View Full Version : Moving to Manhattan (and looking for a little advice!)

May 26th, 2008, 05:28 PM
So I'm finally making the move to Manhattan this summer. I've found two roommates from work who will be splitting a place with me, and we've pretty much narrowed our search down to 2 buildings in the Financial District.

For any brokers out there (or people with experience renting in Manhattan), a question:

One of my roommates found an apartment at a certain building through a broker who's looking to charge a 15% fee (negotiable). He's seen the apartment, I and the other roommate have not, but we've already put down an application fee to hold it.

Just today, however, I found another apartment in that building, through the developer's website, that is bigger, more desirable (in my opinion), and only slightly more expensive. Is it ethical/permissible for us to contact the developer directly and request to put an application in for that apartment, and just dump our broker?

Any comments appreciated. Thanks.

May 26th, 2008, 06:52 PM
I'm not in the city, but I'd say put in an application for the new apartment. You're losing that holding fee to the broker if you do (assuming that the fee is non-refundable, like it would be here), so it's not like you're wasting his time.

Besides, it's your potential living space you're talking about. If you feel like you'd have a better quality of life in the second apartment, I'd definitely go for that one.

Just my thoughts. Good luck making the move!

May 28th, 2008, 10:42 AM
At this point, it's a supply problem, so it's a question of whether the developer is going to process your application if you go directly.

A share for three people is three credit checks, three background checks -- the developer might want the broker to do that work.

The safe, although more expensive, way to play it is to go to the broker, say you've found a unit you like better, the best way for you to swing it is to pay a 10% fee, can he/she make that happen?

ali r.
{downtown broker}

May 28th, 2008, 02:02 PM
Thanks for the advice. It turns out that we unanimously agreed on another nicer, slightly more expensive apartment, whose broker was charging no fee. Manhattan, here I come!

May 29th, 2008, 12:06 AM
What kind of work are you doing pianoman? I thought you were going to school and was undecided on what you were going to get into.

May 29th, 2008, 12:52 AM
Well, I was an intern the past two summers at a bank in Manhattan. I'll be doing similar work over the next couple years as an analyst probably, then I'll go from there.

I've pretty much known about my post-graduation plans since at least October, but I guess I never mentioned anything specific about it. I sort of knew after I declared my major in economics that I'd end up working in the financial sector after college, hopefully somewhere in New York.