NWR: Owning an Apartment- LI vs. NYC

This is not wedding-related at all, but since I usually get the best feedback on this site, I figured I'd ask. I currently own a co-op on Long Island, but am thinking about moving to Manhattan because DH and I both work there. Right now I own a beautiful 2-bedroom and it's hard for me to look at little one-bedrooms in Manhattan. But, my DH really wants to try living in NYC for a few years. We have no plans for kids any time soon. Does anyone have any experience with this? How do I even find a "good deal" when the prices are sooo high.

Thanks!

Re: NWR: Owning an Apartment- LI vs. NYC

MY FH and I own a one bedroom, but we had bought it a while ago. You will need to spend more on a Co-op in NYC than in LI. Try to put as much as you can as a down payment to keep your monthly payments lower. Just remember taxes are less in NYC. A one bedroom is going for $650,000 and up. Everyone is negotiable right now because the market is soft. Go on line to citihabitats.com, they seem to have the most reasonably priced apartments.
Also bare in mind that NYC co-ops increase in value at a quicker rate than LI. No LIRR monthly saves you some $ and the stress of commuting is eliminated.

Re: NWR: Owning an Apartment- LI vs. NYC

Another option is to check out new developments. If you get in early and not looking to move right away, the prices straight from the developers are much better than resells, although you do end up paying for their closing costs and taxes in the end. You can go to the big realtor companies like Halstead, Corcoran, Elliman, etc., and they usually have a new development section. Another option is checking out the Real Estate section of the New York Times - there is a free searchable database online.

Re: NWR: Owning an Apartment- LI vs. NYC

Actually a friend of mine is selling her Manhattan apartment. Its on the upper west side. Its a one bedroom. I don't know if its a co-op or condo and I don't know the selling price.

If you want I can find out.

Anyway the reason she's selling it is because its getting a bit expensive for her to live in the city on her own. Maybe with a dual income it would be easier. She does lover her commute to work....15 min.

Re: NWR: Owning an Apartment- LI vs. NYC

MY DH also wants to live in the City just for the experience of living in the City. We've both lived on LI our whole lives and are interested in a change, although, I do love LI.

Re: NWR: Owning an Apartment- LI vs. NYC

Actually, prices in Manhattan should be on their way down - at least from their recent peak. (Friend of mine bought at the height and now prices are - unfortunately for her - declining) Granted, they're still high and living in Manhattan is expensive... but the taxes are lower.

Personally, I'd much rather live on Long Island (I work in Manhattan, too)... but I have horses and other things I really like to do on Long Island that I couldn't do as much if I lived in the city. I like the city, but I know I wouldn't be happy living here... HOWEVER, most of the people I know would kill for an opportunity to live in Manhattan for a few years. There's tons to do and you'd have a much shorter commute!

I'd at least entertain the idea, but it will be an adjustment for sure!

Message edited 10/17/2006 4:46:28 PM.

Re: NWR: Owning an Apartment- LI vs. NYC

It is great we love it. It is so alive ,every night is like a weekend. We walk everywhere and it keeps the weight down. Believe it or not people are so friendIy, more so than LI. All the local merchants know us by name and so do our neighbors. love how you get things done so quickly. Going to a bank takes 5 minutes. When I lived on the Island with traffic it would take a half hour just to go to an ATM.
Also we are saving $ by not having a car. It is definitely an experience.

Re: NWR: Owning an Apartment- LI vs. NYC

have you tried looking at the outer boroughs in between Nyc AND LI?

checkout these two sites:

Borough Park Manor

Elmhurst Manor

fh and i went to check them out and the quality of these 2 buildings is beyond amazing!

Re: NWR: Owning an Apartment- LI vs. NYC

DH and I were looking at buying a place in the city as well but it's crazy expensive! We also looked at Hudson Heights (uptown NYC), Brooklyn Heights and Park Slope and settled with Hoboken which has so much more to offer.

We decided on Hoboken which is very close to the city 'cus you can also walk anywhere in that town and it's just across the river from the city. has great restaurants and bars and it's so safe! A total yuppytown...

For the price we are paying we got a huge 2BR condo - 1500sf!

You'll have to pay more than 1 million for that kinda space. And the view across the Hudson river is great! Takes me 15 by bus to get into the city.


:D

Re: NWR: Owning an Apartment- LI vs. NYC

Good Luck with finding an apartment comparable to your apartment on LI. The city is expensive and the space is small. Not enough closet space, small kitchens, etc. Even though everything is small and expensive i love living in NYC.

Re: NWR: Owning an Apartment- LI vs. NYC

The prices in manhattan are insane, however, start your search with the Upper East Side. It seems to be cheaper than other neighborhoods.

Re: NWR: Owning an Apartment- LI vs. NYC

My family owns a co-op in Tutor City on the East Side, I have the name of a great real estate agent if you need it , she helped us find our co-op, my sister is living there while she is in college

Re: NWR: Owning an Apartment- LI vs. NYC

FH and I own a place in Sutton Place (east midtown) and we love it! No commute and there is always something to do no matter what time of day or night. After living here for the past 10 years I could never imagine moving back to LI or any suburb for that matter. It's such a different lifestyle.


I think you need to decide if city life is for you. If so, I say go for it!

Re: NWR: Owning an Apartment- LI vs. NYC

bunny- I can definitely say that city life is for me. If anyone knows of a good real estate agent or apartment for sale on the upper east or west side, please FM me.

Re: NWR: Owning an Apartment- LI vs. NYC

I agree! I love how if I need milk it is just right downstairs....on LI you have to always get in a car to go somewhere. It's just a different way of life. We won't stay in the city forever but for the time being we are staying. I have a 7 minute walk to work...FH does the reverse commute though but we still love it. I've been living in the city for 8 years now....I can't believe how fast it's gone!
We rent....sounds like you are looking to buy? It is definitely expensive...but like someone else said you save big time by not needing a car!
Good luck!

Re: NWR: Owning an Apartment- LI vs. NYC

Posted by ellebelle1

bunny- I can definitely say that city life is for me. If anyone knows of a good real estate agent or apartment for sale on the upper east or west side, please FM me.

Try using the NY Times Real Estate Section on Sundays. That's how FH found our place. For the most part if you are just looking and not selling you really don't need an agent! Just got to all the open houses you can.

Good luck and FM me if you need any more info. FH is practically a professional at this now