Relocating to NYC, should stereotypes impact where I live? (Yonkers: real estate, apartments)

[nephil]

Hi everyone, I have been lurking here for a while and appreciate all that I've learned so far. I have a few questions, but first a bit of background info:

I am in my 30's, recently changed careers and work in banking in the Philadelphia metro area. My company was recently purchased by a larger bank and my group now reports to a director located in Midtown Manhattan, but we are still physically located in the suburbs of Phila. We've been "invited" to come work in Midtown full time (either individually or as a group), and often are asked to commute for a day or two at a time if necessary to work closely with our counterparts. I've mentally committed to relocating, but my coworkers have declined.

The catch here is that we are not being forced to relocate, therefore, its voluntary. The benefits (in my opinion) by far outweigh the costs, especially when looking at it over the long-term. We've been offered a very modest, lump-sum moving bonus of $5,000, to be received as a payment to use as needed, no questions asked. However, no cost of living adjustment ...at least not immediately, but we've been told that the salary should adjust to "market rate" by the end of the year. The problem is that as a career changer, I am only in my second year in this industry, and I am currently earning ~$48k in this Phila market, which would translate to about $55-$60k in NY if I were to receive an adjustment.

I know mostly what I am looking for in a place...and am very open minded to location, as long as the commute is within 30-45 minutes. I am assuming I can swing about $1200 per month for rent, which will not give me many options in Manhattan...which leads me to my main question...

The point: I will be working in Corporate Banking (not I-Banking) in Midtown (~53rd), I am fairly young, single and open-minded, I know that every neighborhood has good/bad areas. Realistically I know I can't afford much more than $1200 per month, but I'm willing to make the sacrifice. My co-worker suggested that "someone in banking should be careful of what neighborhood they choose" because of "what others would thinK". But my point is, I will live within my means, but as comfortably as possible. TBH I think she has no idea what she is talking about. After working in the Midtown office a few times, I can't say that I felt that people are judgmental, but I really don't know how it is in this profession in Manhattan. Is her point valid or should I consider the source as the one who is being judgmental?

Crazy question, I know, but I appreciate any insight. Also, if anyone can advise on where a lot of entry level salaried financial professionals ($45-60k) tend to live, that would be very helpful. I am considering Park Slope, or anywhere else in Brooklyn with reasonable commute; Inwood, Morningside, Central Harlem, Midtown West and several other areas.

Thanks in advance, sorry for the long read.

[DAS]

In NYC you are fortunate when you are able to find an apt that you can afford, in a neighborhood that you are comfortable in. No one really cares where you choose to live. Your profession will not have much to do with where you choose to live. Most people would not know your profession unless you tell them, and most likely they will not care.

I think it will be very hard for you to find an apt in any of the areas that you have mentioned, for the amount of rent that you can afford to pay, unless you are willing to share an apt.

[nephil]

Thanks, that's pretty much the answer I was expecting. Though when you work with people who fill your head with negativity, it's hard to know how things really are.

I also found some related information in the "Need Info on Moving to NY" thread.

[bmwguydc]

You can find something in your range, though not in Manhattan, and perhaps not a share. It all depends upon your willingness to commute, since you can find a small 1BR or a studio in good parts of Queens and The Bronx, for example. Riverdale, Astoria, and Bayside come to mind as places to look for either a large alcove studio or smaller 1BR for ~$1200 or less.

In parts of Riverdale off Broadway, it's possible to do this for ~$1000 as well, but it's going to a smaller apartment that's closer to the Yonkers city line in the W250s-260s, which is a little further from the terminus of the subway. The subway is a longer commute, though it's the most economical, on the 1 train. Other options are express bus and MetroNorth train, which is the fastest to Midtown.

[Henna]

Astoria, Queens sounds like a good fit for you - lots of young professionals there, studio apartments for $1200 range, easy and quick transportation to midtown.

I'm not sure what to say about the concern about people evaluation you on your address. Maybe people will look down on you - I don't know. But should you be concerned about that? I don't think so, since it says more about them than it says about you.

Another benefit to living in Queens in a neighborhood such as Astoria or Jackson Heights is the access to cheaper markets and restaurants.

There is a thing about attitude in NY. Think about the way you might approach how you answer where it is that you live. If you apologetically mumble "Queens" under your breath when asked, they may feel that you are ashamed of it for a reason. It strikes a different tone if you answer, "I found a really great apartment in Astoria; it's near Astoria Park which is great during the warm weather, and since I really love to cook it's amazing to have all those small specialty/ethnic markets nearby. And my commute is 20 minutes door to door. I love it there."

[bluedog2]

I would say that your co-worker is way off and you should feel comfortable finding a place wherever you are comfortable and you can afford.

I recently( a year ago) moved from one of the trendiest neighborhoods in Brooklyn to The Bronx and if anything I have had the opposite reaction of what your co-worker feels.Many people who have come to visit are stunned at the building,the apartment, the neighborhood,and how much I paid for it. The Bronx has had such a bad rep for so long that many people who have lived in the city for years don't bother to even consider it as an alternative.Many have never been here.As a result,the prices to purchase and rent are far below the rest of the city even in better neighborhoods.A few who have come to visit have started looking for places of their own!

I am a teacher,not a banker but I really don't think that makes a difference.Especially with what is going on with the economy today,I think everyone everwhere is reevaluating how much they are spending on what...especially on housing,which is the biggest expense of all.

[DAS]

Originally Posted by Henna

There is a thing about attitude in NY. Think about the way you might approach how you answer where it is that you live. If you apologetically mumble "Queens" under your breath when asked, they may feel that you are ashamed of it for a reason. It strikes a different tone if you answer, "I found a really great apartment in Astoria; it's near Astoria Park which is great during the warm weather, and since I really love to cook it's amazing to have all those small specialty/ethnic markets nearby. And my commute is 20 minutes door to door. I love it there."

Henna this is a great post. I agree with your first 3 sentences. But the rest of it will make him/her sound like a real estate agent, or like he/she is straight from out of town. A real NYer whether Native or Transplant does not need to be apologetic, or have the need to sell their boro. All 5 boros are fantastic.

[nephil]

Thanks for the replies. I agree that I should not concern myself with stereotypes...after all, diversity is what makes the city so great. I have lived in some sketchy neighborhoods in the past, but I've always held an optimists point of view. Like Henna said, for example I would prefer the diversity of food/ethnicity/people more than I would prefer the ability to say I live in XX trendy neighborhood.

@ bluedog2, I agree with you as well. I think that in banking is where we might see a significant attitude shift. the folks that I will be working with in NY seem more appreciative of the fact that they actually have a job with a company that is thriving (and not to mention selectively hiring). It isn't the cutthroat, me-first wall-street environment that I envisioned.

negativity and pessimistic points of view can definitely influence the decision process, but I have to remember that in the end it's all about me.
It seems like those people who try to bring you down either have an ax to grind or they base their comments on their own sterotypes or "headlines", not on personal experiences.

[arabella22]

Ugh...don't you love people who tell you what to do especially those that always worry what others think? (My co-worker suggested that "someone in banking should be careful of what neighborhood they choose" because of "what others would thinK".)

I think you are a smart guy that will listen to his own insticnt . The reality as others here have said, no one goes home with you to inspect whether you are living a "bankers" life at home...whatever that is...

There are SO many areas that are GREAT in Manhattan and in the Boroughs not far from Manhattan! If you are more interested in location then you'd have to go for something fairly small and tight in Manhattan, if you are more interested in space and you don't mind a little commute there ARE parts of Manhattan AND the Bronx and Queens that I'm sure you'd love. The beauty of NY is the awesome diversity - so think of your interests...where do you want to live? Every neighborood is known for it's own highlights...maybe some of them fall within your interests...and you choose one over the other because you like the amenities that neighborhood has, versus a similar apt in another one. One things for sure -do not be scared away by any stereotypes!

Best of luck!

[nephil]

Originally Posted by Henna

You're completely right and I was just thinking that a few minutes ago after I had posted but before I had read your post.

That's true, but I totally understand your point. I didn't think about it as trying to sell the neighborhood, but moreso just having the attitude of loving it and seeing the goodness of it...choosing to live there.