Monday, April 07, 2008
The Crazy Rental Market of New York, New York
So with so little class left (only 4 weeks !!) and most of my assignments done, I've recently turned my attention to the housing search in my post-Yale life. Even though I don't start my job until July 28th finding an apartment in New York City is one of those chores that I've been dreading. And strangely enough the more information I absorb about the housing market in New York, the harder it is to make up my mind as to where I want to live.
Technically, my housing search started a few weeks ago as I decided to take advantage of unrelated NYC visits to check out certain neighborhoods. By tacking on some "bonus" due diligence on trips to the Egyptian consulate (to get a visa) or a visit to Madison Square Garden to watch a Knicks game, I've been able to accumulate some decent insights on neighborhoods all over New York, even though I change my mind every week about where I want to live.
I started my search with a pretty open mind checking out areas like Astoria (Queens), Hoboken (New Jersey), Brooklyn Heights/Prospect Heights/Cobble Hill (Brooklyn), and finally, Manhattan. I'm not terribly interested in blowing too much money on rent, so the only real criteria I started with was price - capped originally at $2000. I also decided that I want to live alone, mostly because I haven't had a roommate since my college days and value my space.
First two candidates voted off: Astoria and Hoboken
Astoria was appealing due to its accessibility to Manhattan and bang for buck. It seems that a 1BR apartment is very possible for $2000 or less, which is very compelling. But for some reason I didn't really click with the neighborhoods and wasn't too impressed with the restaurant/bar scene on the major streets. Granted, it was snowing the day I visited Astoria but my gut feeling said No to Queens.
Hoboken was a different story - I found the neighborhood to be quite pleasant, I liked the bar/restaurant scene and I actually enjoyed the quiet feel to the streets... after visiting a few buildings it also became apparent that a 1BR apartment is possible for $2000 (or a little bit more). But unfortunately despite the nice views of Manhattan, good bang-for-buck, and enjoyable neighborhood, I don't think I can tolerate the Path Train to NYC. Getting into Manhattan for work is easy enough but the constraints of returning to Hoboken (especially after late night adventures in Manhattan) are deal-breakers in my opinion.
Brooklyn Heights/Prospect Heights/Cobble Hill: Still in Contention, But Fading Fast
On the advice of a friend who lived in Brooklyn before coming to SOM, I checked out Brooklyn Heights and other surrounding neighborhoods of Brooklyn. In my opinion getting to Brooklyn is easy enough and the neighborhoods are fantastic. Great atmosphere, good restaurants, definitely a very "liveable" area that seems to capture all the benefits of being close to Manhattan, but not in the "city". On the bang for buck scale, it also seems like a 1BR apartment, or a very nice studio is quite doable in Brooklyn (maybe not in Brooklyn Heights, but certainly in other nice areas of Brooklyn not too far from Manhattan).
My biggest reservations from Brooklyn comes from the advice of people who live in Manhattan, who typically say things like "Nobody visits Brooklyn" or "You're Young, You're Single - Live in Manhattan Dude". Granted these people are biased, but I can't help but acknowledge the notion that if I'm going to work in New York City, I should really absorb the experience and live in Manhattan, even if I have to sacrifice a little space.
I haven't really made up my mind one way or another, so Brooklyn remains a possibility... which leaves my final neighborhoods "Du Jour".
The Latest Neighborhoods "Du Jour" - Union Square, Gramercy, Greenwich Village
My most recent craigslist surfing activities have led me to Union Square, Gramercy, and Greenwich Village, nice mid-town areas of Manhattan. I'm still somewhat firm on my price of $2,000 though I'm willing to bend a few hundred dollars per month if necessary. From what I've learned though, this price range will at best get me a studio apartment (or perhaps a Studio with a Loft setup, which I quite enjoy). I haven't seen any of these studio apartments in person so I don't what $2000 will rent me, though I'm fairly comfortable with studio living since I lived in a studio apartment in Toronto in my investment banking days before SOM.
It does irk me a bit though to live in a studio apartment after my MBA, especially since I'd like to actually have some space to entertain and invite people over. That said, with a Loft or reasonably sized Studio, I'd still able to get a decent couch and plasma TV, which is really all I wanted even in a 1BR setting.
Anyway, since I'm unable to move into a place before June 1st, its still way too early to do any serious apartment hunting. Even so, visiting craigslist.com has now become a daily ritual for me. Even though I feel like I know more than I did a few months ago, I'm no closer to coming up with an answer.
Anybody have any suggestions? I'm willing to hear whatever advice is out there.... Stay tuned for more updates as I figure this thing out! ¶ 10:15 PM
So with so little class left (only 4 weeks !!) and most of my assignments done, I've recently turned my attention to the housing search in my post-Yale life. Even though I don't start my job until July 28th finding an apartment in New York City is one of those chores that I've been dreading. And strangely enough the more information I absorb about the housing market in New York, the harder it is to make up my mind as to where I want to live.Technically, my housing search started a few weeks ago as I decided to take advantage of unrelated NYC visits to check out certain neighborhoods. By tacking on some "bonus" due diligence on trips to the Egyptian consulate (to get a visa) or a visit to Madison Square Garden to watch a Knicks game, I've been able to accumulate some decent insights on neighborhoods all over New York, even though I change my mind every week about where I want to live.
I started my search with a pretty open mind checking out areas like Astoria (Queens), Hoboken (New Jersey), Brooklyn Heights/Prospect Heights/Cobble Hill (Brooklyn), and finally, Manhattan. I'm not terribly interested in blowing too much money on rent, so the only real criteria I started with was price - capped originally at $2000. I also decided that I want to live alone, mostly because I haven't had a roommate since my college days and value my space.
First two candidates voted off: Astoria and Hoboken
Astoria was appealing due to its accessibility to Manhattan and bang for buck. It seems that a 1BR apartment is very possible for $2000 or less, which is very compelling. But for some reason I didn't really click with the neighborhoods and wasn't too impressed with the restaurant/bar scene on the major streets. Granted, it was snowing the day I visited Astoria but my gut feeling said No to Queens.
Hoboken was a different story - I found the neighborhood to be quite pleasant, I liked the bar/restaurant scene and I actually enjoyed the quiet feel to the streets... after visiting a few buildings it also became apparent that a 1BR apartment is possible for $2000 (or a little bit more). But unfortunately despite the nice views of Manhattan, good bang-for-buck, and enjoyable neighborhood, I don't think I can tolerate the Path Train to NYC. Getting into Manhattan for work is easy enough but the constraints of returning to Hoboken (especially after late night adventures in Manhattan) are deal-breakers in my opinion.
Brooklyn Heights/Prospect Heights/Cobble Hill: Still in Contention, But Fading Fast
On the advice of a friend who lived in Brooklyn before coming to SOM, I checked out Brooklyn Heights and other surrounding neighborhoods of Brooklyn. In my opinion getting to Brooklyn is easy enough and the neighborhoods are fantastic. Great atmosphere, good restaurants, definitely a very "liveable" area that seems to capture all the benefits of being close to Manhattan, but not in the "city". On the bang for buck scale, it also seems like a 1BR apartment, or a very nice studio is quite doable in Brooklyn (maybe not in Brooklyn Heights, but certainly in other nice areas of Brooklyn not too far from Manhattan).
My biggest reservations from Brooklyn comes from the advice of people who live in Manhattan, who typically say things like "Nobody visits Brooklyn" or "You're Young, You're Single - Live in Manhattan Dude". Granted these people are biased, but I can't help but acknowledge the notion that if I'm going to work in New York City, I should really absorb the experience and live in Manhattan, even if I have to sacrifice a little space.
I haven't really made up my mind one way or another, so Brooklyn remains a possibility... which leaves my final neighborhoods "Du Jour".
The Latest Neighborhoods "Du Jour" - Union Square, Gramercy, Greenwich Village
My most recent craigslist surfing activities have led me to Union Square, Gramercy, and Greenwich Village, nice mid-town areas of Manhattan. I'm still somewhat firm on my price of $2,000 though I'm willing to bend a few hundred dollars per month if necessary. From what I've learned though, this price range will at best get me a studio apartment (or perhaps a Studio with a Loft setup, which I quite enjoy). I haven't seen any of these studio apartments in person so I don't what $2000 will rent me, though I'm fairly comfortable with studio living since I lived in a studio apartment in Toronto in my investment banking days before SOM.
It does irk me a bit though to live in a studio apartment after my MBA, especially since I'd like to actually have some space to entertain and invite people over. That said, with a Loft or reasonably sized Studio, I'd still able to get a decent couch and plasma TV, which is really all I wanted even in a 1BR setting.
Anyway, since I'm unable to move into a place before June 1st, its still way too early to do any serious apartment hunting. Even so, visiting craigslist.com has now become a daily ritual for me. Even though I feel like I know more than I did a few months ago, I'm no closer to coming up with an answer.
Anybody have any suggestions? I'm willing to hear whatever advice is out there.... Stay tuned for more updates as I figure this thing out! ¶ 10:15 PM
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My sister currently lives in Long Island City. She likes it because it's relatively close to Manhattan, but much cheaper. The neighbourhood isn't as nice though. I think she might move to Flushing Meadows soon, but I wouldn't recommend it as it's really far from Manhattan. Personally, I think you should try to find a place in Manhattan if possible. Also, I don't think having a large space is that important, as you'll be out and about most of the time anyway, but that's my opinion. Good luck!
Gladiator, just thought i would extend my good wishes on the BoB nomination and a great year of blogging. Hope you are enjoying your Bschool days. Cheers.
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