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Old 03-22-2008, 12:27 PM
 
69 posts, read 282,567 times
Reputation: 20

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So, i realize this is my third post in a week, but i finally found a place and the rental process seemed a little *too easy*. the building is a completely new building in the flatiron district (it should be completely done by mid-april). The landlord gave me one month free rent. checks don't need to be certified, and the approval process was ridiculously easy (no need for bank statements nor letter of employment, just a credit check). I didn't even meet the standards of 40-45x the monthly rent and didn't use a guarantor.

Does this transaction sound a bit weird? I visited some other buildings, and their process seemed to be a lot more rigid.

Thanks!
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Old 03-22-2008, 01:01 PM
 
7,079 posts, read 36,695,113 times
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Did you sign and receive documentation?
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Old 03-22-2008, 02:16 PM
 
69 posts, read 282,567 times
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I only submitted my rental application. They ran a credit check, but i'm going to give first month rent and deposit on monday.

It's a nice building (FLATIRON 18) so i have/had no reason to suspect shady happenings. THat being said, am I being paranoid?
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Old 03-22-2008, 06:21 PM
 
2,541 posts, read 10,917,305 times
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Sometimes the credit checks also verify income, and employment, and bank account info

I know my company's credit checks do that.

They may be planning on selling the building to someone real soon, so they are just looking for someone decent to bring in cash flow for the mean time.

How much is the rent
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Old 03-22-2008, 06:37 PM
 
69 posts, read 282,567 times
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I see. Well, when I spoke to the leasing agent, he made it clear that it was a rentals only building.

The rent is about $2800/month.
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Old 03-22-2008, 10:35 PM
 
Location: Now in Houston!
922 posts, read 3,704,799 times
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I think it's just a sign that the market is softening a bit. There are a ton of new lux rental buildings coming on-line, so there are choices for renters in the $2500-$3000/mo price range. Are you are getting a 1BR?

BTW - I work right around the corner from that building (5th & 20th). Great neighborhood - especially if you are into restaurants - you'll find every type in all price ranges. And shopping - lots of choices too. Flatiron is not heavily residential (but is becoming more so), but you are right at the nexus of three other great neighborhoods including Chelsea to the west, Gramercy to the East and the Village to the south below 14th St.

Madison Square Park is small, but beautiful and there is always interesting stuff going on at Union Square. Today there was a pillow fight! One negative - are there are a few clubs in the area that get pretty rowdy at night. "Duvet" on 21st had a fatal stabbing in November.
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Old 03-23-2008, 11:01 AM
 
69 posts, read 282,567 times
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No, it's a studio. So maybe the market isnt softening that much...>.< . But, in the end, it ends up being the same I would've paid for a studio elsewhere (full service building with 1mo free rent and no brokers fee, and rent including cooking gas), i can't complain much.

I had a choice between this building and the madison belvedere on e. 29th. Everyone said go with the better area so I listened. I love that it's walking distance to everything, and I love restaurants!

I figure if it is really horrendous, it's only for a year and I can peace. The leasing office also said that if i do need to get out of the rent at any time, I can do so without a penalty.
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Old 03-24-2008, 01:13 AM
 
Location: Greenpoint, Brooklyn
414 posts, read 1,332,219 times
Reputation: 256
2800 for a studio in flatiron is a shame. It does not surprise me but it is still a shame.
At this rate a studio will be 5k per month in a couple of years. Sad....
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