***New York*** (2 Viewers)

[Sammy3469]

Lupulo is right there Britney. Good beer and Portuguese food. There's also a huge array of food truck stands on Broadway north of there up to 42nd with some real good food choices.

There's also the Breslin and the John Dory on 29th and Broadway that are run by April Bloomfeld. Both good food (one burger/pub food the other great seafood) with good beer.

 

[Britney Spears]

Lupulo is right there Britney. Good beer and Portuguese food. There's also a huge array of food truck stands on Broadway north of there up to 42nd with some real good food choices.

There's also the Breslin and the John Dory on 29th and Broadway that are run by April Bloomfeld. Both good food (one burger/pub food the other great seafood) with good beer.

Thank you, this is essentially my list for now. I'll go with it. I love food trucks (if they are the same type of thing they have in Seattle).

I have to eat lunch each day, and the office is right across the street, so the trucks seem like a great option.

 

[jamny]

If you're into electronics and want to kill some time you should stop into B&H. Only a few blocks away. Really impressive store.

 

[RC94]

Random discussion my wife have had off and on is buying a small studio apartment in the city. Something that will be functional as a place to stay a few days a week or some weekends but would also be a good 10 year investment. Where would you recommend looking? We're thinking like downtown somewhere not really UES or UWS.

My parents did this recently. They bought a place on the Upper West Side, but the Upper East Side also had some good deals in good neighborhoods. PM me of you want.

 

[RC94]

NY folks,

I am visiting NYC for the first time in my life this week. Any locals have easy quick recommendations for food and sights?

Our hotel is at 371 7th Avenue (31st Street), which from the map looks very much in the middle of stuff, but I know very little about NYC.

It's a business trip, so I won't be able to really sight see as much as I would like (working during days) and I don't have my family here. I'll lbe with a couple of co-workers, who will probably just go wherever I end up going. I hope to come back with wife and kid and see many more sights.

I don't know anyone in NYC really (was planning on meeting up with Tupside for this trip - downer), any recommendations would be greatly appreciated.

I'd even love if someone knew a good place in this area to try to watch the NBA finals game and get some good dinner.

Check out Currascaria Plataforma: http://plataformaonline.com/. Great food and it's a good place to go with co-workers. Hopefully the company will also be paying...

 

[jamny]

Random discussion my wife have had off and on is buying a small studio apartment in the city. Something that will be functional as a place to stay a few days a week or some weekends but would also be a good 10 year investment. Where would you recommend looking? We're thinking like downtown somewhere not really UES or UWS.

My parents did this recently. They bought a place on the Upper West Side, but the Upper East Side also had some good deals in good neighborhoods. PM me of you want.

Were they looking as an investment when they bought? We're thinking below midtown at least, like maybe Chelsea. What's a good neighborhood to buy now for growth over the next decade?

 

[El Floppo]

I'm hearing prices at 2-3k/sf.

 

[jamny]

I'm hearing prices at 2-3k/sf.

We're thinking like a small studio. Maybe enough to have a couch and a tv on the wall besides the bed. Small fridge, microwave, toaster oven, no regular oven. We might want to be able to fit one of those stackable washer/dryers though. Kinda just a crash pad. An investment but one we'll enjoy.

eta: Like around 300k, 400 tops.

 

[RC94]

Random discussion my wife have had off and on is buying a small studio apartment in the city. Something that will be functional as a place to stay a few days a week or some weekends but would also be a good 10 year investment. Where would you recommend looking? We're thinking like downtown somewhere not really UES or UWS.

My parents did this recently. They bought a place on the Upper West Side, but the Upper East Side also had some good deals in good neighborhoods. PM me of you want.

Were they looking as an investment when they bought? We're thinking below midtown at least, like maybe Chelsea. What's a good neighborhood to buy now for growth over the next decade?

Yes, they always look at real estate as an investment, even though they probably won't sell it and it will pass on to me and my brother. The place needs work, particularly a new kitchen and bathroom and that is the best way to build equity. It also had bed bugs, which were of course exterminated, but the stigma of that drove the price down. It's NYC and you will have to deal with things like that, but if you get them exterminated and make sure they are gone, it will be fine (all neighboring apartments (up, down, left, right and across the hall) were also taken care of to make sure they were all gone).

As far as neighborhood, there are a lot of areas to look. There aren't too many "up and coming" areas in Manhattan anymore but there are good deals to be found if you look and are willing to put work into the place. If you are buying a small studio, there is limited investment potential just due to the size, but it's a good place to start, do some work and add some value, sell and then do it again with a bigger place, and again with a bigger place, etc...

 

[jamny]

Random discussion my wife have had off and on is buying a small studio apartment in the city. Something that will be functional as a place to stay a few days a week or some weekends but would also be a good 10 year investment. Where would you recommend looking? We're thinking like downtown somewhere not really UES or UWS.

My parents did this recently. They bought a place on the Upper West Side, but the Upper East Side also had some good deals in good neighborhoods. PM me of you want.

Were they looking as an investment when they bought? We're thinking below midtown at least, like maybe Chelsea. What's a good neighborhood to buy now for growth over the next decade?

Yes, they always look at real estate as an investment, even though they probably won't sell it and it will pass on to me and my brother. The place needs work, particularly a new kitchen and bathroom and that is the best way to build equity. It also had bed bugs, which were of course exterminated, but the stigma of that drove the price down. It's NYC and you will have to deal with things like that, but if you get them exterminated and make sure they are gone, it will be fine (all neighboring apartments (up, down, left, right and across the hall) were also taken care of to make sure they were all gone).

As far as neighborhood, there are a lot of areas to look. There aren't too many "up and coming" areas in Manhattan anymore but there are good deals to be found if you look and are willing to put work into the place. If you are buying a small studio, there is limited investment potential just due to the size, but it's a good place to start, do some work and add some value, sell and then do it again with a bigger place, and again with a bigger place, etc...

Yeah, that's the thing though. We're not looking for a fixer upper. I know that's the way to get the most out of an investment but we'd rather buy something that doesn't need work and will bring a good return in 10 years when we're ready to retire. Won't be as much obviously. Maybe we'd sell it sooner and get something bigger but we don't want to deal with too much construction.

eta: that's our thinking now at the very early stages. Opinions may change.

 

[RC94]

Random discussion my wife have had off and on is buying a small studio apartment in the city. Something that will be functional as a place to stay a few days a week or some weekends but would also be a good 10 year investment. Where would you recommend looking? We're thinking like downtown somewhere not really UES or UWS.

My parents did this recently. They bought a place on the Upper West Side, but the Upper East Side also had some good deals in good neighborhoods. PM me of you want.

Were they looking as an investment when they bought? We're thinking below midtown at least, like maybe Chelsea. What's a good neighborhood to buy now for growth over the next decade?

Yes, they always look at real estate as an investment, even though they probably won't sell it and it will pass on to me and my brother. The place needs work, particularly a new kitchen and bathroom and that is the best way to build equity. It also had bed bugs, which were of course exterminated, but the stigma of that drove the price down. It's NYC and you will have to deal with things like that, but if you get them exterminated and make sure they are gone, it will be fine (all neighboring apartments (up, down, left, right and across the hall) were also taken care of to make sure they were all gone).

As far as neighborhood, there are a lot of areas to look. There aren't too many "up and coming" areas in Manhattan anymore but there are good deals to be found if you look and are willing to put work into the place. If you are buying a small studio, there is limited investment potential just due to the size, but it's a good place to start, do some work and add some value, sell and then do it again with a bigger place, and again with a bigger place, etc...

Yeah, that's the thing though. We're not looking for a fixer upper. I know that's the way to get the most out of an investment but we'd rather buy something that doesn't need work and will bring a good return in 10 years when we're ready to retire. Won't be as much obviously. Maybe we'd sell it sooner and get something bigger but we don't want to deal with too much construction.

eta: that's our thinking now at the very early stages. Opinions may change.

Even if you buy something now that doesn't need work, in 10 years it will need work if you want to sell it for maximum value. Plus, just due to the size it has limited investment potential.

 

[RC94]

One of the places my parents looked at was basically what you are looking for. Beautifully finished small studio on the UES at around 90th and Madison. Great neighborhood, walking distance to everything you want, including the museums, and they wanted around $290k for it (about a year ago at this point), which is pretty much maximum value for a place that size in that location. In 10 years, though, those finishes will be looking kind of out of date and after 10 years of use some things will most likely need to be fixed or changed. I doubt it would be worth much more than $300-310k at that point unless you put some more work into it before you sell it.

That said, further east than that on the UES may be where the best value is for the long term, provided they ever finish the new subway line. Right now along 2nd Ave prices are down because dealing with the construction is a pain in the neck, but once it's over and there is more subway access to the rest of the city, prices should rebound. Plus, it's a better residential area than midtown or downtown, which should help with long term value. Downtown may be viewed as up and coming for residential, but there will continue to be limited appeal IMO simply because of it's location.

 

[El Floppo]

feels like Murray Hill might have some deals too. Parents we know just bought a small 3br on 30th st for less than 900k

 

[jamny]

Random discussion my wife have had off and on is buying a small studio apartment in the city. Something that will be functional as a place to stay a few days a week or some weekends but would also be a good 10 year investment. Where would you recommend looking? We're thinking like downtown somewhere not really UES or UWS.

My parents did this recently. They bought a place on the Upper West Side, but the Upper East Side also had some good deals in good neighborhoods. PM me of you want.

Were they looking as an investment when they bought? We're thinking below midtown at least, like maybe Chelsea. What's a good neighborhood to buy now for growth over the next decade?

Yes, they always look at real estate as an investment, even though they probably won't sell it and it will pass on to me and my brother. The place needs work, particularly a new kitchen and bathroom and that is the best way to build equity. It also had bed bugs, which were of course exterminated, but the stigma of that drove the price down. It's NYC and you will have to deal with things like that, but if you get them exterminated and make sure they are gone, it will be fine (all neighboring apartments (up, down, left, right and across the hall) were also taken care of to make sure they were all gone).

As far as neighborhood, there are a lot of areas to look. There aren't too many "up and coming" areas in Manhattan anymore but there are good deals to be found if you look and are willing to put work into the place. If you are buying a small studio, there is limited investment potential just due to the size, but it's a good place to start, do some work and add some value, sell and then do it again with a bigger place, and again with a bigger place, etc...

Yeah, that's the thing though. We're not looking for a fixer upper. I know that's the way to get the most out of an investment but we'd rather buy something that doesn't need work and will bring a good return in 10 years when we're ready to retire. Won't be as much obviously. Maybe we'd sell it sooner and get something bigger but we don't want to deal with too much construction.

eta: that's our thinking now at the very early stages. Opinions may change.

Even if you buy something now that doesn't need work, in 10 years it will need work if you want to sell it for maximum value. Plus, just due to the size it has limited investment potential.

Yeah, that's something I really haven't put enough thought into.

 

[jamny]

feels like Murray Hill might have some deals too. Parents we know just bought a small 3br on 30th st for less than 900k

Not my favorite area but would take a good deal there.

 

[El Floppo]

feels like Murray Hill might have some deals too. Parents we know just bought a small 3br on 30th st for less than 900k

Not my favorite area but would take a good deal there.

dude- favorite areas aren't going to have cheap pads. Cheslea is through the roof- EVil too. I think you'll need to look in neighborhoods that aren't that great. LES still has stuff- but you're talking way lower and way East.

But I could just be projecting larger apartments like we'd need though- maybe small studios like you're desribing are more available and affordable.

 

[jamny]

feels like Murray Hill might have some deals too. Parents we know just bought a small 3br on 30th st for less than 900k

Not my favorite area but would take a good deal there.

dude- favorite areas aren't going to have cheap pads. Cheslea is through the roof- EVil too. I think you'll need to look in neighborhoods that aren't that great. LES still has stuff- but you're talking way lower and way East.

But I could just be projecting larger apartments like we'd need though- maybe small studios like you're desribing are more available and affordable.

Solid points. Something like Murray Hill might be more realistic.

 

[BobbyLayne]

feels like Murray Hill might have some deals too. Parents we know just bought a small 3br on 30th st for less than 900k

Not my favorite area but would take a good deal there.

Tudor City enclave would fit your parameters better.

Chelsea/West Village sweet spot for studios starts around $450K. Not often you see less even for estate condition units. GV on the other hand does often have sub-$350K units in the market.

I like NoMad as a good value but listings are rare. If you want an up an up and coming neighborhood in Manhattan you should be looking north of 110th.

This is a good time of year to be looking as a lot has come on the market over the last month. Low inventory has been an issue all winter/spring in many neighborhoods.

 

[jamny]

feels like Murray Hill might have some deals too. Parents we know just bought a small 3br on 30th st for less than 900k

Not my favorite area but would take a good deal there.

Tudor City enclave would fit your parameters better.

Chelsea/West Village sweet spot for studios starts around $450K. Not often you see less even for estate condition units. GV on the other hand does often have sub-$350K units in the market.

I like NoMad as a good value but listings are rare. If you want an up an up and coming neighborhood in Manhattan you should be looking north of 110th.

This is a good time of year to be looking as a lot has come on the market over the last month. Low inventory has been an issue all winter/spring in many neighborhoods.

Thanks for your input. I like the area around Madison Square Park. Quiet on weekends and you can even find parking around there.

 

[jamny]

But I could just be projecting larger apartments like we'd need though- maybe small studios like you're desribing are more available and affordable.

I think that works in our favor since who really wants to buy something that small. Even retired couple would want a full kitchen and maybe a separate bedroom. But as RC94 points out, what will the return be? But we're really not looking for a huge return. Kind of thinking like it would be better, and more fun, than just leaving it in savings.

 

[RC94]

But I could just be projecting larger apartments like we'd need though- maybe small studios like you're desribing are more available and affordable.

I think that works in our favor since who really wants to buy something that small. Even retired couple would want a full kitchen and maybe a separate bedroom. But as RC94 points out, what will the return be? But we're really not looking for a huge return. Kind of thinking like it would be better, and more fun, than just leaving it in savings.

My parents are loving it. It enables them to come into the city more often and not worry about driving back to the suburbs late at night and/or in bad weather. Plus, even though a small studio has limited upside in investment value, in Manhattan you are almost certainly going to see an increase in value over time.

 

[jamny]

But I could just be projecting larger apartments like we'd need though- maybe small studios like you're desribing are more available and affordable.

I think that works in our favor since who really wants to buy something that small. Even retired couple would want a full kitchen and maybe a separate bedroom. But as RC94 points out, what will the return be? But we're really not looking for a huge return. Kind of thinking like it would be better, and more fun, than just leaving it in savings.

My parents are loving it. It enables them to come into the city more often and not worry about driving back to the suburbs late at night and/or in bad weather. Plus, even though a small studio has limited upside in investment value, in Manhattan you are almost certainly going to see an increase in value over time.

Yeah, that's what we're thinking.

I work some crazy hours, sometimes getting on a bus to the 7 train like 4am or coming home like 2 or 3am. My wife goes to the gym every day and is racing to catch the last express bus out by 7pm or having to take the subway. I pick her up every Tuesday at 8:30 and drive her in on a lot of mornings. She likes to be at work by 7. We could schedule our weeks around the apartment and even spend some nice weekends in the city. Plus, like you said, put bad weather into it too.

 

[palmersteel]

Hey guys -

So all this recent talk about an investment/crash pad property has me thinking. I love NYC. I live in Charlotte and work for a major bank. I'm in NYC often for work and sometimes for fun. Do any of you have a property you rent via AirBnB or something similar? Would use a few times a year personally and rent otherwise. Thinking one bedroom with room for a couch.

 

[palmersteel]

Separately is anyone in this thread a CREFC attendee?

 

[RC94]

Hey guys -

So all this recent talk about an investment/crash pad property has me thinking. I love NYC. I live in Charlotte and work for a major bank. I'm in NYC often for work and sometimes for fun. Do any of you have a property you rent via AirBnB or something similar? Would use a few times a year personally and rent otherwise. Thinking one bedroom with room for a couch.

A friend of mine from Cincy comes here about once a month and has a place that I think is AirBnB. I will ask him. He showed me pictures and it looks like a nice place.

 

[Britney Spears]

NY folks,

I am visiting NYC for the first time in my life this week. Any locals have easy quick recommendations for food and sights?

Our hotel is at 371 7th Avenue (31st Street), which from the map looks very much in the middle of stuff, but I know very little about NYC.

It's a business trip, so I won't be able to really sight see as much as I would like (working during days) and I don't have my family here. I'll lbe with a couple of co-workers, who will probably just go wherever I end up going. I hope to come back with wife and kid and see many more sights.

I don't know anyone in NYC really (was planning on meeting up with Tupside for this trip - downer), any recommendations would be greatly appreciated.

I'd even love if someone knew a good place in this area to try to watch the NBA finals game and get some good dinner.

Check out Currascaria Plataforma: http://plataformaonline.com/. Great food and it's a good place to go with co-workers. Hopefully the company will also be paying...

I'm on per diem and I'm cheap.

bag

 

[Britney Spears]

PS, holy crap there are a lot of restaurants here.

 

[kentric]

NY folks,

I am visiting NYC for the first time in my life this week. Any locals have easy quick recommendations for food and sights?

Our hotel is at 371 7th Avenue (31st Street), which from the map looks very much in the middle of stuff, but I know very little about NYC.

It's a business trip, so I won't be able to really sight see as much as I would like (working during days) and I don't have my family here. I'll lbe with a couple of co-workers, who will probably just go wherever I end up going. I hope to come back with wife and kid and see many more sights.

I don't know anyone in NYC really (was planning on meeting up with Tupside for this trip - downer), any recommendations would be greatly appreciated.

I'd even love if someone knew a good place in this area to try to watch the NBA finals game and get some good dinner.

I always recommend Rudys to people as it has a diverse crowd of patron. Its a total dive bar but tons of fun.

http://www.rudysbarnyc.com/

If you're here through Friday, I would suggest this event.

https://www.eventbrite.com/e/sugar-baby-summit-tickets-15736830283

 

[Reaper]

feels like Murray Hill might have some deals too. Parents we know just bought a small 3br on 30th st for less than 900k

Not my favorite area but would take a good deal there.

dude- favorite areas aren't going to have cheap pads. Cheslea is through the roof- EVil too. I think you'll need to look in neighborhoods that aren't that great. LES still has stuff- but you're talking way lower and way East.

But I could just be projecting larger apartments like we'd need though- maybe small studios like you're desribing are more available and affordable.

Did you guys check out Streeteasy.com ????

Quick search http://streeteasy.com/building/133-east-15-street-manhattan/2a

expensive but, just a quick search on a great block!!

 

[Sammy3469]

I have no idea if things will appreciate or not, but studios in our building on the UWS get listed for 450K. Granted they have a dining alcove, but most of them get snapped up to turn a 1BD into a 2BD or a 2BD into a 3BD. Of course prices are a good 30-50% above pre bubble peaks now in the building, but I think there's at least some room for appreciation if (big IF) the studio could at some point be absorbed by a larger apartment. The 3BD add another 500K-1million in value depending on size, etc.

The real value in the city right now is being able to create a 3BD apartment, so if you can find a studio for 300K that could at some point give a neighbor that option, it's probably worth it. If not, who knows what the appreciation would be.

 

[jamny]

feels like Murray Hill might have some deals too. Parents we know just bought a small 3br on 30th st for less than 900k

Not my favorite area but would take a good deal there.

dude- favorite areas aren't going to have cheap pads. Cheslea is through the roof- EVil too. I think you'll need to look in neighborhoods that aren't that great. LES still has stuff- but you're talking way lower and way East.

But I could just be projecting larger apartments like we'd need though- maybe small studios like you're desribing are more available and affordable.

We're pretty much in this boat now.... On 20th and 3rd...... 1 bedroom.

i absolutely LOVE that area..... Really hope the investment part pays off because the Maintenance and upkeep is quite draining.

Did you guys check out Streeteasy.com ????

Quick search http://streeteasy.com/building/133-east-15-street-manhattan/2a

expensive but, just a quick search on a great block!!

I actually did see that listing yesterday.

I think the maintenance fees might be the thing that kills this for us.

 

[jamny]

I have no idea if things will appreciate or not, but studios in our building on the UWS get listed for 450K. Granted they have a dining alcove, but most of them get snapped up to turn a 1BD into a 2BD or a 2BD into a 3BD. Of course prices are a good 30-50% above pre bubble peaks now in the building, but I think there's at least some room for appreciation if (big IF) the studio could at some point be absorbed by a larger apartment. The 3BD add another 500K-1million in value depending on size, etc.

The real value in the city right now is being able to create a 3BD apartment, so if you can find a studio for 300K that could at some point give a neighbor that option, it's probably worth it. If not, who knows what the appreciation would be.

Interesting thing to consider.

 

[El Floppo]

I have no idea if things will appreciate or not, but studios in our building on the UWS get listed for 450K. Granted they have a dining alcove, but most of them get snapped up to turn a 1BD into a 2BD or a 2BD into a 3BD. Of course prices are a good 30-50% above pre bubble peaks now in the building, but I think there's at least some room for appreciation if (big IF) the studio could at some point be absorbed by a larger apartment. The 3BD add another 500K-1million in value depending on size, etc.

The real value in the city right now is being able to create a 3BD apartment, so if you can find a studio for 300K that could at some point give a neighbor that option, it's probably worth it. If not, who knows what the appreciation would be.

Interesting thing to consider.

great point- the inventory for 3BRs in teh city is tiny (as I know far too well ... )

 

[Sammy3469]

I have no idea if things will appreciate or not, but studios in our building on the UWS get listed for 450K. Granted they have a dining alcove, but most of them get snapped up to turn a 1BD into a 2BD or a 2BD into a 3BD. Of course prices are a good 30-50% above pre bubble peaks now in the building, but I think there's at least some room for appreciation if (big IF) the studio could at some point be absorbed by a larger apartment. The 3BD add another 500K-1million in value depending on size, etc.

The real value in the city right now is being able to create a 3BD apartment, so if you can find a studio for 300K that could at some point give a neighbor that option, it's probably worth it. If not, who knows what the appreciation would be.

Interesting thing to consider.

It's the only reason right now that any studio is worth 450K. You turn a 1.5 million dollar 2BD into a 2.5 million dollar 3BD. There's a dearth of 3BD apartments in the city and those go for a premium.

The only option would be if 2 300K studios could be turned into an 800-950K 1BD apartment, but the margin isn't as great there since you are probably looking at 75-100K in renovations.

 

[El Floppo]

Upper west is nice- proximity to two parks, nice residential strip along Columbus/Amsterdam. Dunno why Murray Hill/ Kips Bay intrigues me as much as it does, but I feel like that's an area that will grow.

 

[Koya]

NY folks,

I am visiting NYC for the first time in my life this week. Any locals have easy quick recommendations for food and sights?

Our hotel is at 371 7th Avenue (31st Street), which from the map looks very much in the middle of stuff, but I know very little about NYC.

It's a business trip, so I won't be able to really sight see as much as I would like (working during days) and I don't have my family here. I'll lbe with a couple of co-workers, who will probably just go wherever I end up going. I hope to come back with wife and kid and see many more sights.

I don't know anyone in NYC really (was planning on meeting up with Tupside for this trip - downer), any recommendations would be greatly appreciated.

I'd even love if someone knew a good place in this area to try to watch the NBA finals game and get some good dinner.

Check out Currascaria Plataforma: http://plataformaonline.com/. Great food and it's a good place to go with co-workers. Hopefully the company will also be paying...

I'm on per diem and I'm cheap.

bag

How long you in town for? If for not other reason than our mutual friend TU, would love to grab a drink or so.

 

[Sammy3469]

Upper west is nice- proximity to two parks, nice residential strip along Columbus/Amsterdam. Dunno why Murray Hill/ Kips Bay intrigues me as much as it does, but I feel like that's an area that will grow.

Because it feels like the suburbs these days?

 

[Nick Vermeil]

feels like Murray Hill might have some deals too. Parents we know just bought a small 3br on 30th st for less than 900k

Not my favorite area but would take a good deal there.

dude- favorite areas aren't going to have cheap pads. Cheslea is through the roof- EVil too. I think you'll need to look in neighborhoods that aren't that great. LES still has stuff- but you're talking way lower and way East.

But I could just be projecting larger apartments like we'd need though- maybe small studios like you're desribing are more available and affordable.

We're pretty much in this boat now.... On 20th and 3rd...... 1 bedroom.

i absolutely LOVE that area..... Really hope the investment part pays off because the Maintenance and upkeep is quite draining.

Did you guys check out Streeteasy.com ????

Quick search http://streeteasy.com/building/133-east-15-street-manhattan/2a

expensive but, just a quick search on a great block!!

I actually did see that listing yesterday.

I think the maintenance fees might be the thing that kills this for us.

Maintenance fees are the suck. I was able to get a whole house for less monthly than a 2 bedroom in the same neighborhood would have cost me. It's insanity.

 

[El Floppo]

feels like Murray Hill might have some deals too. Parents we know just bought a small 3br on 30th st for less than 900k

Not my favorite area but would take a good deal there.

dude- favorite areas aren't going to have cheap pads. Cheslea is through the roof- EVil too. I think you'll need to look in neighborhoods that aren't that great. LES still has stuff- but you're talking way lower and way East.

But I could just be projecting larger apartments like we'd need though- maybe small studios like you're desribing are more available and affordable.

We're pretty much in this boat now.... On 20th and 3rd...... 1 bedroom.

i absolutely LOVE that area..... Really hope the investment part pays off because the Maintenance and upkeep is quite draining.

Did you guys check out Streeteasy.com ????

Quick search http://streeteasy.com/building/133-east-15-street-manhattan/2a

expensive but, just a quick search on a great block!!

I actually did see that listing yesterday.

I think the maintenance fees might be the thing that kills this for us.

Maintenance fees are the suck. I was able to get a whole house for less monthly than a 2 bedroom in the same neighborhood would have cost me. It's insanity.

LOOK AT FREAKING ME

 

[Nick Vermeil]

feels like Murray Hill might have some deals too. Parents we know just bought a small 3br on 30th st for less than 900k

Not my favorite area but would take a good deal there.

dude- favorite areas aren't going to have cheap pads. Cheslea is through the roof- EVil too. I think you'll need to look in neighborhoods that aren't that great. LES still has stuff- but you're talking way lower and way East.

But I could just be projecting larger apartments like we'd need though- maybe small studios like you're desribing are more available and affordable.

We're pretty much in this boat now.... On 20th and 3rd...... 1 bedroom.

i absolutely LOVE that area..... Really hope the investment part pays off because the Maintenance and upkeep is quite draining.

Did you guys check out Streeteasy.com ????

Quick search http://streeteasy.com/building/133-east-15-street-manhattan/2a

expensive but, just a quick search on a great block!!

I actually did see that listing yesterday.I think the maintenance fees might be the thing that kills this for us.

Maintenance fees are the suck. I was able to get a whole house for less monthly than a 2 bedroom in the same neighborhood would have cost me. It's insanity.

LOOK AT FREAKING ME

Indeed. Of course if I was paying maintenance some other poor schmuck would have been shop vac'ing flood water last week.

 

[Britney Spears]

NY folks,

I am visiting NYC for the first time in my life this week. Any locals have easy quick recommendations for food and sights?

Our hotel is at 371 7th Avenue (31st Street), which from the map looks very much in the middle of stuff, but I know very little about NYC.

It's a business trip, so I won't be able to really sight see as much as I would like (working during days) and I don't have my family here. I'll lbe with a couple of co-workers, who will probably just go wherever I end up going. I hope to come back with wife and kid and see many more sights.

I don't know anyone in NYC really (was planning on meeting up with Tupside for this trip - downer), any recommendations would be greatly appreciated.

I'd even love if someone knew a good place in this area to try to watch the NBA finals game and get some good dinner.

Check out Currascaria Plataforma: http://plataformaonline.com/. Great food and it's a good place to go with co-workers. Hopefully the company will also be paying...

I'm on per diem and I'm cheap.

bag

How long you in town for? If for not other reason than our mutual friend TU, would love to grab a drink or so.

Leaving on Saturday, could do Friday night?

 

[Koya]

NY folks,

I am visiting NYC for the first time in my life this week. Any locals have easy quick recommendations for food and sights?

Our hotel is at 371 7th Avenue (31st Street), which from the map looks very much in the middle of stuff, but I know very little about NYC.

It's a business trip, so I won't be able to really sight see as much as I would like (working during days) and I don't have my family here. I'll lbe with a couple of co-workers, who will probably just go wherever I end up going. I hope to come back with wife and kid and see many more sights.

I don't know anyone in NYC really (was planning on meeting up with Tupside for this trip - downer), any recommendations would be greatly appreciated.

I'd even love if someone knew a good place in this area to try to watch the NBA finals game and get some good dinner.

Check out Currascaria Plataforma: http://plataformaonline.com/. Great food and it's a good place to go with co-workers. Hopefully the company will also be paying...

I'm on per diem and I'm cheap.

bag

How long you in town for? If for not other reason than our mutual friend TU, would love to grab a drink or so.

Leaving on Saturday, could do Friday night?

Will be flying to Orlando to see my wifes family (yay). May be able to make it in Wed night but won't know til that day.

 

[jamny]

So after reading this article: BYE L'IL GUY: Market forces are now driving studio apartments to extinction

At first I was a little discouraged, thinking that we might have missed the boat by a few years. But maybe it's still a good time to scoop one up. If they really are a dying breed, they'll only go up in value over the next decade as the inventory continues to shrink.

We're kind of trying to be more realistic now and accept the fact that breaking even at the end would still be worth the convenience of having the apartment. Any profit we get as an investment would just be a bonus.

 

[Koya]

So after reading this article: BYE L'IL GUY: Market forces are now driving studio apartments to extinction

At first I was a little discouraged, thinking that we might have missed the boat by a few years. But maybe it's still a good time to scoop one up. If they really are a dying breed, they'll only go up in value over the next decade as the inventory continues to shrink.

We're kind of trying to be more realistic now and accept the fact that breaking even at the end would still be worth the convenience of having the apartment. Any profit we get as an investment would just be a bonus.

Couldn't tell you offhand if buying a studio is a good long term investment choice but certainly seems primed for a few year hold.

Long term, supple and demand will find its equilibrium - probably just as the market begins to want something different.

Problem really is the skewed economics of NYC living which is beginning to encroach upon (IMO) a threateningly unsustainable diversity of wealth. As has been noted, the smaller shops, interesting not rich people and scenes are being pushed out - and that is what makes the city so awesome in the first place.

Long rant short, I do believe there will be some swing back because there is a large market out there, it's just not the best ROI for the current very high end geared Manhattan (and bk) market.

Let's also recognise that cities evolve. Sometimes for the better sometimes not - and that's in the eye of the beholder to begin with.

Long Island City and then the more established and authentic Astoria type areas could be where developers seek to fill the studio demand that will always exist for young professionals, singles and some sugar babies. The retail and entertainment will follow. If / when Manhattan continues its path to sterility maybe there are efforts to swing that back.

 

[RC94]

Unless you buy in a depressed neighborhood that has a major turnaround over the next 10 years (no areas like that left in the primary part of Manhattan), you won't get much of a resale return on your investment simply because we are talking about a 300 to 400 SF apartment in a building that isn't new construction and in your budget isn't going to be right on Central Park or Gramercy Park. If you really want to make a monetary return after 10 years (aside from the "return" of enjoying having it for the past 10 years and then selling it for maybe $20k-40k more than what you bought it for), you should consider renting it out.

 

[RC94]

One thing I have seen is that some "new" construction is due to commercial buildings being converted into residential, with some of them being taken down and new buildings being planned. One landlord in particular (Frank Ring), was forced to sell his properties to Extell, which is a residential development company. Ring is a commercial real estate landlord who is a nuts and most of his buildings were vacant because he would put ridiculous clauses in his leases, therefore making sure nobody would sign a lease with him. He had something like 500,000 SF of space in lower midtown and Madison Square park areas. Now it's all being converted to residential and yes, they aren't doing any small studios. That said, there are still small studios in existing buildings, but when you factor in all of the new construction that kind of apartment is becoming less common as a whole. Here is an article about how Extell managed to buy it all from Ring, who is one of the most notorious commercial landlords in NYC: http://therealdeal.com/blog/2014/10/21/gary-barnett-reveals-how-he-beat-out-rivals-for-the-ring-portfolio/

 

[Koya]

RC - interesting info. We do urban / suburban development where your wealthy are going to be in their tony do fly family homes and estates, not to mention even luxury rentals are generally stick frame rather than steel and concrete construction.

For us, smaller units and studios can actually provide a premium PSF, fed by a dearth of any good rental product affordable for young folks (or anyone to be honest).

Love hearing this trend as it further supports our bets on smaller units though I still fear the longer term implications for the city itself.

 

[RC94]

RC - interesting info. We do urban / suburban development where your wealthy are going to be in their tony do fly family homes and estates, not to mention even luxury rentals are generally stick frame rather than steel and concrete construction.

For us, smaller units and studios can actually provide a premium PSF, fed by a dearth of any good rental product affordable for young folks (or anyone to be honest).

Love hearing this trend as it further supports our bets on smaller units though I still fear the longer term implications for the city itself.

I can totally understand why a smaller unit would be a premium per SF since there is higher relative demand for them. Extell, however, is a giant company so they focus on the larger units that go to volume revenue generation. Plus, it takes more effort to sell small pieces of a large building rather than larger chunks at a time. I used to be manager of corporate strategy for one of the largest construction management companies in the world and they also focused on projects that fed higher revenues and didn't focus on smaller projects that might have been more profitable from a margin % perspective.

 

[Koya]

RC - interesting info. We do urban / suburban development where your wealthy are going to be in their tony do fly family homes and estates, not to mention even luxury rentals are generally stick frame rather than steel and concrete construction.

For us, smaller units and studios can actually provide a premium PSF, fed by a dearth of any good rental product affordable for young folks (or anyone to be honest).

Love hearing this trend as it further supports our bets on smaller units though I still fear the longer term implications for the city itself.

I can totally understand why a smaller unit would be a premium per SF since there is higher relative demand for them. Extell, however, is a giant company so they focus on the larger units that go to volume revenue generation. Plus, it takes more effort to sell small pieces of a large building rather than larger chunks at a time. I used to be manager of corporate strategy for one of the largest construction management companies in the world and they also focused on projects that fed higher revenues and didn't focus on smaller projects that might have been more profitable from a margin % perspective.

Makes all the sense in an ever more high market where you see some increase and return of families to the urban core and the very to uber wealthy who want space and have the money. As they say, the bathroom and kitchen is needed be it a studio or one bedroom - or in the case of kitchen and the accompanying working and interest infrastructure more beds than that

 

[El Floppo]

just tell me how many and how much, and I'll design the #### out of it.