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I wouldn't give up a RS lease for a free market rental. Use the lease to save money to buy something. If you're planning on staying someplace long term, especially in NYC do NOT rent free market.
As far as your current place. Organize the rest of the tenants, form a tenant's association, and pressure the landlord to fix the apartment. Call in the DoB and get the apartment and whole building inspected for violations. If any are found you can use that as leverage. Stage a rent strike if necessary. If you don't want to buy, you're better off forcing the LL to fix up the building than paying out the nose for free market rent.
I know a landlord with 2 sitting empty buildings. Tenants thought that they were getting over on landlord.
They were paying $600 to $800 for one bedroom demanding upgrades. Enough violations because they called DOB and HPD every week and the building was not fit to be habitable due to excessive violations.
Everyone had to go. Buildings have been sitting empty for years because they were paid off. Its cheaper to maintain an empty paid of building than take out loans to renovate one so people can have shiny new half priced apartment. 24 apartments taken out of circulation just like that.
I know 4 other home owners who did the same.
Eventually all that will be left is NYCHA/Super expensive 'affordable apartments' and luxury apartments. None of which works for the average person's needs and pockets.
When I lived in my slightly below market rate apartment I was appreciative of that fact. I stayed there and saved money to buy my own house. I went back to school and applied for a billion jobs to increase my income. I offered to split the cost of my minor repair request with the landlord.
When I moved the landlord stopped renting it.
My friends who rented from private landlords did the same. If your rent is substantially cheaper and you want it painted use some of that money saved to do so. Buy your own used stove and fridge (facebook marketplace is good). Buy a new $200 vanity at home depot and pay a handy man to install it.
You won't have your cake (super cheap rent) and eat it too (updated apartment) one has to go.
Every apartment I have ever had was some kind of a rent deal. I got used to doing all repairs myself. In fact I dreaded any interference from incompetent handymen.
Most competent handymen are the ones I have now (UES Mitchell Lama, great deal) but still I do 90% of what needs to be done like upgrading faucets, painting, shelf building, replacing wall air conditioner, etc.
I wouldn't give up a RS lease for a free market rental. Use the lease to save money to buy something. If you're planning on staying someplace long term, especially in NYC do NOT rent free market.
As far as your current place. Organize the rest of the tenants, form a tenant's association, and pressure the landlord to fix the apartment. Call in the DoB and get the apartment and whole building inspected for violations. If any are found you can use that as leverage. Stage a rent strike if necessary. If you don't want to buy, you're better off forcing the LL to fix up the building than paying out the nose for free market rent.
See my thread on rent vs buy
I will never buy in 5 boros. Do you know how much property tax will increase? Recent Buyers will be turning right around and selling at a loss mark my words.
The equivalent property I would want would cost me more in annual property tax, insurance and HOA than it would cost me to rent it.
Remember that is money you don't get back. So imagine if you're not paying in cash in full, remember rates are low so it's dumb not to get a mortgage right
The numbers don't add up.
For the apartment I'm in now I pay 1900 and if I wanted to buy a similar unit in cash I'd still be paying 2300 dollars a month in taxes and fees regardless. NOT TO MENTION I'll have to bear full cost of repairs!!!! So I'll continue to rent and put the excess in investments and retain my freedom to skip town, TYVM.
RS apartments are not that rare. Is OP talking about RC? My current apartment is RS and it's not a shanty Pre-War like I was in before.
If you want a decent RS unit move to Queens.I would try my best not to do Pre-War again. Unless it was further out, lower occupancy and extremely well maintained.
Too much heat, noise, roaches and other problems. We had an idiot in the adjacent building feeding doves that sh*** all over our fire escape. The dirty birds carry deadly airborne pathogens in their gut that has no cure.
Eventually in 2030 most Pre-Wars will be 100 years old!!!! It's not "charming" anymore!
RS apartments are not that rare. Is OP talking about RC? My current apartment is RS and it's not a shanty Pre-War like I was in before.
If you want a decent RS unit move to Queens.I would try my best not to do Pre-War again. Unless it was further out, lower occupancy and extremely well maintained.
Too much heat, noise, roaches and other problems. We had an idiot in the adjacent building feeding doves that sh*** all over our fire escape. The dirty birds carry deadly airborne pathogens in their gut that has no cure.
Eventually in 2030 most Pre-Wars will be 100 years old!!!! It's not "charming" anymore!
Don't prioritize RS over sanity and cleanliness
If you have to, leave NYC
We have really nice rs buildings in north east queens ...we have vacant rs apartments available in bay terrace ...we have a pool , tennis courts and 24/7 guard house .
They even accept your fed ex and ups packages so there is always someone to sign .
Many apartments even have 2 bathrooms Ike ours .plus we have full time maintenance men that handle whatever we need done
So those who think rs buildings are shanty’s have no clue
We have really nice rs buildings in north east queens ...we have vacant rs apartments available in bay terrace ...we have a pool , tennis courts and 24/7 guard house .
They even accept your fed ex and ups packages so there is always someone to sign .
Many apartments even have 2 bathrooms Ike ours .plus we have full time maintenance men that handle whatever we need done
So those who think rs buildings are shanty’s have no clue
In the city they are poorly maintained and occupancy is too high compared to Queens. Leading to more noise, pests and problems in general.
Bay Terrace is great. UES RS units in my experience? Not so great.
In UES we heard everything next door including farting, sharting, sucking and a whole lot else. Fights with her boyfriend, getting her butt blasted by another dude and loud Showtime masturbation sessions. Unbelievable. And big waterbugs which the cat played with and presented as a gift.
Don’t forget there are loads of stabilized unsold coop apartments that the sponsors hold ...many are in fabulous buildings in manhattan ...we held sponsor rights for the apartments we held in the Central Park building.
If you buy the apartments from the original sponsor and never live in it yourself you can have the sponsor assign sponsor rights to you but it isn’t automatically done .there is a lot of paperwork that is needed .
Sponsors need no board approval to rent or sell ...they are exempt from most board needed approvals. In fact the building requires 25% down .
Our buyers were exempt because of those sponsor rights
The fact we could assign sponsor rights to the investor group we sold to is what made that deal happen ..professional investors do not want to be at the boards mercy and requirements
Mathjak now you are talking lifestyles of the rich and famous.
Or the lucky and connected.
That's the only way I would apply to a Co-Op to buy or rent is if I would be a board member and my buddy is one.
There are too many horror stories on Co-Operators unable to get relief from crotchety neighbors and unable to sell to get out. A mouse trapped between an owl and a fox, or however the Japanese saying goes.
Another old (Italian) saying...
Do not enter any contract particularly involving multiple parties unless many on that board owes you something or you've got some leverage on them.
I have owned and lived in coops from time to time for 33 years ..never had issues in any of them .
I would buy another one to live in ..there are some right down the block on bell blvd I wouldn’t mind living in ..
I also have my eye on a high rise condo in hartsdale.
I still have the first one I bought in 1987 in kew gardens ..my ex wife lives in it for 675.00 In maintenance a month ..that apartment opposite the queens court house rents for almost 2k today for a one Bedroom ...... no where could she live for 675 dollars
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