline and the Empire State Building from the spacious, furnished and landscaped roof deck. The roof is full of benches, a hammock, and cabanas for sun baths during the summer. The building also enjoys an amazing and welcoming courtyard with a unique gated entrance.
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What Can I Expect At A Closing
Usually a day or two prior to closing, you get to do a walkthrough of the property. This is the time to note anything that might be amiss or that youd like addressedyou can provide your broker with a checklist of these concerns.
Closings themselves can usually take a couple of hours because as the buyer, you have to sign a number of bank documents. You dont really have to bring anything to a closing per se, aside from government-issued ID , because by this point all your documents will already have been vetted by the seller, Geller says.
Your broker and your attorney will typically accompany you to this closing, and make sure that all the documentation is in accordance with what you and the seller agreed upon, before you can get to the signing of documents.
Closings can be costly affairs as well. Costs will vary based on the down payment youve put down and your mortgage rate, but at this time, you will have to pay attorney fees, mortgage fees, and a move-in cost. Its hard to estimate an average price because it depends entirely on the cost of the apartment, and if its a co-op or a condo expect to shell out thousands of dollars.
And once thats taken care of, you can get down to the real workgetting settled in your new home.
How Can You Evaluate Bids
Limiting the pool to reputable painters will greatly ease your efforts.
Never hire anyone without word-of-mouth recommendations from people you trust. Start with painters who have worked in your building. Seek out friends as well as brokers, designers, and contractors that you know for referrals.
Just dont expect all painters to have Instagram-worthy photos of their projects, which would drive up their expenses by requiring a professional photographer, Morris says.
When comparing estimates with widely different rates, Morris says to keep in mind that not all painters have the same business structure, or are paying a decent wage to their staff. That’s why I’m cautious about going to the lowest bid, as maybe they are not compensating their employees enough. Running a reputable company, especially in NYC, costs money, she says.
Whats more, painters are required to carry hefty insurance policies, often to the tune of $2 million , which in turn costs the company thousands of dollars a year in premiums.
The level of experience and expertise will also be reflected in a painters rates, which is another reason to solicit more than one bid .
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Cost Of Entertainment In New York
If you have any money left after paying for housing, transportation and food, then you may want to try and enjoy yourself. Well, its going to cost you. For movie buffs, the average price of admission to a movie in Midtown is $15.25, according to ValuePenguin.
New York is famous for its sports teams, too. If you want to catch a Brooklyn Nets or New York Knicks game, youll be paying an average of $87 and $190, respectively. Baseball fans can check out both Yankees and Mets games. For the 2018 season, a Statista report has the average Mets ticket at $27.60 and the average Yankees ticket at $47.62.
New Yorkers do have at least one option for cheap entertainment. On a typical weekend night, subway platforms across the city become stages for all kinds of musical performances. Whether you like classical, jazz, hip hop or the blues, theres bound to be something you enjoy.
Minimum Income You Need To Rent An Apartment In New York City Neighborhoods
Rent in New York City is notoriously expensive. Those rent-controlled apartments on Friends and Sex and the City werent remotely realistic in terms of what the average 20- or 30-something can afford. According to CNBC, Monicas two-bedroom apartment would easily rent for $7,000 to $8,000 per month no small feat on a chefs salary.
To get a better idea of what it truly costs to live in neighborhoods across the Big Apple, we took a look at the average rent for apartments by neighborhood. Its a rude awakening, to be sure.
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How Much Does It Cost To Rent An Apartment In Nyc A Complete List Of Fees
Fees will vary depending on the type of building you rent in and whether you end up paying a broker.
Setting yourself up with a rental apartment in New York City requires a reality check on how much you can afford and plenty of paperwork. There are also various fees, upfront costs that youll need to pay to the broker and sometimes the landlord to secure the apartment. New rent laws passed earlier this year put some limits on the amounts that landlords and brokers can collect from you upfront, but there are still a host of other fees that you will be required to pay.
The number of fees will vary depending on the type of building you decide to rent in and whether you end up having to pay a broker fee. For example, there are certain websites that specialize in providing rentals that waive the broker fee or where the landlord pays it, but that means you wont have a broker working for you and will have to conduct the search yourself.
Likewise, if you have your heart set on an apartment in a condo or co-op building rather than a rental building, there may be additional fees charged by the board as a result of the buildings specific sublet policies.
The 26 Most Expensive Apartments In New York City
New York City, with its heady mix of commerce and culture, is known the world over as the apex of elite urban living.
But the cost of living in this most glamorous of cities does not come cheap.
In 2021, the city surpassed San Francisco as the most expensive rental market in the U.S., with a one-bedroom apartment costing $2,810 on average.
The richest one percent pf residents live in some of the most opulent penthouses imaginable, with many curated by the world’s best architects.
Cathy Taub of Sotheby’s International Realty suggests New York’s property market shows no signs of slowing.
She told Newsweek: “High and ultra-high net worth buyers have seen their portfolios mushroom over the past several years and are now excited to buy New York City luxury real estate at what they perceive as extremely opportunistic prices.”
Read on to discover the most expensive apartments in New York City.
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Find Your New York City Neighborhood
New York is the greatest city in the world and a wellspring of opportunity. If the prices dont scare you off, then take a look at the available homes for sale or apartments for rent and get started finding your new home today!
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.coms multifamily rental property inventory of one-bedroom apartments. Data was pulled in December 2020 and goes back for one year. We use a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
Neighborhoods with insufficient inventory were excluded.
Cost of living data comes from the Council for Community and Economic Research.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Pros And Cons Of Owning New York City Real Estate
New York City is a renters market, and for good reason. There are numerous obstacles to owning an apartment, and the purchase process is far from a walk in the park. Still, there can be significant benefits to buying your own place.
Benefits of buying an apartment
- Create equity. Each time you pay your apartment mortgage, you build equity ownership in a property. That doesnt happen when you pay rent to a landlord.
- Tax benefits. When you own your own apartment, you can deduct property taxes and mortgage interest from your income statements.
- Higher quality spaces. Co-op and condo units are typically more comfortable than rental units, often boasting larger floor plans and newer appliances.
Downsides to buying an apartment
- Its expensive. Apartment prices are nothing to sneeze at. And youll need a chunk of cash for fees, taxes and your down payment.
- Youre responsible for maintenance. As a renter, repairs are on your landlord. When you own your apartment, you front the repair costs.
- Long-term commitment. If you want to buy, take the long view. Many experts say you should keep your apartment for at least three years, otherwise youll lose too much money on fees.
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Taking A Shower Can Be Frustrating Because The Floor Always Gets Wet
My entire bathroom is the shower, which is sometimes nice and sometimes the worst.
I usually end the day with a shower so my floor has time to dry overnight. If I shower in the morning, my bathroom floor is wet until midafternoon.
A perk, though, is that I can easily brush my teeth and do my skin-care routine in the shower at night. I can also use my mirror while brushing my hair in the shower.
When I play music in there, the entire room becomes an echo-y speaker, making for great shower concerts. I also have a little mat outside the bathroom so that no water gets in my apartment.
I expected to hate the shower-bathroom combo, but now I kind of love it.
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Why New York City Is A Different Market Than Youre Used To
Real estate is complicated enough as it is. Combine that with a competitive and confusing New York City market and the fact that youre a Canadian buyer, and youre probably left confused as to where to start.
Buying is really expensive
Its one of the least surprising statements in the world: New York City housing is insanely expensive.
Consider the median cost of a co-op apartment, which is around US$800,000. By comparison, the median home cost in the United States is just above US$200,000. In many American states, you could buy a mansion for the price of a New York City two-bedroom.
And dont forget about closing costs for an apartment, which are about 2% to 3%. On an US$800,000 apartment, that means a cool US$16,000 to US$24,000.
The process can be brutally competitive
If you find an apartment you really like, chances are there are several other parties who are interested too. And many of them may be willing to pay well over the apartments listing price.
Bidding wars are all too common in New York City, so strap yourself in and prepare for a competitive purchase process. Dont get married to your first pick your dream apartment could require more searching than you think.
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