The hunt (entry #4 about finding an apartment in NYC)

Are you bored yet? If so (or if not) say so in the comments. It’s lonely over here! I see that you’re reading but no one leaves me notes…

Moving right along, I gave moderate consideration to this apartment in a cond-op building. Of every Manhattan (not Brooklyn) apartment I viewed during my hunt, this unit featured the nicest fixtures of all. At that time, I was considering increasing my upper rent limit to $2800 so the broker wisely showed me the rental she called a unicorn.

242 East 25th Street , New York NY Condop

As you can tell from the pics, she was right. The building was lovely and so was the apartment. But I think the owner made a mistake, closing off the alcove into a semi-functional Jr. 1 Br. The nook isn’t pictured, probably because it housed a bed and nothing more. Changing the sheets would be painful. I felt a hint of claustrophobia just thinking about sleeping in there.

Ultimately the nook wasn’t the deciding factor, though. Nor was the monthly rent. Nor was the slight “fudge” on the neighborhood – calling 25th Street Gramercy is a stretch, but not a huge one.

I liked the building, the apartment, the block and the washer-dryer, but the brokers’ fee. OMG, the fee.

Because the listing was exclusive to Sotheby’s, the Citi-Habitats broker who showed me the place wouldn’t have leeway with the fee amount. Her personal goal would be to share the 15% of the annual rent brokers’ fee with Sotheby’s, my wallet be damned.

Calculations

Brokers’ fee: ($2800 x 12 months = $33,600) x 15% = $5040 brokers’ fee

Upfront cost to yours truly: $2800 (first) + $2800 (last) + $2800 (security) + $5040 = $13,440 

Also known as an impossible amount of money.

Also known as I might as well buy a freakin’ condo.

Verdict: I didn’t even submit an application. No regrets on this one

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2 thoughts on “The hunt (entry #4 about finding an apartment in NYC)

  1. Rochelle

    Just reading your NYC apartment hunt posts. Holy crap…rent in NYC is crazy! You really should have just moved to Toronto! 😉

    Reply
    1. Sarah (@ticktock6)

      Gah! As much as every time I visit friends, I love it… I could not leap into that craziness. Especially after visiting my maid of honor who lived in a laundry nook (her bed took up the entire width of the room & it had an external door to the basement– 5 other girls lived in the apt) for like 2 years after grad school.

      I can’t believe the fees either.

      Reply

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