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(Bloomberg)   It's deals deals deals in Manhattan's apartment market, where the average rent of a 200 square foot studio with views of neighbor's bathroom, semi-attached bath fixtures and passive heating and cooling systems reaches new lows at only $3,800 a month   ( bloomberg.com) divider line
    More: Unlikely, New York City, Douglas Elliman, newly signed leases, Citi Habitats, appraiser Miller Samuel, percent, brokerage Douglas Elliman, New Jersey waterfront  
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1137 clicks; posted to Business » on 08 Feb 2018 at 11:05 AM (23 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



44 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2018-02-08 09:50:20 AM  
No, no, no.  Movies and TV programs and adverts show that those apartments are not only relatively spacious but are populated mostly by mid to late 20-somethings who have amazing lives/jobs/friends/etc.
 
2018-02-08 10:11:06 AM  
Lucky... I have a "tri-wall" model with "exposure" and "variable" heating/cooling.
 
2018-02-08 10:14:41 AM  
I loved that Mad Men episode when Pete buys an apartment on the upper west side for like $30,000. Good times....
 
2018-02-08 10:34:16 AM  
I dunno why people still stay in Manhattan - move to Long Island City! It's a 6 minute subway ride to midtown, there's a shiat ton of new units going up constantly, and that $3800 will at least get you an 800 sq ft apartment. Plus, you're not going to miss out on Manhattan stuff because you're only a few minutes away on the F train.
 
2018-02-08 10:36:30 AM  

RexTalionis: I dunno why people still stay in Manhattan - move to Long Island City! It's a 6 minute subway ride to midtown, there's a shiat ton of new units going up constantly, and that $3800 will at least get you an 800 sq ft apartment. Plus, you're not going to miss out on Manhattan stuff because you're only a few minutes away on the F train.


Doesn't matter where I go, I can never seem to find the F train...

/*sad trombone*
 
2018-02-08 10:50:22 AM  
Nobody wants to live in New York.  It's too expensive.
 
2018-02-08 10:54:20 AM  

Rapmaster2000: Nobody wants to live in New York.  It's too expensive.


My wife loved it. She still has her place. She moved in with me only very reluctantly.
 
2018-02-08 11:08:25 AM  

That Guy What Stole the Bacon: RexTalionis: I dunno why people still stay in Manhattan - move to Long Island City! It's a 6 minute subway ride to midtown, there's a shiat ton of new units going up constantly, and that $3800 will at least get you an 800 sq ft apartment. Plus, you're not going to miss out on Manhattan stuff because you're only a few minutes away on the F train.

Doesn't matter where I go, I can never seem to find the F train...

/*sad trombone*


With a sad trombone you can only Take the A Train
 
2018-02-08 11:08:50 AM  

RexTalionis: I dunno why people still stay in Manhattan - move to Long Island City! It's a 6 minute subway ride to midtown, there's a shiat ton of new units going up constantly, and that $3800 will at least get you an 800 sq ft apartment. Plus, you're not going to miss out on Manhattan stuff because you're only a few minutes away on the F train.


Or leave the craphole that is NY behind and move to any other place in the world where you can buy a huge 7000 SQ foot house for $3800/month.
 
2018-02-08 11:09:01 AM  

Rapmaster2000: Nobody wants to live in New York.  It's too expensive.


And yet people still move there.  And to San Francisco.
 
2018-02-08 11:10:44 AM  

captainstudd: RexTalionis: I dunno why people still stay in Manhattan - move to Long Island City! It's a 6 minute subway ride to midtown, there's a shiat ton of new units going up constantly, and that $3800 will at least get you an 800 sq ft apartment. Plus, you're not going to miss out on Manhattan stuff because you're only a few minutes away on the F train.

Or leave the craphole that is NY behind and move to any other place in the world where you can buy a huge 7000 SQ foot house for $3800/month.


I dunno, man. Being close to good food and stuff to do is a hard thing to give up. We moved from New York Metro area to Arkansas and there's little to nothing. We're Asian and we like food a lot and we can't really get a good Chinese meal.
 
2018-02-08 11:13:23 AM  

gingerjet: Rapmaster2000: Nobody wants to live in New York.  It's too expensive.

And yet people still move there.  And to San Francisco.


[thatsthejoke.jpg]
 
2018-02-08 11:18:00 AM  

RexTalionis: I dunno why people still stay in Manhattan - move to Long Island City! It's a 6 minute subway ride to midtown, there's a shiat ton of new units going up constantly, and that $3800 will at least get you an 800 sq ft apartment. Plus, you're not going to miss out on Manhattan stuff because you're only a few minutes away on the F train.


6 minutes?  Really?  it takes six minutes to get from street level to your platform.
 
2018-02-08 11:29:40 AM  
I know of a 6th floor unit in Chelsea that just sold for $5M.  This was the view from the only windows...
img.fark.netView Full Size
 
2018-02-08 11:33:54 AM  

RexTalionis: I dunno why people still stay in Manhattan - move to Long Island City! It's a 6 minute subway ride to midtown, there's a shiat ton of new units going up constantly, and that $3800 will at least get you an 800 sq ft apartment. Plus, you're not going to miss out on Manhattan stuff because you're only a few minutes away on the F train.


Maybe they are:

FTA: "The dynamic has shifted," with Brooklyn, Queens and the New Jersey waterfront becoming viable options to many renters
 
2018-02-08 11:36:59 AM  

RexTalionis: captainstudd: RexTalionis: I dunno why people still stay in Manhattan - move to Long Island City! It's a 6 minute subway ride to midtown, there's a shiat ton of new units going up constantly, and that $3800 will at least get you an 800 sq ft apartment. Plus, you're not going to miss out on Manhattan stuff because you're only a few minutes away on the F train.

Or leave the craphole that is NY behind and move to any other place in the world where you can buy a huge 7000 SQ foot house for $3800/month.

I dunno, man. Being close to good food and stuff to do is a hard thing to give up. We moved from New York Metro area to Arkansas and there's little to nothing. We're Asian and we like food a lot and we can't really get a good Chinese meal.


I've spent some time in New York, and I know that there is no way I could live there. It's too manic, and I hate waiting in line for stuff. Really fun, but not my style.

That said, if anything could convince me to live there, it would be the food. Good God, the food is great. All of it, all the time. It's all great. Everything you ever wanted to eat, you can get, and it's great.

I suppose that's another reason I'm better off not living there. I'm already fat.
 
2018-02-08 11:41:00 AM  

Rapmaster2000: Nobody wants to live in New York.  It's too expensive.


mindbodygreen-res.cloudinary.comView Full Size

"Nobody goes there anymore. It's too crowded. "

/Sorry, Pet Peen
 
2018-02-08 11:52:56 AM  

captainstudd: Or leave the craphole that is NY behind and move to any other place in the world where you can buy a huge 7000 SQ foot house for $3800/month.


If my math is correct, $3800 a month would buy you a £600k property in London. So, if you are okay with living on a hoodie housing estate or south of the river you might be able to get 800 square feet.  NYC is actually cheap when you start expanding your horizons to other global cities.

The next article on the same page has a gap house on sale for $1.4 million at only 1000 square feet...South of the river, too, how common.
https://www.bloomberg.com/news/articl​e​s/2018-02-07/london-s-slim-house-now-o​n-sale-for-1-4-million-in-clapham
 
2018-02-08 11:56:39 AM  
The rents are too damn high.
 
2018-02-08 11:59:11 AM  

Great_Milenko: RexTalionis: I dunno why people still stay in Manhattan - move to Long Island City! It's a 6 minute subway ride to midtown, there's a shiat ton of new units going up constantly, and that $3800 will at least get you an 800 sq ft apartment. Plus, you're not going to miss out on Manhattan stuff because you're only a few minutes away on the F train.

6 minutes?  Really?  it takes six minutes to get from street level to your platform.


I meant from station to station .
 
2018-02-08 12:15:35 PM  

Shaggy_C: captainstudd: Or leave the craphole that is NY behind and move to any other place in the world where you can buy a huge 7000 SQ foot house for $3800/month.

If my math is correct, $3800 a month would buy you a £600k property in London. So, if you are okay with living on a hoodie housing estate or south of the river you might be able to get 800 square feet.  NYC is actually cheap when you start expanding your horizons to other global cities.

The next article on the same page has a gap house on sale for $1.4 million at only 1000 square feet...South of the river, too, how common.
https://www.bloomberg.com/news/article​s/2018-02-07/london-s-slim-house-now-o​n-sale-for-1-4-million-in-clapham


Property taxes are much higher in NYC.

What's the council tax on £600,000? £500?

It's ~2% pa in NYC.
 
2018-02-08 12:34:50 PM  

mcreadyblue: Property taxes are much higher in NYC.

What's the council tax on £600,000? £500?


Ah, but you have to pay stamp duty in the UK, which would be £20,000 upfront to buy the home; you would also being paying a 40% or 45% income tax rate if you could afford that kind of house, which is pretty significant compared to the US (not sure where things top out for high earners now after Trump's tax cuts.) Still, I believe you are right that the property tax would hurt, particularly the longer you're in the house; I can imagine total cost of ownership over 30 years is higher even if the purchase price is lower.
 
2018-02-08 12:49:55 PM  

Shaggy_C: mcreadyblue: Property taxes are much higher in NYC.

What's the council tax on £600,000? £500?

Ah, but you have to pay stamp duty in the UK, which would be £20,000 upfront to buy the home; you would also being paying a 40% or 45% income tax rate if you could afford that kind of house, which is pretty significant compared to the US (not sure where things top out for high earners now after Trump's tax cuts.) Still, I believe you are right that the property tax would hurt, particularly the longer you're in the house; I can imagine total cost of ownership over 30 years is higher even if the purchase price is lower.


NYC has the same tax, but they call it a Mansion Tax.  :)

It would be 1.45% for $600,000, but above $1 million it's an extra 1%.
 
2018-02-08 12:49:56 PM  
I was hoping for more love for "semi-attached bath fixtures."
 
2018-02-08 12:50:27 PM  
Please stop moving here. There be dragons.
 
2018-02-08 12:55:04 PM  

RexTalionis: I dunno why people still stay in Manhattan - move to Long Island City! It's a 6 minute subway ride to midtown, there's a shiat ton of new units going up constantly, and that $3800 will at least get you an 800 sq ft apartment. Plus, you're not going to miss out on Manhattan stuff because you're only a few minutes away on the F train.


LIC isn't the crazy good value it used to be.

That $3800 now will likely put you next to Queensboro Plaza - facing the elevated subway tracks. And despite all the development, the nearby restaurant options are minimal. There is a Checkers over there, so I guess that's a plus?
 
2018-02-08 01:23:41 PM  
Oh, while renting is terrible, buying is worse.

The old standard price for Manhattan was $1000 a square foot. That is now nearing the standard condo price in the far reaches of Brooklyn and Queens.

So your $2200 a month luxury rental apartment in Woodside would cost $2850 a month to own.

(Posting this link so Rex's brain melts)

https://www.google.com/url?sa=t&sourc​e​=web&rct=j&url=https://streeteasy.com/​building/horizon-towers-iii&ved=2ahUKE​wiM397h95bZAhVPwlkKHRv2AnoQFjAAegQIDxA​B&usg=AOvVaw3nF2dBfI4SjAR0EakKA-1r
 
2018-02-08 01:51:29 PM  

Vaginosilicosis: I'm not sure I'd be comfortable with the quality level of a 7000sf house that only cost $650k


In many places, a $650,000 house is a 7000sf, $600,000 house sitting on a fairly large $50,000 lot.

In New York, a $650,000 house is (at best) a 700sf, $50,000 house sitting on a $600,000 lot that doesn't even have room for a driveway.

But who are we kidding? Mostly, in New York, a $650,000 "house" is an apartment the size of my living room.
 
2018-02-08 02:03:27 PM  

flucto: I was hoping for more love for "semi-attached bath fixtures."


Subby had me at "views of neighbor's bathroom." I won't need to pay for cable!
 
2018-02-08 02:16:10 PM  

Uzzah: flucto: I was hoping for more love for "semi-attached bath fixtures."

Subby had me at "views of neighbor's bathroom." I won't need to pay for cable!


This one was mine. I thought the fixtures bit was the best part.
 
2018-02-08 02:26:25 PM  
It's only that cheap if the neighbor isn't hot.
 
2018-02-08 02:57:38 PM  
SF is probly cheaper than that!
 
2018-02-08 03:24:51 PM  

E_Henry_Thripshaws_Disease: SF is probly cheaper than that!


Nah, it's about the same.  Nowadays big cities like this are places you jump into, survive the rents and craziness, have a total blast, then get out.
 
2018-02-08 03:29:29 PM  
I thought the taxes in NYC, on residential properties,were quite low.
Still wouldn't live there.
I live a 45 minute drive north. I can take a Metro North train and be in Mid-town in about the same time. I have access to all the facilities and none of the headaches.
 
2018-02-08 03:33:34 PM  

RexTalionis: captainstudd: RexTalionis: I dunno why people still stay in Manhattan - move to Long Island City! It's a 6 minute subway ride to midtown, there's a shiat ton of new units going up constantly, and that $3800 will at least get you an 800 sq ft apartment. Plus, you're not going to miss out on Manhattan stuff because you're only a few minutes away on the F train.

Or leave the craphole that is NY behind and move to any other place in the world where you can buy a huge 7000 SQ foot house for $3800/month.

I dunno, man. Being close to good food and stuff to do is a hard thing to give up. We moved from New York Metro area to Arkansas and there's little to nothing. We're Asian and we like food a lot and we can't really get a good Chinese meal.


There's a lot of places between NYC and Ft. Smith on the "places to live and have access to good food and culture" list.
 
2018-02-08 04:15:08 PM  

cirby: Vaginosilicosis: I'm not sure I'd be comfortable with the quality level of a 7000sf house that only cost $650k

In many places, a $650,000 house is a 7000sf, $600,000 house sitting on a fairly large $50,000 lot.

In New York, a $650,000 house is (at best) a 700sf, $50,000 house sitting on a $600,000 lot that doesn't even have room for a driveway.

But who are we kidding? Mostly, in New York, a $650,000 "house" is an apartment the size of my living room.


I paid $150k for a 2000 square foot house.

/difficulty: In 2009
//sold for $400k in 2005
///worth about $400k now
 
2018-02-08 05:25:00 PM  
Some Farker here is involved in some long term lawsuit where he and a bunch of other "tenants" are screwing exercising some legal loophole to stay in some converted loft space apartments for nothing as well as attempting to wrestle the property, in some form, from the owner. He's a pop up chef or something. Anyway, what I'm getting at is just do that.
 
2018-02-08 07:05:10 PM  

Rapmaster2000: gingerjet: Rapmaster2000: Nobody wants to live in New York.  It's too expensive.

And yet people still move there.  And to San Francisco.

[thatsthejoke.jpg]


The joke is "Nobody wants to live in New York. It's too crowded."
 
2018-02-08 08:54:56 PM  

Vaginosilicosis: cirby: Vaginosilicosis: I'm not sure I'd be comfortable with the quality level of a 7000sf house that only cost $650k

In many places, a $650,000 house is a 7000sf, $600,000 house sitting on a fairly large $50,000 lot.

In New York, a $650,000 house is (at best) a 700sf, $50,000 house sitting on a $600,000 lot that doesn't even have room for a driveway.

But who are we kidding? Mostly, in New York, a $650,000 "house" is an apartment the size of my living room.

I'm curious where you are finding so many 7000sf, 650k houses.   Because that's huge, even for a McMansion that is huge.   Most of those run about 3500 to 4500.


Up until a couple of years ago, that would work in most parts of Atlanta. Now you have to go about 30 miles out.
 
2018-02-08 09:01:34 PM  

Driedsponge: I know of a 6th floor unit in Chelsea that just sold for $5M.  This was the view from the only windows...

img.fark.netView Full Size


You do realize those windows are clearly reflecting a tree.
 
2018-02-08 09:13:14 PM  

Vaginosilicosis: I'm curious where you are finding so many 7000sf, 650k houses.   Because that's huge, even for a McMansion that is huge.   Most of those run about 3500 to 4500.


Generally, out in smaller cities (100,000 to 500,000 people), where a handful of rich folks were competing to see who could build the biggest houses at one point or another. They tend more to the "one big house and a couple of attached large secondary buildings" type instead of a super-sized house.

You'll find places built in the 1920s for a rich guy's "country home," with six or seven bedrooms, a couple of large parlors, and maybe a guest house.

Some of those list for as little as $250,000. Pretty amazing, when you think about it. Of course, the electric bill alone would be higher than my rent + power + food...
 
2018-02-08 09:18:19 PM  

Dr.Fey: Driedsponge: I know of a 6th floor unit in Chelsea that just sold for $5M.  This was the view from the only windows...
[img.fark.net image 850x637]

You do realize those windows are clearly reflecting a tree.


I do, it's to short to be visible directly in the sixth floor, and it's only one of a very few on the entire street.

The tree reflection is the reason I took the picture.
 
2018-02-09 12:11:03 AM  

captainstudd: any other place in the world where you can buy a huge 7000 SQ foot house for $3800/month.


I'm not doing THIS thread again, just stopping in to point out that the new-construction 7000sf house will have a leaky roof and cracked foundation within 15 years, and the city apartment buildings that went up in the 1930s will still be there.
 
2018-02-09 04:11:05 AM  

captainstudd: Or leave the craphole that is NY behind and move to any other place in the world where you can buy a huge 7000 SQ foot house for $3800/month


Why in the world would I want a 7000 sq. ft. house? I live alone in a 2650 sq.ft. Portland house, and I don't go in half the house.
 
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