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Old 04-18-2012, 02:48 PM
 
1 posts, read 2,792 times
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Hi all,

I've been looking at a small apt to buy and am torn between 54th St./1st Ave and 38th St/3rd Ave. Both are about the same price, but the 54th st one has a no subletting policy. Does that affect the resale value a lot? Which would probably have a better resale value?

And I'll be living there for a few years, so what are the main differences between the two? I'd like bars/restaurants, subway, a park, and stores close by, maybe quiet at night but I like seeing people walking on the street.

Thanks for the help!
-Dan
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Old 04-18-2012, 03:12 PM
 
Location: New York NY
4,133 posts, read 5,942,768 times
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Both neighborhoods have the bars, restaurants and a fair amount of people out walking in the evening. But the big difference I think is that Murray Hill skews younger than the Sutton area. Althouhg its not like living in a retirement home, there are lot of little old gray-haired ladies near and on Sutton. Murray Hill Hill OTOH has more of a post-collegiate feel to it, at least the part east of Lexington, though to be fair, people of all ages live in both areas.

Neither area has much park space, just a few isolated little plots by the East River.

Murray Hill probably has better transit options, being a quick walk to Grand Central, while the only stop near the Sutton area is at 53rd and 3rd, the E/F IIRC. Buses on all the avenues but rush hour traffic can be brutal either place because one area is near the Queens Midtown Tunnel, the other near the 59th St bridge.

As to the subletting thing, some banks won't make a mortgage in a building with too many renters in it, which could make your place tough to resell later on -- orto buy right now. But that depends on how many units are owner-occupied and how many are investor owned. And there are people who value living in a no-sublet bldng as well because there isn't a constant churning of their neighbors. It feels like a home, not a hotel. YMMV

Last edited by citylove101; 04-18-2012 at 04:01 PM..
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Old 04-18-2012, 05:53 PM
 
Location: BK All Day
4,480 posts, read 8,317,230 times
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I find the whole Murray Hill area gross personally. I looked at an apartment there and I didn't like it at all. I would much prefer the 54th and 1st. I just think Murray Hill is way too fratty.
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Old 04-18-2012, 05:57 PM
 
Location: Beautiful Pelham Parkway,The Bronx
8,389 posts, read 19,623,816 times
Reputation: 6215
Quote:
Originally Posted by intime84 View Post
Hi all,

I've been looking at a small apt to buy and am torn between 54th St./1st Ave and 38th St/3rd Ave. Both are about the same price, but the 54th st one has a no subletting policy. Does that affect the resale value a lot? Which would probably have a better resale value?

And I'll be living there for a few years, so what are the main differences between the two? I'd like bars/restaurants, subway, a park, and stores close by, maybe quiet at night but I like seeing people walking on the street.

Thanks for the help!
-Dan
Why these two neighborhoods ? I'd rather not live in either . There are so many more interesting neighborhoods in NYC !

I would never buy an apartment in a building with a liberal rental policy.If you want a building filled with renters why not just rent ?
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Old 04-18-2012, 05:59 PM
 
Location: NY,NY
2,899 posts, read 8,304,910 times
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Right, lenders view poorly buildings with low owner occupancy percentage and high percentage of renters.

Price is effected by the availabilty of mortgage money. More money chasing a property can push prices.

That said, if there are a lot of 'investors' looking to purchase and rent, chasing a building, this can also dive prics, given investors come with large down payments or pay cash.

You should also consider furture personal possibilities. For example, if you compelled to move for some reason before finding a buyer, you'll HAVE to carry the mortgage and costs of an apartment which you cannot sublet, while also paying to live in some other place/city.
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Old 04-18-2012, 11:38 PM
 
Location: Washington, DC & New York
10,750 posts, read 25,526,667 times
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Co-ops have their own issues with respect to appreciation, and in addition to others that have been mentioned in this thread, the maintenance costs, and any potential assessments can affect the value. Condos are much easier in that regard, to own, and to divest, should you have the need to sell, though there is a substantial price premium when looking at similar apartments between the two types of ownership. A co-op should be looked at more as a way to control your housing costs in the city, as the price of the shares grants you a proprietary lease in the building, for which you pay maintenance. The market can reflect appreciation, but such sales are only as good as the co-op board with respect to ongoing maintenance expenses, upkeep, and approvals for sales.

Some buildings that allow sublets do so for a specified period every few years, and/or impose a fee that must be paid when you sublet the unit. I agree that in a co-op too many renters can be a problem, unless you are purchasing significantly below market from the sponsor. A relative of mine recently purchased two adjoining apartments for less than the price of a comparable unit in the neighborhood. The reason the prices were low is because no mortgages are currently permitted in the building because of the conversion from rental to co-op, with too many sponsor units with renters. For their purposes, this is a good long-term investment as the units have no board approval, and the main goal was to minimize housing expenditure on a second home as their principal residence is out-of-state.

As to location, Murray Hill can be fine, though the only part of Murray Hill for which I personally care is the historic district (Lexington to Park, 35th to 38th) as the majority of the area consists of townhouses. Some of the townhouses have been divided into apartments, but many are still single-family residences, though there are also a few apartment buildings in the district as well. The rest of Murray Hill does tend to attract more of the post-college set, many with roommates, etc. The Sutton Place neighborhood is a bit quieter, overall, than Murray Hill in my experience, which can be attributed to a more professional demographic, intermixed with older retirees, etc. Sutton Place is removed from the subway, if that's an important consideration for your needs. Both neighborhoods would have adequate neighborhood access to restaurants, groceries, etc. It's a toss-up as to the extra traffic in the neighborhood caused by the tunnel in Murray Hill and the 59th Street Bridge in the Sutton Place area. I would think the location you described in Sutton Place would have less of an impact from the bridge as the bridge approaches are west and north of the area described, whereas the QMT exits just to the east of 3rd, close to the Murray Hill property.

I would be wary of some of the odd-shaped apartments that do exist in areas of the city, especially when you described the apartment under consideration as being to the smaller side. Too small will not sell easily, even at a price lower than the competition, as the market can be somewhat limited, depending upon how small, the layout, number of windows, etc. Even in great neighborhoods, there exist apartments that can sit on the market, even at a favorable asking price, with good building financial stability, and a friendly co-op board, because of the size, layout, view, lack of natural light/ventilation, etc. So, I would critically evaluate each apartment objectively in terms of factors that could negatively impact current, and future, value.
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Old 04-19-2012, 05:11 AM
 
Location: NYC
2,490 posts, read 3,813,891 times
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Quote:
Originally Posted by ohiogirl22 View Post
I find the whole Murray Hill area gross personally. I looked at an apartment there and I didn't like it at all. I would much prefer the 54th and 1st. I just think Murray Hill is way too fratty.
I agree. I work in Murray Hill and hate it. There is just no charm or feel to this area.
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Old 04-19-2012, 05:28 AM
 
Location: Beautiful Pelham Parkway,The Bronx
8,389 posts, read 19,623,816 times
Reputation: 6215
Quote:
Originally Posted by jen5276 View Post
I agree. I work in Murray Hill and hate it. There is just no charm or feel to this area.
Nor is there any charm or feel to 1st Avenue and 54th St.I wouldn't really call it "Sutton Place" either.Sutton Place is Sutton Place,Beekman Place is Beekman Place,1st Avenue is midtown East..... if anything.
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Old 04-19-2012, 08:42 AM
 
Location: Manhattan
20,131 posts, read 26,416,255 times
Reputation: 9026
Murray Hill is soulless but safe and quiet.
Sutton Place "neighbohood" is a tedious walk to the subway.

Pick your poison.


Actually both locations are nice enough...pick the larger apartment!

Last edited by Kefir King; 04-19-2012 at 08:55 AM..
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