Advice for buying an apartment in NYC?

You're poor. Get a roommate.

Why would you even consider buying a studio? Isn’t it depressing/embarrassing? Buy a one bedroom if you’re not in the market for a two bedroom.

This thread will end in tears!

Lmao R3 it definitely will but worth a try…. or maybe not.

If you can get a one bedroom, do that. Obviously space is at a premium in NYC and some of the larger studios could work. Where in the city are you looking OP? Are you a homebody or out and about most of the time?

We own in Central Harlem. 2 bedroom, north/south exposures, washer/dryer in unit, gym, storage, roof deck. 965 sq ft. Common charges $775. Shoot for a one bedroom if at all possible. Take CC into consideration. Compromise north or south, not east or west. Subway access is a top priority for most people in your price range. We are equidistant from 4/5/6 and 2/3.

1 bedroom vs studio doesn't mean too much in NYC. Many so called "1 bedrooms" are smaller than studios and have closet-size living rooms, and some studios (L shaped ones) can easily be made into a one bedroom by putting up a wall.

R5 looking in Yorkville, Kips Bay and Lincoln Towers - seem most realistic in terms of where I could potentially afford a 1BR. I'm in Yorkville now renting and like the neighborhood a lot. Would ideally stay here if possible.

Homebody now because of Covid, but was out and about more in before times. I'm an introvert though, not a party person who would need to entertain and have tons of people over.

R6 - wow that sounds great. Did you rent in Harlem before buying?

R7,

It’s not JUST about the square footage. You want to have a place to entertain that isn’t your bedroom, a place for visitors to sleep, some storage space, and also you don’t want to feel claustrophobic. If you can swing it, get some private outdoor space that you can see from your living area. It really makes your apartment feel much larger when you look out on to your own property. It’s also really great to be outside when the weather is nice.

If you can’t afford this in midtown, consider Long Island City, Williamsburg, Harlem or Lower Manhattan. I know some people have to live in Manhattan, so maybe it’s not for you. The commute from these areas to midtown is about 15 minutes and your can get a lot more for your money. I also love Greenpoint and parts of Bushwick, but the commute is more of a hassle from those neighborhoods.

I would love to live in LIC or Williamsburg but I think they are more expensive that parts of Manhattan at this point. But I’ll definitely look. Love greenpoint too but agree re: the train. I was also thinking about Astoria or Sunnyside? I’m not set on Manhattan just want somewhere safe and close to a train that will get me to work easily enough.

R10,

The thing about Manhattan is that the HOA fees and property taxes are usually much higher than Brooklyn and Queens (that’s what I found when looking). An extra $1000+/month in taxes or HOA that you can put toward your mortgage makes a big difference in what you can afford. I would really recommend buying something that you love and don’t settle. You’re not going to want to move any time soon and you can probably afford more than you realize (that was my experience).

I forgot about Astoria. A friend of mine recently moved there and it’s a great neighborhood too. I haven’t been to Sunnyside.

Jackson Heights is more affordable than Astoria, faster commute to Manhattan, and more gay.

Close to more than one subway line and close to grocery store.

Buy this. I used to live across the street.

Everything sounds so damn expensive and financially depressing in NYC. How do regular working people make it there? I'd have to live in an appliance box under the Brooklyn Bridge. Geesh...

R14 I love that.

Jackson heights is a great neighborhood too.

R9 good point about maintenance adding significant cost on in Manhattan.

You have to have some sort of familial help or just be really highly paid and have a chunk of savings. Everybody that lives in a decent place has one or the other. Or they have 5 roommates.

Most of the people in Manhattan had some sort of help from their families.

R6 here - no. We were in Hell’s Kitchen before buying. We looked there but would have ended up with half the apartment size and higher CC. My husbands commute to Brooklyn is pretty good. Normally about 30 min. We get to Union Square if/back when the trains cooperate. We also have incredibly affordable parking. $150 a month, covered. Don’t miss HK at all.

Also consider narrowing your search to buildings w property tax abatements. It can make buying for the 1st time in NYC a lot easier, until the abatement expires, of course.

That’s a great idea - thank you R18. Did you narrow your search by maintenance amounts too? A friend said he’s only searching for apartments with maintenance under $1000.

Did you find closing costs were expensive?

R6 here. We did not, but I told our realtor to avoid high charges. Closing costs in nyc are a little crazy and inconsistent. New construction is nice, but costs more at closing. I’d ask your realtor or mortgage broker to give you a list of anticipated costs based on your budget, so you have reference before falling in love with a place.

Thanks R6/R18!

I don’t get how Brooklyn is as, if not more, expensive than Manhattan. I’ve lived in both and Brooklyn always felt pseudo suburban. Everything is spaced far apart and getting to the city is a hassle. Maybe Williamsburg for the nightlife - but otherwise Uber-dependent.

UES is oddly affordable - and more accessible with the Q. Kips Bay is a happy compromise between midtown and downtown while being close to things- even though I don’t like the vibe. There were some deals for under $600k for fixer-upper large studios/small 1BR in the Village last year but seems they have gone away.

I often thought if I left the Village, I would consider Washington Heights. I like the old time NYC vibe of racial and income diversity. And the A speeds you to the Village easily. Definitely can find a decent 1BR there. I think I would choose that over Harlem.

So what do the poor that were born in ny do ? Rent with 5 roommates ?

R23, they inherit a rent stabilized apartment.

Get out of Manhattan. You want advice that's it. And Harlem is a good buy.

The reality is a lot of poor people live in NYC. $57k is the median salary. The Bronx, Queens and outer Brooklyn are filled with families in subsidized and city housing as well as crammed into small market rate apartments. NYC is a lot more economically diverse than SF. It’s just that most people don’t see or pay attention to those large swaths of NYC.

Don’t

I like this co-op in Hudson Heights, adjacent to Washington Heights.

If your stable job is on the west side you should definitely check out Hudson Heights.

[quote]Buy this. I used to live across the street.

$550,000 for a bricked-up fireplace?

I was just watching That Girl and she was paying $88 per month on West 78th Street for a 1 bedroom with a fireplace that went from the living room to the bedroom.