Nice areas to live in Manhattan

[Viralmd]

Originally Posted by Diane Giam

I would recommend London Terrace Gardens. I lived in the Towers part of the complex in the 70s but that was gone co-op although there may be rentals available. Amentites include an indoor pool and I noticed it fit your price range and there are availabilities.
Its an older pre-war building so the Apartments are large in size. Chelsea Are has many restaurants and shopping. There is a Garden Courtyard in the complex itself that include the Gardens and the Towers.

Apartment Layouts, Floorplans, Studio, Penthouse | London Terrace Gardens

Diane G

Co-ops rarely permit sublets. The board has to approve any sublet and I know in my building that any sublet (and I don't think any has ever occurred) has to be terminated with no renewal at six months.

[Henna]

Originally Posted by Viralmd

Co-ops rarely permit sublets. The board has to approve any sublet and I know in my building that any sublet (and I don't think any has ever occurred) has to be terminated with no renewal at six months.

Unless you have seen the coop rules from this particular building, it's not a good idea to assume anything about another building's rules. My coop does allow sublets with board approval. In several cases there are owners/shareholders that live in one unit and have purchased another one for investment. The unit they don't live in is allowed to be subletted and I'm not sure there are limits on the length of the leases. The unit next to me has tenants renting from a shareholder and they've been there more than 2 years.

If a shareholder who only owns one unit (his own) wishes to sublet, he has to live in the unit for 18 months and then is allowed to sublet for 2 years with board approval.

The only way to know about this particular building that's being recommended is to see the house rules.

P.S. if you click on the website provided, you will see there are two apartments for immediate rental in that building - one for $3400 and one for $3600 a month. It doesn't say who owns the units, but they are rentals.

[Viralmd]

When I talk about subletting in co-ops, I speak from the Manhattan point of view. It's probably easier in the other boroughs. My parents' building, my sisters' buildings, my two best friends' buildings don't EVER permit sublets, neither did my prior building. The particular co-op that the prior poster suggested seems like a relatively new conversion, so these might be sponsor-owned apartments. Generally, co-ops in Manhattan do not permit sublets.

[Henna]

I guess my point is that there are rentals in the building suggested, so to say in this thread (in direct response to the post suggesting that particular building) that coops don't permit sublets doesn't really make sense.

[UpsonDowns]

London Terrace is a huge complex and one of the buildings may still be rentals. I have known several people who have rented there over the years.

[Diane Giam]

Originally Posted by UpsonDowns

London Terrace is a huge complex and one of the buildings may still be rentals. I have known several people who have rented there over the years.

Yes, the Garden's do have Rentals, the Towers are now Co-Op. I rented in the Towers in the 70s before it went Co-OP. I noticed that a co-op in the towers is over a million dollars!

Diane G

[cityboy1976]

All - thanks for your responses. But I am not planning to live in Chelsea.

After seeing the posts and doing my own research as well, I have decided to stick to the UES as my first choice and UWS as my second choice. I have also gone through broker websites (citi habitats and corcoran) and craigslist.

My plan of action is to first target management companies directly (so as to avoid the 15% broker fees) and if this fails, go via a broker. I also believe that co-ops and condos may not work for me given that I am an international new entrant with no US credit history (though my UK credit is quite good).

Please let me know if any of you can recommend any management companies in UES (or UWS) that rent directly to tenants.

Thanks.

[KB4]

You could try Glenwood (Home Page) and Bettina Equities. By the way, since you have no US credit history, you might have to provide a substantial security deposit (3 months' rent, maybe more). They will not care about your UK credit history.