Moving to New York

[Front_Porch]

PO and L1 --

I basically have a two-track practice -- "poor" journalist friends and friends of friends, who are looking at entry-level Manhattan apts, and then my higher-end stuff, which is basically millionaires who want to live downtown in Chelsea/Tribeca/FiDi/the Village (I find those people through my Harvard connections, or through here, or through former clients).

So I can't see the entire market, but I do see two different layers of the cake.

And one thing I can tell you, is that the economic anxiety is as widespread as I've ever seen it. The lawyers and doctors feel like they can't compete anymore; the people with I-sold-my-company or I-just-made-a-movie money are freaked out by the Wall Street/hedge fund guys; the Wall Street/hedge fund guys think they're going to lose their jobs tomorrow and never work again.

This sense of impending doom causes new construction buyers to attempt to get really high prices for their rentals, because they have some weird idee fixe that despite their hefty Merrill Lynch balance, they need to cover their costs on any individual property.

However, the market is going to bear only what it's going to bear, so they don't get those prices. If you watch StreetEasy it "looks" like prices are dropping, because they're coming down from what was listed.

Apples-to-apples, though -- are high-end units actually commanding lower prices than they did last year? No -- I'd say flat to slightly up, depending on the sub-niche. The downtown 2-BR I rented at just under $9K last year I will prob. get $10K for this year.

Someone who makes $500K a year might be annoyed at having to pay $120K in rent rather than $108K, but they can technically afford it, and they're too busy to move, and they don't generally see a lot of great economic alternatives lying around.

Sorry the market news is not better but that's the report from my perch (or porch).

Best
ali r.
[downtown broker}

[pricedout]

Thanks Ali, for the analysis. I don't have to move until April, so I'm going to keep looking (sometimes having a lot of time can be useful, or maybe I'll just drive myself crazy).

[lofter1]

In the last 22 years I've lived in 18 different apartments ...

Then you must know all the moving tricks

While I haven't had to actually move in that time frame ^ I have had to be away from home for extended periods of times on business during thsoe years and often lived in less-than-ideal short-term rentals -- for which I had two boxes that were pretty much pre-packed and ready-to-go (one for the kitchen, one for the bedroom). I'd send them ahead and then ship 'em back home when work came to an end. I had that down to a science.

[Ted]

Thanks for your response Ali - I will keep your comments in mind. Unfortunately I don't think I'll be able to fly up to NY before I move so I'll be travelling blind to a certain extent ...

[hairandthere]

Background: I currently live in Orlando, Florida. I am a hairstylist. I make about $1,200 per month, not including tips and can afford a one bedroom apartment in downtown for $650 and I drive a reasonably nice car.
I don't require cable because I don't enjoy television. I won't even necessarily have to have internet in my apartment. I might have a roommate but that isn't set in stone and I can be alright with going out to eat once per week and having a coffee instead of a latte.
I need to know, worst case scenario, what I can expect when I move to Manhattan.
If I have trouble finding a salon, what are my options? Culture (or lack thereof) in Orlando is completely different. Would I be able to afford to make rent if I were lets say, working at a cosmetics counter?
How much money would I need to actually move? $5,000? $10,000?
I have lived in Florida all of my life and I need out but have no idea what to expect. Visiting New York has been amazing but I am not naive enough to assume the move will be easy.
Any advice would be greatly appreciated.

[hairandthere]

I forgot to include that I have a small dog that is very important to me and I cannot part with. I do not know if this will influence anything.

[bumper38]

Hay everyone i am an actor living in florida and looking to move to NYC can anyone help me out with some good websites and anything about auditions and how to find them it would help alot. and also im want to start looking for apartments and living situations ie. where and what and prices. i know craigslist is a good website and i have one other. any other good ones? and what part of the city is the best?

[718Bound]

Do you have any other work lined up besides wanting to be an actor? Unless you have a pretty good gig lined up you are going to be pretty hard pressed to find a landlord who want to rent to another hopeful actor.

[yee8p]

Hi. So, I haven't finish reading the whole thread. I am working on it though (at 50+ pgs)! Though I don't think this one, with the specific details, has been asked recently...

I am in discussion with a firm for a potential job in NYC. That may or may not actually materialize. If not, I wouldn't be moving to NYC, since I wouldn't be able to afford it. If it does materialize, I want to know if I can actually afford it, still.

I am expecting a salary offer of $75K. Let's assume no bonus and no relocation benefits. (If it turns out there are, bonus!) The job would be near Broadway and 6th. So, I would be looking for an apartment accessible by the 1-2-3, B-D-F-V, or N-Q-R-W preferably.

I am currently a full-time grad student, so haven't had any pay stub for two years. I won't have a guarantor, since my parents don't really make that much (they live comfortably in a small town in the midwest). I can try to beef up my saving account, if someone can suggest me a goal... (I know, as much as possible... but I mean what # would help me look better in the landlord's eyes. I know about the 5 month savings, but I don't know if I need more...)

I have good renting history (though at a much lower midwest rent, and at this current apartment only for a little over 1 year). I also have good credit (not 850 due to the student loans I have).

My question is can I realistically find an apartment? I am not sure I would classify as an ideal tenant finanically... I also have two cats.

Any suggestion on neighborhoods? I have in my head UWS based on internet search for price and relatively safety. After reading this thread, I am even more confused. I don't know what is a real listing and what is not anymore... (what is the motivation for people to post fake ads?)

Also, I know I am looking at a studio. What is the size of a studio within my price range (which I estimate to be $1700)? I have read anywhere from 150 sq ft to 500 sq ft. How often are these studios available (read: can I realistically find them and rent them on say a short renting trip)?

What kind of amenities can I expect? I am not talking about pool, or anything luxurious. But, I really would insist on private bath. Laundry in building would be nice.

I really prefer to get a studio, if possible. My cats would make finding roommates more challenging...

Thank you for reading, and thank you in advance for your answers.

[LARefugee]

I've read this entire thread, and have found a lot of information about living in NYC, some of which I can use if we change our plans from what they are currently. Our plans are just slightly different than most of what I've read here, probably because I am an old fart (well, past 40 anyway) and therefore going to NYC looking for different things... Currently in LA where things are insane enough that you can't even find reasonable priced living within a 1 hour commute by car to where we work. Commuting an hour by train is OK, by car it is impossible. Anyway...

My girl is probably being offered to move within her company to NYC soon. Her office will be on Park Ave S, somewhere around 23rd. My company doesn't care where I live, so I'll be able to join her.

Our combined income is around $190K, and her credit is reasonable, but mine, due to some unfortunate stuff with a startup company we tried to float past its sell-by date, is shot to hell. On the other hand about 120 of those 190 is my income, so I can't be that unattractive a partner in this endeavor. Also, we have never had any problems with any landlord, so we should be able to get a nice letter from the one we have now, where we have lived for about five years. Never late on rent.

Anyway, we aren't really looking for the Manhattan living. In fact, we are looking for a place where we could rent for a few months, then buy a place if we like the area.

We would also like to keep a higher portion of our income than most people are usually, since we have some plans that involve buying a big sailboat too. Keeping our cost of living to well below $2000 is therefore a goal. $1500 or below would be ideal. A 1-BR rental for six months or however long it takes to find a place we like, is OK. Less than 1-BR is too small.

So, we are looking for a place where you can commute to Penn in, say 45 minutes or so, less is good, one hour probably the upper limit. From Trulia I get that Woodbridge, NJ and White Plains may be cool both to rent and then for buying later on. Any other ideas? I don't know much about up-state, is it commutable? What about places like Linden and Elizabeth in NJ? Every time I have been to Newark it has seemed a little run down, but then again, there are probably nice areas in Newark as well.

Seems people here also recommend places like Howard Beach, Forest Hills etc.

Again, suburban is fine, we are not after the city living. Must be commutable, preferrably in 45 minutes or so.

Oh, and btw, any chance the commuter trains in and around NY will ever get WiFi? Do any of them have it now? That would be very nice .

[yee8p]

On the other hand about 120 of those 190 is my income, so I can't be that unattractive a partner in this endeavor.

I obviously don't have any answers... but is that 120 stable income? I would think that makes a difference. Though I don't know.

[Front_Porch]

yee8p, you are going to have HUGE problems without an established job and a guarantor. If you keep reading this thread, you will find laid out the reasons why landlords don't want tenants without guarantors . .. your best bet is to find a cat-loving roommate, seriously.

LARefugee, check out Long Beach and Oceanside. The commute is an hour to Penn, but it is a nice area and you will find a community of people who want to be on the water, just as you do (though motorboats and fishing boats predominate; the area also attracts a lot of surfers.)

ali r.
{downtown broker}

[LARefugee]

I obviously don't have any answers... but is that 120 stable income? I would think that makes a difference. Though I don't know.

Stable as the bank. I now work for a big blue-chip company.

[Alonzo-ny]

FP out of interest, next year ill be looking for my own place and therefore what problems can i expect without a guarantor, being that anyone i could ask to be my guarantor is in Scotland.

[yee8p]

FP:

Yeah, I suspect as much. And I have read the past posts on this subject.

Is there any hope if I can somehow neogiate higher salary? higher existing bank account? What should I shoot for? (75K is on the conservative end of my earning power, but it is a very small firm, so I was being conservative in my estimation of their offer. Though I would think it is a stretch to get up to 6 figures...)

While I am a grad student now, I have worked F/T before after college graduation. Though at much lower pre-grad school, mid-west wage (35K). I have lived independently now for over 5 years, so going back to the roommate route sounds extremely unattractive...