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So, having lived in a Mitchell Lama (though Penn South isn't a Mitchell Lama it's run in a similar fashion) I can tell you that upon move out, you will get a VERY PADDED itemized bill of everything that was fixed. They will charge you for everything--screws, lightbulbs, anything and everything they can. And you are not allowed to do the work yourself, nor are you allowed to "argue" with them. There is a severe lack of transparency around this in all Mitchell Lamas. If your initial investment was $100,000 and you've lived in your place for 10+ years, be prepared to lose $30,000-$40,000 of that. I'm not joking.
I know of multiple people being charged for 60+ hours' worth of work to plaster and paint a STUDIO apartment in Penn South, lol. Draw your own conclusions from that...
I think this is a bit exaggerated, ‘ridiculously high’ and ‘practically market rate’. If a comparable deal is in the same neighborhood I want to know about it. Certainly always considered other waitlist or market rate options.
A lot of people on this board have no sense of reality of the rents and real estate prices in the city. Even with the maintenance increase and mortgage for a 2-BR, my total sum is still less what we paid in rent ($1900) for a 1-BR in LIC.
If people think the cost are too much, please by all means get off this wait list.
A lot of people on this board have no sense of reality of the rents and real estate prices in the city. Even with the maintenance increase and mortgage for a 2-BR, my total sum is still less what we paid in rent ($1900) for a 1-BR in LIC.
If people think the cost are too much, please by all means get off this wait list.
I understand that these increases may be difficult for some people, but from the perspective of someone who will be joining the waiting list with a high number when the 2024 applications are processed, it works for me if it causes people ahead of me to decline the apartments offered. Maybe I'll get in a year sooner?
A lot of people on this board have no sense of reality of the rents and real estate prices in the city. Even with the maintenance increase and mortgage for a 2-BR, my total sum is still less what we paid in rent ($1900) for a 1-BR in LIC.
If people think the cost are too much, please by all means get off this wait list.
This is exactly right. With my mortgage and new maintenance I'm looking at close to $1650 for a 1BR. I don't know if people haven't looked at rent lately, but I can't find 1BR under $1800 in an ok neighborhood. Some basement 1BRs are $1500, some studios for $1600. And I mean I can't find any in any borough.
Yes, the 7.5% increase is A LOT at once, but it's still WELL under market-rate for Chelsea. It may be high for a Mitchell-Llama that you may have to wait many years for, but it's still a damn steal for the current market.
Location: Read the Marketing Handbook, and Income a Guide.
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I agree with dontworryboutathing and the math post.
Penn South has higher dollar costs and is categorically different from the Mitchell-Lamas. But, as expensive as it has gotten, Penn South is still categorically less expensive than market rate for Chelsea.
Each household on waitlists is different. Hypothetically, it could be good for a household to take a unit at Penn South today if it meant a modest savings in housing costs while waiting to advance for an offer at a less expensive situation. Keep in mind moving house can be expensive.
Dollars to dollars, when compared with other similar options, Penn South is not worth it. Unless you are absolutely dying to live in Chelsea, your best option is to choose other Mitchell Lamas if you can. It's a high buy in, a high increase in carrying charges, and high yearly increases thereafter.
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