Results 1 to 4 of 4

Thread: Buying a studio in Manhattan?

  1. #1

    Default Buying a studio in Manhattan?

    Iím thinking about buying a studio condo in Manhattan. Iíve found some very good deals recently, low 200ís in prime areas, a lot of them have been on the market for about half a year, hence the nearly 50% price slash. One of my big concerns is the maintenance feeís which hover around $600-$700 a month, this is a lot of money to be paying for a studio and Iím guessing thatís why these properties have been on the market for so long, and one of the main reasons Iím looking to buy is for the investment aspect. I just started looking to buy a place so is it realistic to look for a studios with lower maintenance fees say $300-$500, I havenít found any, but I think this would make it a more attractive investment needless to say softer on my wallet, as for as amenities, a doorman and a gym are all stuff I donít need or even want.

  2. #2
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown


    You're a smart guy so this info might be unneccessary, but make sure you check the maintenance history of any building you're thinking of buying into -- especially those with low maintenance charges, as that can indicate an un-funded maintenance account / deferred maintenance in the building. If big maintenace projects are put off too long the bill can ultimately be far higher than it would have been if the problem were dealt with in a timely manner. This can be a huge issue in an older building with a small number of units.

  3. #3 Front_Porch's Avatar
    Join Date
    Jul 2006
    Manhattan 90210


    The old rule of thumb for average maintenance used to be $1/square foot. It seems like with energy and labor prices these days, $1.50 a square foot is the mean . . .admittedly no doorman will be cheaper, but L1 is right, you don't want to buy into a building where they're not maintaining the boiler.

    As a first-time buyer, I would urge you to go poke around -- it's structured as a wiki, so you can either go through the "for buyers" category or search specific terms in the nav box on the right -- and of course you can PM me here if you have questions that you think need to be added.

    Good luck,

    ali r.
    {downtown broker}

  4. #4


    Thanks for the advice. I actually found a studio with $450 for maint., so it is possible, the cost is almost 50k more, but I'd rather have the lower maint. I just don't want to dish out like I said $600-$700, might as well rent.

Similar Threads

  1. Greenwich Village NYC Studio $195k - Worth it?
    By eddienyny in forum New York Real Estate
    Replies: 4
    Last Post: May 21st, 2007, 09:14 AM
  2. Buying Woodland and Meadow to Save the City's Water
    By Kris in forum New York Metro
    Replies: 11
    Last Post: April 18th, 2007, 08:20 AM
  3. Movie Studio Projects
    By Edward in forum New York City Guide For New Yorkers
    Replies: 31
    Last Post: February 14th, 2007, 12:33 PM
  4. Buying luxury apartment or townhouse, advice an area...
    By Maaris in forum New York Real Estate
    Replies: 5
    Last Post: January 8th, 2004, 06:20 PM
  5. Bloom-Struck: Aiello's Studio Faces Eviction
    By billyblancoNYC in forum New York Real Estate
    Replies: 0
    Last Post: September 10th, 2003, 02:53 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Google+ - Facebook - Twitter - Meetup

Edward's photos on Flickr - Wired New York on Flickr - In Queens - In Red Hook - Bryant Park - SQL Backup Software