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One of the things I like about CD is learning new things. Honestly I’ve never in my life heard of the term Pied a Terre. I derived from a couple posts it was some form of housing, but I looked it up and found it quite interesting.
Anyway I don’t know anything about NYC taxes or hotel costs etc., but it was nice to learn something new. Enjoy your new place.
One other consideration if you are working from your NY co-op for a company based elsewhere. NY is extremely aggressive in collecting state income tax.
One of the things I like about CD is learning new things. Honestly I’ve never in my life heard of the term Pied a Terre. I derived from a couple posts it was some form of housing, but I looked it up and found it quite interesting.
Anyway I don’t know anything about NYC taxes or hotel costs etc., but it was nice to learn something new. Enjoy your new place.
Thank you!
That's how I feel about CD - you can learn so much, daily - really amazing.
How many times are you planning on staying in NYC? To keep residency you need to be in Ca, 181 days. Those apts. plus assorted costs, maintenance, taxes etc. are gonna run you a ton of money. Have you considered one of the long term stay hotels or and AirBnB.
I spent 30 years working in NYC and those apts are NOT cheap. Then when you want to dump them, they can be tough too.
This would be my suggestion. NYC is different from anyplace in the US. Why not explore nuts2uiam's ideas - which were my first thoughts. Look into long term hotel living - at least until you decide that NYC is for you.
Try that for two years. You will either love NYC - or hate it. There is not much in between.
This would be my suggestion. NYC is different from anyplace in the US. Why not explore nuts2uiam's ideas - which were my first thoughts. Look into long term hotel living - at least until you decide that NYC is for you.
Try that for two years. You will either love NYC - or hate it. There is not much in between.
I had a lot of friends who worked on Wall Street and did the same thing. We entertained a lot a traveling back home to get up for work the next day got to be a hassle. So they bought an apartment and went home weekends. Sounded like a great idea on paper. The taxes and costs on the buildings went up and up and before you know it they had apartments that were not only pricey but difficult to sell. Yes, there is indeed a person looking for a cheap PAT all the time, however, there are more buildings being taken over by developers than ever before and that is driving the market. You would be far better off to get an apartment in Queens and commute a few minutes. Long Island City is gorgeous and booming right now, but they are also with nice price tags.
The nyc coop market is unique. I’m assuming you have a great agent to help you through this and steer you towards buildings that are more suitable.
Some building coop boards only accept full time tenants, financing can be very strict with 50% or more in cash required, the coop board interview process can be difficult because they are judging your lifestyle and suitability as a neighbor, you will have to disclose a a tremendous amount of personal and financial information. Coop boards meet monthly and sometimes less so be prepared for a longer process because these are volunteers and they go on vacation and are not always available. If they don’t like something or need more info the process can drag.
Condos are easier but they are also more expensive.
I’ll also add that hotel prices have really come down with the glut of rooms.
Good luck with your search.
Edit to add: Airbnb is illegal in nyc. Even if it weren't, no coop board would allow it.
The nyc coop market is unique. I’m assuming you have a great agent to help you through this and steer you towards buildings that are more suitable.
Some building coop boards only accept full time tenants, financing can be very strict with 50% or more in cash required, the coop board interview process can be difficult because they are judging your lifestyle and suitability as a neighbor, you will have to disclose a a tremendous amount of personal and financial information. Coop boards meet monthly and sometimes less so be prepared for a longer process because these are volunteers and they go on vacation and are not always available. If they don’t like something or need more info the process can drag.
Condos are easier but they are also more expensive.
I’ll also add that hotel prices have really come down with the glut of rooms.
Good luck with your search.
Edit to add: Airbnb is illegal in nyc. Even if it weren't, no coop board would allow it.
Thank you.
Yes, I have been studying up on the market, rules, and boards - I would be purchasing at the extreme lower end of the market. It definitely can be a long process. I don't have a deadline, so that's one good thing.
I initially found it strange that boards would look at Pied a Terre's as a negative - as in people not being around would be a negative thing - I live in a vacation town and I don't view homeowners who live elsewhere most of the time as a negative - I think their main objection is fear of "riff-raff" - as in your friends or relatives coming to stay - they don't want "strangers" running about in the building. And yes, I know about AirBnb - I have a friend who only rents those and was told by the owner not to post remarks about the experience online (for fear of someone finding out the owner was doing AirBnb).
We will see what happens. I will look into long term hotels - doesn't really appeal to me, but you never know.
One of the things I like about CD is learning new things. Honestly I’ve never in my life heard of the term Pied a Terre. I derived from a couple posts it was some form of housing, but I looked it up and found it quite interesting.
Anyway I don’t know anything about NYC taxes or hotel costs etc., but it was nice to learn something new. Enjoy your new place.
Hahaha. The first time I heard the term was years ago.
There was this woman a couple of towns over when I was young who was featured in the local paper, a widow with five kids who wrote a novel at her kitchen table before the kids got up, and it became a best-seller. Her name was Mary Higgins Clark.
Several years later she was interviewed again, of course by then very well-known, but now she lived in a much more affluent town in the area and kept a pied-a-terre on Central Park in the city.
Just checked out the extended stay hotels - definitely NOT a bargain (unless you want to share a bathroom, then you can get a room for $179 in Manhattan) . . .
Yes, I have been studying up on the market, rules, and boards - I would be purchasing at the extreme lower end of the market. It definitely can be a long process. I don't have a deadline, so that's one good thing.
I initially found it strange that boards would look at Pied a Terre's as a negative - as in people not being around would be a negative thing - I live in a vacation town and I don't view homeowners who live elsewhere most of the time as a negative - I think their main objection is fear of "riff-raff" - as in your friends or relatives coming to stay - they don't want "strangers" running about in the building. And yes, I know about AirBnb - I have a friend who only rents those and was told by the owner not to post remarks about the experience online (for fear of someone finding out the owner was doing AirBnb).
We will see what happens. I will look into long term hotels - doesn't really appeal to me, but you never know.
Coop boards also worry that if you run in to financial worries you will stop paying on the second home first. You are correct that they also don’t want you lending the apartment to family and friends as they don’t want strangers in the hallways, even nice strangers. I have heard a request for one years maintenance up front for this concern.
If it were me, I’d rent. There’s some good rental deals right now with all the new buildings and studios are the least desirable.
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