Brokers Fees! #@%#%

[gomestar]

just had my first look at 8-9 places on the market last night. Compared to this time last year, there are some great values out there.

I can likely move from my studio into a 1-bedroom offering about 2.5X's the room for about $50 more a month. Wonderful!



And as I mentioned earlier, ask about paying a broker's fee in exchagne for a rent reduction. Most of the places I saw offered a month free if I paid or $150 less in rent each month. The first year it'll likely be a wash with more money coming out of pocket at the front, but if I stayed on another year I would be saving quite a bit of money in taking the cheaper rent.

 

[dsgNYC]

Originally Posted by chas

For what it is worth I am looking to find a 1 br in the $2500 range. I am looking primarily on the UWS. But am open to anywhere on west side (Morningside Heights, UWS, Clinton, Chelsea, West Village).

In all of your searching (those who have posted in this thread) let me know if you see any good deals. I will do the same.

1br UWS shouldn't be too hard to find for $2500 going non-broker.

 

[untilted]

went to nyc with roommates to search for apartments two weeks ago. needed 3 bedrooms or 2 bedroom flexed into three. relied HEAVILY on nybits.com. no broker fee, also had a broker showing us apartments throughout the city at zero charge.

settled for 3-bedroomer on madison ave @ 30th, 2 blocks from empire state building, at only $1200 per person per month.

 

[untilted]

Originally Posted by feynmix

What are the things I will definitely need when I am out looking for apartments in the city starting next week?

A list so far:

My credit score report.
Income statement or some sort of employment letter?.
Copy of driver's license.

Anything else?

income statement , lol?

ID
credit report. better be >700 fico
employment letter specifying ur annual salary, and starting date
tax return for 3 years. the most recent one is most important.
if u are a fresh grad like me, mostly like need guarantor. i had to pay 3x security deposit so i can skip the guarantor...

this one apartment wants my guarantor to make at least a quarter of a million last year. i was like WTF.

 

[randallr]

Originally Posted by untilted

income statement , lol?

ID
credit report. better be >700 fico
employment letter specifying ur annual salary, and starting date
tax return for 3 years. the most recent one is most important.
if u are a fresh grad like me, mostly like need guarantor. i had to pay 3x security deposit so i can skip the guarantor...

this one apartment wants my guarantor to make at least a quarter of a million last year. i was like WTF.

Wow. That seems pretty invasive.

 

[cchen]

Originally Posted by untilted

this one apartment wants my guarantor to make at least a quarter of a million last year. i was like WTF.

pretty standard in NYC

 

[dsgNYC]

Originally Posted by untilted

went to nyc with roommates to search for apartments two weeks ago. needed 3 bedrooms or 2 bedroom flexed into three. relied HEAVILY on nybits.com. no broker fee, also had a broker showing us apartments throughout the city at zero charge.

settled for 3-bedroomer on madison ave @ 30th, 2 blocks from empire state building, at only $1200 per person per month.

Did you get a flex 2? Luxury building?

 

[untilted]

pre war luxury building. not sure if its a true 3 bedroom or 2 converted to 3. but living room is still huge...

 

[poorsod]

Originally Posted by untilted

went to nyc with roommates to search for apartments two weeks ago. needed 3 bedrooms or 2 bedroom flexed into three. relied HEAVILY on nybits.com. no broker fee, also had a broker showing us apartments throughout the city at zero charge.

settled for 3-bedroomer on madison ave @ 30th, 2 blocks from empire state building, at only $1200 per person per month.

How nice, convenient to both Curry Hill and K-town. $3600 for a flex 2 is quite good. There are many much smaller 1 bdrms at that price.

 

[feynmix]

Originally Posted by untilted

income statement , lol?

ID
credit report. better be >700 fico
employment letter specifying ur annual salary, and starting date
tax return for 3 years. the most recent one is most important.
if u are a fresh grad like me, mostly like need guarantor. i had to pay 3x security deposit so i can skip the guarantor...

this one apartment wants my guarantor to make at least a quarter of a million last year. i was like WTF.

Oops...thats what I meant.

 

[fredfred]

NY Daily news (I think) did an article about a month ago... many apartments down 20% in monthly rent levels from their highs.

My advice for seekers: In some areas you can find signs on buildings right now with apartments available, "no fee". Look for them and ask. You might be one of the few to inquire, if they haven't gotten the word out about an available apartment yet. Figure out what neighborhood works for you, and wander around looking.

Also, if you are a "Good tenant" (i.e, look like you have a ton of money and won't trash the place) some buildings WANT you as a tenant. So large apartment buildings might say, "oh, you know... we just might have one coming available". So at large buildings simply go in and ask. It's a bit of a crap shoot, but that's finding an apartment in NYC.

Unfortunately my building is full... and I just had yet another increase in rent. But it is a unique building in a great location, which is why it is full.

 

[samblau]

OP here...

Going to look in Park Slope this weekend, any advice? I've been there, but never lived anywhere in Brooklyn other than the Heights, which might as well be Manhattan given that no one ever went further in. I looked in Manhattan and really would prefer not to live in a closet. There are some great places in the Heights but they are closer to $3k and my roommate and I want to stay closer to $2600. I found the listings through idealpropertiesgroup.com which is advertising some no fee places. Anyone have any experience?

 

[feynmix]

any updates? insights?

 

[samblau]

So here is the end of my story...

Ultimately my potential roommates flaked out on me. I spent last year doing the whole "flex" thing in a midtown luxury bldg. and while it was nice, I decided that having my own personal space is a necessary component to successfully living in NYC. My commute will be a whopping 10 mins which also played a huge factor in my decision.

I spent almost a month looking, however that is because I needed to drive in from PA every time. Location is everything, and I decided that I would rather have my own nice studio than a crappy 1-bed or split a 2-bed with a stranger. I will be living in Brooklyn Heights, one block from the Promenade, my favorite place in the city. The studio is roughly the same price as a decent 1-bed in an UES walk-up however their is a work-out room in the basement with all the machines that I will need as well as a laundry, an elevator and a doorman. Additionally, ALL of my utilities INCLUDING ELECTRIC are part of my rent. Lastly, I will be near my school and the courts, and as an alumni/attorney there are plenty of places I can use. As I said to my folks, this place is not my home, but rather a nice place to sleep for two years.

I found the place using a broker, however, it was a no-fee building with one month free. The brokers ad however, was misleading, as the one month free was not amortized and they could not negotiate a 2-year lease. My belief is that the broker did not communicate my offer as it would likely result is a fee reduction. As some of you know, I am starting a gov job, and I cannot afford a massive increase next year. I eventually went over the brokers head and dealt with Halstead, the building managers representative and hammered out a two year deal that in the end costs me $25 more p/m on a 2-year lease. The original broker is somewhat displeased, however they won't say so to my face. I am sure that the bldg. does not want to pay them a full fee, perhaps any fee, as they failed to reach acceptable terms, and in fact could do no better than the full asking amount with not even an option for a second year.

Hopefully my decision will work out. It is a lot of money, however in the end it may cost me $100/$200 a month more to live where I want to as opposed to a walk up on the UES. In two years time I will hopefully be able to secure a higher-paying job or find work in an area where the cost of living is below NYC. As some of you may have read in TIME, housing costs are projected to drop in NYC, because people can't afford the ridiculous rents/mortgages.