New York City Rents!! Ave = $2,000 for studio

[Raps]

Just came across this on the local news today........another reason i am pumped to be leaving.......$2,000 is the average for a studio in this wonderful borough, hot damn!

New York City Rent Prices Riding
Average Studio Rent Is $2000
Last Edited: Friday, 13 Jul 2007, 12:45 PM EDT
Created: Friday, 13 Jul 2007, 12:45 PM EDT
New York City skyline (AP)
New York -- New York -- The average rent for a Manhattan studio is around $2,000, and a one-bedroom in New York's most expensive borough goes for more than $2,700.

That's according to a report released Friday, which reflects that "we're the center of everything," said Christopher Dente, spokesman for Citi Habitats, a Manhattan rental brokerage firm. "There's a lot of relocation -- thousands of people are coming in."

He attributed the bulging rents to the city's strong economy. In addition, the U.S. dollar is low against foreign currencies, "and we're a very popular destination for foreigners," Dente said.

Last year's rent for a studio, according to five-year analysis by Citi Habitats, was $1,995, compared to $1,659 in 2002; $2,737 for a one-bedroom, compared to $2,227 five years earlier; and $3,893 for two bedrooms, versus $3,198 in 2002.

Citi Habitats based its data on 50,000 deals the firm closed from 2002 to 2006.

About 75 percent of housing in Manhattan is comprised of rental properties. The company did not analyze properties in the city's other boroughs -- Brooklyn, Queens, the Bronx and Staten Island. The study also does not include Manhattan apartments subject to rent-control or rent-stabilization -- at least 10 percent of available properties.

The overall rental vacancy rate for Manhattan last year was less than 1 percent, with the lowest rates in the West Village, SoHo and Tribeca (less than one-half percent). The most dramatic drop was in the East Village neighborhood, where vacancy rates dropped from 6 percent to less than 1 percent.

The Upper East Side, an area with high real estate values, offered studio apartments at an average rent of $1,739 last year. And a studio on the Upper West Side went for $1,872.

The biggest dollar-amount increase was in three-bedroom Manhattan apartments, for which rent skyrocketed from $4,059 in 2002 to $5,534 last year.

Gary Malin, City Habitat's chief operating officer, said that since the analysis was completed six months ago, Manhattan rents have gone up an additional 4 percent to 8 percent.

"The market is tightening up significantly," he said. "This is a hot time of the year," he said, meaning not just summer but also "with a lot of people coming in -- out of college and grad school. The demand on the city is very high."

[pappag]

And parking spaces go for $200,000+: http://www.nytimes.com/2007/07/12/us...rssnyt&emc=rss




In Houston, $225,000 will buy a three-bedroom house with a game room, den, in-ground pool and hot tub.

In Manhattan, it will buy a parking space. No windows, no view. No walls.

While real estate in much of the country languishes, property in Manhattan continues to escalate in price, and that includes parking spaces. Some buyers do not even own cars, but grab the spaces as investments, renting them out to cover their costs.

Spaces are in such demand that there are waiting lists of buyers. Eight people are hoping for the chance to buy one of five private parking spaces for $225,000 in the basement of 246 West 17th Street, a 34-unit condo development scheduled for completion next January. The developer, meanwhile, is seeking city approval to add four more spots.

Parking in new developments is selling for twice what it was five years ago, said Jonathan Miller, an appraiser and president of Miller Samuel.

Although spaces in prime sections of Manhattan are the most expensive, even those in open lots and in garages in Brooklyn, Queens, Riverdale and Harlem are close to $50,000, although at least one new Brooklyn development is asking $125,000.

Scarcity figures big in the escalating prices. Mr. Miller estimated that less than 1 percent of all co-op and condominium buildings in the city have private garages. The city also limits how much parking new buildings below 96th Street can offer, requiring that no more than 20 percent of the units have spaces.

“It’s a fairly rare amenity,” Mr. Miller said. “And in the world of pet spas and on-site sommeliers, it’s actually a pretty functional amenity.”

In other densely packed cities where space and parking are at premium, parking spaces in condos also tend to trade at high prices. In Boston, they can sell for as much as $175,000, and they go for as much as $75,000 in Chicago. But in other cities, like Los Angeles and Dallas, most condos include parking in their prices.

For developers in New York, parking is the highest and best use for below-grade space and fetches about the same price per square foot as actual living space, which costs much more to develop. According to Miller Samuel, the average parking space costs $165,019, or $1,100 per square foot, close to the average apartment price of $1,107 per square foot. Those are averages, of course. A $200,000 parking space is about $1,333 per square foot.

If parking at the Onyx Chelsea, a new 52-unit condo at 28th Street and Eighth Avenue, is any indication, there is plenty of demand. The first two spots sold for $165,000, the third for $175,000 and the last two for $195,000. Each space will include about $50 in monthly maintenance costs. Still, there are three buyers on a waiting list.

Cynthia Habberstad is at the top of that list. She chose not to buy a spot when they were selling for $165,000, but changed her mind only to learn that all the spaces had been taken.

“At first, I was getting overwhelmed and didn’t want to spend the money,” Ms. Habberstad said. “I’m kicking myself now, believe me.”

She and her three children, ages 7, 9 and 11, live on Long Island, but the children’s modeling schedules bring them into the city at least twice a week, and the apartment they bought in the building will be a pied-à-terre.

“If we’re coming in late from dinner or we have a lot of stuff in the car, do we really want to have to walk a few blocks to get home?” Ms. Habberstad said. “It all makes sense now that I don’t have it.”

Developers are well aware of the demand. “We’re putting in parking in pretty much every development that we’re working on,” said Shaun Osher, the chief executive of Core Group Marketing, which represents 246 West 17th Street and about a dozen other new condo buildings.

In-building parking allows city dwellers with cars to replicate the suburban ideal where they can park, take their keys and walk right into their homes, Mr. Osher said.

At the Fifth Street Lofts in Long Island City, Queens, which are scheduled for completion at the end of the year, Jackie and Lee Freund bought an apartment and three garage spaces at $50,000 each, even though they own only one car.

“We bought three because we know the parking situation is bad now and its only going to get worse,” Jackie Freund said.

The Freunds, who have a 2-year-old son, have lived in a nearby rental building for the last three years. After dealing with the hassles of parking on the street, they got a space in a nearby garage.

“We’ve had the car towed, and my sister had hers towed when she came to visit and parked on the wrong side of the street,” she said. “They’re crazy for towing around here since the tow pound is nearby.”

The Freunds plan to sell one of their extra spots at the Fifth Street Lofts and rent out the other.

Buyers and brokers across the city are confident that prices will only go up as finding a parking space becomes more difficult. In fact, 40 parking garages or lots in the city have closed within the last nine months while only 23 new ones have opened, said Margot J. Tohn, publisher of “Park It! NYC 2007,” a parking garage guide.

“It’s not at a huge, huge scale, but we definitely are losing parking,” Ms. Tohn said.

Tom Postilio, a broker for Core Group Marketing and the director of sales at 246 West 17th Street, said: “There are people looking for apartments who have the attitude, ‘Love me, love my car.’ And for them, if there’s no place to park on the streets, it’s practically a deal to get a parking spot for $225,000.”

[Free Range Lobster]

The drones will pay what the market bears/how much the landlords will rape you for, while the slope you can snag a decent place for half of what you'd pay for a rat hole in Manhattan.

[pappag]

Half the price AND double the space.

[mc_roon]

Half the price AND double the space.

and free parking

[Free Range Lobster]

The hipsters are tolerable and easy to make fun of.
Less homeless people.

[stuckathuntermtn]

this might be part of the reason I left. I still miss it though. but not the 90 degrees and 85% humidity.

[bklyn]

Native NYers don't feel a need to live in Manhattan beyond their first apartment. 86th Street and south from east to west is 95% transplants from other places.

A sucker is born every day, and out of town suckers overpay on rentals. Don't be a mark because you're too lazy to travel an extra 10 minutes.

[stuckathuntermtn]

Not really true. My mom lives on east 96th and used to live on west 72nd. She is a Rolfer and her practice is pretty much exclusively rich new yorkers. It's getting to the point that she can't really even afford east 96th.
I said something along the lines of moving to one of the hot neighborhoods in Brooklyn. She said her clients wouldn't go out of Manhattan, and she had to live near the subway.
I'm pretty sure they're all native new yorkers.
and besides, Didn't you know the USA is only for the rich to enjoy?!
They're well on their way to turning Bozeman into southern California. Which hopefully won't be all bad.

[pappag]

$1200-1500 for a 1BR in Astoria isn't exactly cheap.

Native NYers don't feel a need to live in Manhattan beyond their first apartment. 86th Street and south from east to west is 95% transplants from other places.

A sucker is born every day, and out of town suckers overpay on rentals. Don't be a mark because you're too lazy to travel an extra 10 minutes.

[Free Range Lobster]

Native NYers don't feel a need to live in Manhattan beyond their first apartment. 86th Street and south from east to west is 95% transplants from other places.

A sucker is born every day, and out of town suckers overpay on rentals. Don't be a mark because you're too lazy to travel an extra 10 minutes.

What?! You mean living on the island isn't as cool as everyone says it is?!

[bklyn]

$1200-1500 for a 1BR in Astoria isn't exactly cheap.

Who said Astoria?

[Steven S. Dallas]

Nick wouldn't live anyplace where he couldn't stuff his face with pierogies 24 hours a day.

[Benny Profane]

hmmmmm....let's see. Young ambitious person spends four years undergrad in good school and four years getting MBA. ka-ching...about $300000, a lot of it borrowed. Comes to OZ, rents an apartment for $24000 a year, dresses well, parties hartily, never cooks, loves Starbucks. (tapping on calculator.....hmmmm......) well, there must be a LOT of 24 year olds making 200000 a year in NYC. Unless.....wait one second....I forgot to factor in.....yes....Mum and Dad! Now it works!

[Tippster]

Comparing Manhattan to Houston is like comparing Aspen to Jiminy Peak.

[Benny Profane]

I would think it's more like comparing Manhattan to the Bronx.

[cj001f]

Who said Astoria?

even non-Astoria it's market for a non-burb 1br in a megapolis

benny, come come. it's like comparing Manhattan to Jersey

[SkiCougar]

Comparing Manhattan to Houston is like comparing Aspen to Jiminy Peak.

yes, manhattan is impressive; but unless you have serious cash on hand to be a player in manhattan at least every weekend, if not more; i'd take Houston, the big house and ski whenever i feel like it on all the extra i'd be saving.
unless its something like seattle or portland with mountains and blue water right around the corner, bright lights + big city is just not that great.

[Tippster]

Jesus Christ you people are thick. My point is that you cannot compare Manhattan to Houston. One is the center of the (arguably) epitome of the "American Urban Experience" and the other is fucking Houston.

[cj001f]

Jesus Christ you people are thick. My point is that you cannot compare Manhattan to Houston. One is the center of the (arguably) epitome of the "American Urban Experience" and the other is fucking Houston.

are you saying there is a difference between the SubUrban experience and the Urban experience?

What next - Manhattan is a cultural melting pot?

[Tippster]

They have pizza there. It's fucking civilized.

[Benny Profane]

wait a minute - you can "ski whenever you feel like it" living in Houston?

And don't start with me and Jersey, CJ. Just scratching off the squares on my calender until the lease dies.

[cj001f]

And don't start with me and Jersey, CJ. Just scratching off the squares on my calender until the lease dies.

Move to Oregon - mountains and you still won't have to pump your own gas!

[Benny Profane]

Somebody else has that silly law?
But where do you get pizza? Bagels? Chinese? Korean?Indian? Italian deli? Pastrami?

[cj001f]

Asian foods good, good local wine, good local beers, decent pizza, not so good pastrami and bagels. Also plenty of fixie pixies