Apartment in Manhattan

[mvs04]

Hey all,

I'm wondering if anyone can shed some light on this. I'm trying to buy an apartment before school starts, and a preliminary search yielded several potentials (targeting a 1 or 2 bedroom). So my questions are:

1. as long as I buy an apartment on the Manhattan island/suburb/burrow, will it be close enough to reasonably get to NYU dental's campus every day?

2. How does owning an apartment even work since I'm picturing an unit in a large high-rise building, but one can't buy the entire building

Is anyone in the Manhattan area or NY literate that might be able to shed some light on this? Thanks!

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[Wah]

1. No. Taking multiple buses/subways to get to school everyday will get really old really fast. Getting from one corner of manhattan to the other corner can take a long time.
2. Probably like any other apartment building... you buy the unit. Look up "condominium" and/or "co-op".

p.s.... apartments in NYC are really expensive. I hope you are rich!

 

[organichemistry]

I'm an undergrad, so take my advice with a grain of salt... but I feel safe answering the 2 questions you asked.

1. No. You will want to be within 15 minutes of your campus. Within ~10 minute walking distance if possible (~8-10 blocks or so).

2. Think of it like this. You rent apartments, you buy condominiums. You could buy a 1 bedroom joint on Manhattan, but it is probably enormously expensive. I imagine even a small 1 bed/1 bath will cost $400,000+. Renting an apartment isn't much better, I suppose. You are probably talking $1500 a month, minimum.

Good luck.

 

[ToothCandy4U]

Addition to what Wah said, I thought I should let you know how expensive apartments are in Manhattan
Check out Real Estate section of NY Times web site's.

1BR apartments in Manhattan:
Condo $500k minimum $700k average
Co-op $300k minimum $500k average

You may find some apartments cheaper than that but they may be facing a wall of other building or they are at the edge of Manhattan.

Usually you have to put down 20% down payment. And be ready to outbid other buyers. The real estate is really hot right now.
Co-op apartments are relatively cheaper but much more difficult to buy because you have to get approvals from board members of the building. Those board members are usually mean old people who have nothing better to do than makeing other people miserable.

Seriously, price has doubled since 2000. I think it is ridiculous at this point.
But then again, I thought it was ridiculous 5 years ago.

 

[mvs04]

well, I worked while as an UG and I'll be able to pay for it.

I'm tryign to get a 1 bedroom (they seem to be aruond 500k-750k around the NYU area), I figure, if you buy it, then after you lived there for 4 years you've got a piece of property asset... I plan on then selling it for an appreciation. And even if the housing market collapses, I doubt it will depreciate more than what 4 years of renting an apt would cost.

Thanks for the heads up on the commute time.. I had no idea things were that spread out, my prior inklings of NYC was that it's all pretty compact and it has some uber efficient subway that will wisk you to wherever you need to go.

Does anyone want to go in on buying an Apt. in the area with me? Like 2 bedroom one for 2 people, 3 bedroom one for 3 people, etc.... it be a great investment and we can do the standard joint/communal asset/property arrangement-shares..... with the buying each other out or selling and then re-distributing after we graduate/move away.

 

[ItsGavinC]

Thanks for the heads up on the commute time.. I had no idea things were that spread out, my prior inklings of NYC was that it's all pretty compact and it has some uber efficient subway that will wisk you to wherever you need to go.

You're right on both accounts, but NYC is also HUGE. So it's HUGE and compacted still. When you've got labwork to do, or something to hurry back to school for, etc., you don't want to be on the subway for 30-60 minutes at a pop.

 

[ToothCandy4U]

I'm tryign to get a 1 bedroom (they seem to be aruond 500k-750k around the NYU area), I figure, if you buy it, then after you lived there for 4 years you've got a piece of property asset... I plan on then selling it for an appreciation. And even if the housing market collapses, I doubt it will depreciate more than what 4 years of renting an apt would cost.

If you have money, go for it. A great investment.
Real estate in Manhattan is amazing. The value might drop sometimes but it will always go back up. Rich people from all over the world need to have a piece of Manhattan.

Apartments near NYU area are relatively cheaper in midtown.
Stay in East side if you want to avoid transfering trains and buses.
And you can always take a cab to get around.

It usually takes more than 3 months to close the deal so you should probably start looking. Good luck.

 

[45540]

Just find somewhere on the Green line as close as you can. Your closest stop is gonna be on the 6 train on 23rd, 28th, or 33rd street depending on where you're going. Even then though, you're a good 3-4 long blocks away and a couple short blocks away from the school. Having to change the trains each way every time you go to the school would get real old, real fast.

I don't think any of the express trains stop anywhere between brooklyn bridge and 42nd street, which kind of sucks for the commute.

I think you're better off renting than anything else, it'll be a small fortune you'll pay in rent, but I don't know how much better you'll turn out buying.

Try looking around 59th, 68th or 77th street ... 86th is the highest I'd look. I know that near York, Sloane-Kettering owns a lot of apartment buildings and leases them out the health professionals who are coming in, but I don't know if they allow anyone else to rent anything. Hunter College is around 68th, and I know some students who have managed to find places near there.

Who knows, those are my suggestions, some won't agree I'm sure

 

[gryffindor]

The closest subway to NYU runs along Lexington Avenue. It is the 6 train (green line). From Lexington to 1st Avenue, it'll still be about a 7 minute hike. But you don't have to take the subway. If you live closer to 2nd Avenue, you can take a downton Limited Bus. These buses only stop at the major intersections, so your commute time might end up being the same as taking the train but at least you won't have to walk as far.

Definitely stick to getting your housing on the East Side. I would say 15 to 20 minutes max if you're aiming for walking distance. Anything else would be too far to walk and you'll have to train/bus it. Worst case scenario, you can always hop in a cab if you're running extra late.