QUOTE
Lksimcoe:
$1400 for 300 sq ft?
Wow!
That's typical in a prime Manhattan neighborhood... and actually, that 300 sq foot figure is probably a bit generous. I've seen studios at around 200 sq feet (I measured). Below 110th Street in Manhattan it is almost impossible to find an apartment below $1300, and that's for a basic, small studio in a walk-up building. That same apartment in an old, no frills, doorman building bumps the cost up to about $1600 or $1700 minimum. I've seen studio apartments as high as $3000... yes, for a studio. Granted, it's major luxury, but still, IT'S A FREAKIN' ONE ROOM STUDIO. In the brand new luxury doorman buildings in Chelsea, studios range from $2200 to $2800, one bedrooms from $2700 to $4000 or so, and two bedrooms range from $3800 to $6000.
Most expensive apartment I ever saw was $12,000 a month... and it was nice, but for that price you might expect the Taj Mahal. Nope. It had air conditioners in the windows just like the po' folks (central air is not something NYC discovered in apartment buildings until the 80's or 90's, and even today you see new buildings (non luxury) going up with spaces in the wall for the tenant to provide their own A/C unit).
I did real estate for a time, and the most expensive apartment I rented to someone was $7000 a month. Now, it was a beautifully renovated apartment, with nice details and a really nice kitchen, two bedrooms plus a den. Three floors. Located in the West Village, and it had a small deck (6x10) out the back (no view, 7 foot high fence to block to view of the other buildings). But it did face out on to a noisy avenue, and it started on the third floor of a walkup... no elevator for $7000 a month. But that was market rate for that size/quality/location.
I believe in prime Manhattan, the average one bedroom price is currently in the $2200-$2400 range. The cheapest can be had on the UES for around $1500 (and that gets you basically a studio sized unit with a bedroom only large enough for a twin sized bed and maybe a dresser. Some landlords take studio apartments, put up a wall, and market it as a one bedroom, as it draws more reponse. I've seen bedrooms in these cheap one bedrooms as small as 5' x 7' (I'm not kidding).
I know there are a few needle in a haystack deals out there, but they are few and far between. And everyone has heard of someone who has a cheap rent stabilized unit... problem is, they never move because they can't come close to matching what they have without paying a lot more in rent. And once they do move, most landlords will take advantage of the rules that let them jack the rent up closer to market value, especially if they do some renovations. So while still a deal compared to the market, they are not the steals that the last tenant had.
Now, this is prime Manhattan... prices are much more reasonable (by NYC standards) in Brooklyn, Queens, Bronx, Jersey... though still, about the cheapest studio apartment you will find is $550-$600, and again that's for a small, no frills walkup. You can find them in parts of Jersey and the Bronx. For Brooklyn and Queens, it's hard to find something below $700-$800. And that depends on the neighborhood, as prices swing wildly for the same space/condition depending on what part of Brooklyn or Queens you are in.
No one moves to NYC for space or cheap rent...
[ November 15, 2004, 06:28 PM: Message edited by: Penn State ]