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Great comment a few follow up questions:
1-More or less how much would he need in NYC monthly compared to Center City or North Side? If you are not comfortable sharing figures feel free to give estimations or links.
2-What draws my friend in is the "liberal culture" in NYC. There were a lot of young people to be friends with and even young musicians in Brooklyn. Who wanted to dedicate themselves to music or the arts. Do you think he could find those in Center City and North Side?
3-For instance, in Brooklyn there's always musician or artists coming in. Do you think that could be the case in the aforementioned cities?
You said in the OP that he likes living in NYC so doesn't he know how much it costs to live here? Has he explored various areas? If he is wealthy, has an inheritance and lives here, can't he compare what he currently pays in rent versus an Internet search of studios or one bedrooms in different neighborhoods?
You said in the OP that he likes living in NYC so doesn't he know how much it costs to live here? Has he explored various areas? If he is wealthy, has an inheritance and lives here, can't he compare what he currently pays in rent versus an Internet search of studios or one bedrooms in different neighborhoods?
He lived there as a student with friends. Its a completely different experience now.
I think some of this can be dependent on the size and configuration of the studio,no ?
In my pre war co op building the studios are almost 600 sq ft which is larger than many 1 bedroom apartments especially in post war buildings where I've even seen some ridiculous 2 bedroom apartments that are only about 650 sq ft.
These studios also have large "dressing rooms" (big enough for a bed and then some) separate from the living room and separate eat in kitchens.... yet they are still officially studios.
They are always in high demand and sell rather quickly.
Quote:
Originally Posted by 90sSitcom
If they come from a wealthy family, I'd just spend a little more and get a one bedroom.
Especially if they plan to date or entertain over night guests.
Quote:
Originally Posted by mathjak107
Resale on studios is very low in comparison to the premiums on one and two bedrooms…even one bedrooms are tough since selling can be hard as couples who want to have children don’t want one bedrooms or studios.
The studios in our building are always slow to rent as well.
Studios are pretty cool though since you can entertain guests , cook and sit on the toilet all at the same time
A studio is not all doom and gloom. I have lived alone in studios, one bedrooms and two bedrooms. I felt like I had too much space on my first one bedroom, so I spent most of my time in my living room. My previous apartment was a studio that had a balcony, so the configuration was such that I never felt like it was too small. Had a linen closet and a walk-in closet, kitchen with an island. It's not all doom and gloom. I'm in a large pre-war apartment now and actually miss my studio since I have no balcony.
All things being equal from an investment standpoint studios can be a lot harder to sell and command a lot less percentage wise as a premium then two bedrooms do ….you won’t find 2 bedrooms avail in our building ..most studios are vacant and or have fast turnover as far as people moving in and out ….I don’t think we had a tenant in the studio next door to us for more then a year in decades …
Greek of French neighborhood??? Hmm....., is that CODE??? You didn't mention the age group he belongs in. Cobble Hill is a bit older with established families scene. If that's not what he's into he might not want that. Astoria is similar but a lil bit younger. The scene there (Astoria)also isn't as polished as cobble hill. If your friend doesn't mind a younger scene, I might suggest Ridgewood bushwick area ( I know the trains suck there) because it's an up and coming area just like Williamsburg was an up and coming area 20 years ago and now has a family type edge to it. So as a long term strategy , it would make sense to buy in an area not yet fully grown.
Greek of French neighborhood??? Hmm....., is that CODE??? You didn't mention the age group he belongs in. Cobble Hill is a bit older with established families scene. If that's not what he's into he might not want that. Astoria is similar but a lil bit younger. The scene there (Astoria)also isn't as polished as cobble hill. If your friend doesn't mind a younger scene, I might suggest Ridgewood bushwick area ( I know the trains suck there) because it's an up and coming area just like Williamsburg was an up and coming area 20 years ago and now has a family type edge to it. So as a long term strategy , it would make sense to buy in an area not yet fully grown.
My friend is young. Hence why he would prefer somewhere with other young people. He lived in Astoria Ditmars once and really liked it though. It seems to be very clean and lots of nice restaurants where they had fish based dishes and mediterranean food. It had the whole "mediterranean europe" vibe.
He lived in Astoria Steinway and while not as nice as Ditmars it was in also nice. I don't know why but Astoria feels a bit cleaner, more nature, there were bushes, outdoor eating, better kept.
He lived in Brooklyn, Wiliamsburg but some areas of Brooklyn seemed way "grittier" than Astoria. For instance, close on Broadway the train station. However, as you get closer to downtown Brooklyn that area is very nice. Like close to the Apple store.
He lived in Brooklyn, Wiliamsburg but some areas of Brooklyn seemed way "grittier" than Astoria. For instance, close on Broadway the train station. However, as you get closer to downtown Brooklyn that area is very nice. Like close to the Apple store.
Correct, I lived in both Astoria and various parts of BK for short stints. Unless you're on Steinway at 2am you don't have to worry about getting robbed or shot by a stray bullet in Astoria. In Brooklyn you need to have 1060 degree vision and Neo Matrix V level abilities to survive.
Correct, I lived in both Astoria and various parts of BK for short stints. Unless you're on Steinway at 2am you don't have to worry about getting robbed or shot by a stray bullet in Astoria. In Brooklyn you need to have 1060 degree vision and Neo Matrix V level abilities to survive.
Great post. What do you think Astoria, especially Astoria Ditmars is very nice? Meanwhile, Brooklyn is not so nice unless you arrive at Mccarren park from there on the neigborhood is very nice indeed. I read in the other thread that it had to do with "transit" it seems like Brooklyn the transporation allowed access from lower income neighborhoods and this spread crime. Meanwhile, Queens, especially, Astoria was isolated and it remained mostly middle class..etc.
Great post. What do you think Astoria, especially Astoria Ditmars is very nice? Meanwhile, Brooklyn is not so nice unless you arrive at Mccarren park from there on the neigborhood is very nice indeed. I read in the other thread that it had to do with "transit" it seems like Brooklyn the transporation allowed access from lower income neighborhoods and this spread crime. Meanwhile, Queens, especially, Astoria was isolated and it remained mostly middle class..etc.
There are projects in Queens but the crime stays contained within them due to higher home ownership and a difference in the separation between the government housing and affluent areas.
However, there are exceptions such as Springfield Gardens which has high home ownership but higher crime than St. Albans for example. Both are primarily Black neighborhoods. Both are about the same distance from Baisely Projects.
Another example is Jackson Heights vs Elmhurst. The crime is higher around North of Elmhurst Hospital and near Roosevelt Avenue after dark. But as you get closer to Queens Blvd the crime decreases. So there is a correlation between major transportation hubs, apartment complexes vs homes and rent vs own.
Regardless of race, people who own their homes raise children properly who don't grow up to be delinquents. People who can't buy are more likely to have rambunctious misbehaved kids, because they can't afford private tutors, child therapists or private schools with smaller class sizes.
To avoid crime, live in areas of higher home ownership.
I owned a studio co-op in a pre-war part-time doorman building on the Upper East Side of Manhattan. I rented it out, mostly to young people from other states starting their careers in NY. A few bad things happened, one guy who said he worked for CBS left a big mess when he moved out. It was so disgusting I couldn't touch anything in there without gloves, I didn't open the refrigerator door. The bathtub was piled to the ceiling with empty beer cans, bottles, etc, and the neighbors were complaining about the odor coming from the place, I was so distraught seeing the disaster. The superintendent told me not to worry about it, he would clean up everything for a price and buy a new fridge, so I told him to do it.
The next thing that happened was a fire in the building when an unlicensed worker caused it, but I was lucky, the fire stopped just before my place.
I had no trouble selling it, the co-op management company knew a doctor in the building who was renting but wanted to buy, so I sold it $40,000 profit right after 9/11 happened, (the paperwork was signed before 9/11). I was lucky again, after 9/11 I wouldn't have made any profit on it, and maybe it wouldn't have sold at all.
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