Yea this is nuts
Saw this on a friend’s table yesterday, and it reminded me of this conversation.
Prices are this high of course because demand is so high, not just from Wall Streeter’s but also the wealthy in virtually every part of the globe wants a piece of Manhattan, if not for themselves, then for their kids, etc… This also tends to push up the comp demands in NY, so one reason the jobs pay better here is because the cost of living is higher. But when your bonuses are 100%+ of your salary, of course, everything gets crazy.
I’m sure few people pay that much. They have rent controlled apartments that have been in the family for a hundred years, a la Friends.
BTW, you could ask CVM how to get an apartment on the cheap. You just have to get the aforementioned rent controlled apartment that is subleased by the apartment owner.
Or just broaden your search outside Manhattan.
You can sublet a rent stabilized apartment, but you can’t sublet it at a profit.
Years ago I lived in Harlem proper for about 6 months, and my roommate - who was a sublessee - took the lessee to court and won a reduction because they were charging more than the stabilized value + utility costs. Needless to say, that didn’t go over well with the leaseholder, and I had to try to referee a catfight between the two women, which was unpleasant.
Rent stabilization is beginning to be a thing of the past though. Current leaseholders are being bought out (paid to leave) by companies who want to rework the building, and very few new buildings replace them. Since many rent stabilized leaseholders have little or no financial education, they can often get bought out very cheaply - far less than the annuitized value of their rent payments.
Make mo money! Or live with multiple roommates.
^ Sounds terrible. Only itera types or higher can afford a decent shack. And these are rental rates we are talking about here. What does a apartment cost you to buy? Would I even want to know…
Better idea–move to Texas. No state/city/county income taxes, lower rents, get to drive your own car.
^ I’d live in Texas over Manhattan. But I understand the appeal of NYC to some. I just don’t think you can get ahead there.
The experiences you can have in New York are what you’re paying for.
I’d live in NYC if I planned for it to be temporary, 1-3 yrs, but the long term effects of high taxes and cost of living would probably just kill your savings.
For some people, the opposite is true. They do not like to live and work in the New York area. The culture, weather, and commute are less than ideal. However, probably nowhere else in the US is there such a plurality of high paying jobs as there is in Manhattan, particularly in finance. Many people I know are not particularly happy with some aspects of their situation, but tolerate these shortcomings since this is the most direct way to an early and comfortable retirement. We often hear about people who leave New York for cheaper parts of the country once they are no longer restricted by their careers. However, we seldom here about people who move to New York for the lifestyle if this is not also tied to their jobs.
I can’t offer any advice on choosing an apartment, but whatever you do, make sure you make an appointment to see the place on Rivington St (the 3rd link above) and let us know if Melissa is as stacked as she appears in her picture.
Well, her only review rated her with 1 star. Perhaps this reflects a difference between the picture and reality.
Here’s a larger picture of her. I would never want to live in that apartment, but I’m willing to schedule a visit with her as long as I can also bring my motorboat.
^Can’t see the pic. Please repost.
And may I add–I would not like to live in NYC. The lifestyle’s just not that attractive to me. I’m sure this is just a function of how and where I was raised, but at this point in my life, I’m not going to change–at least not this drastic.
Sometimes I wonder if native New Yorkers don’t understand exactly how different NYC is to the rest of the world. You know, where you get in your car and drive where you want to go. Where you fill up a giant shopping cart at Costco, then load it all up in your car and drive it to your single-family house and drop it all in your kitchen while your kids go play in the backyard (in the grass and trees and stuff).
^ You have to click on the link.
If you quote his reply, the picture is there. This forum has a weird way of actually having the picture in the reply but not displaying it unless quoted.
Move up to Harlem little cubby. We’ll BBQ ribs, listen to rap music, and kick it with the homies.
Troof, it’s there though, gotta have friends in low places to find them.