If you are on the pulse of the NYC real estate market, you understand that there has been: 1) lots of new development 2) a recent upsurge in buying 3) a steadily strengthening post pandemic economy. As a result, there is a small window of time where developers have loan payments coming due and are looking to fill their vacancies as quickly as possible.
Secondly, the market has many different tiers to explore. Typically, I separate these tiers as traditional condo before 1999, older developments 2000 - 2015, and newer development 2016 - 2021. I generally use this distinction to focus on the different amenities offered, apartment size/style, tax abatement programs, and location.
For the under 30 crowd, I have been focusing on a first time buyer experience with a focus not only on livability, but also as an investment. Key features that designate both a good living experience and investment have generally gravitated towards newer developments in emerging neighborhoods with outdoor space and luxury amenities.
Location, Location, LOCATION!!
A condo buyer should take into many of the considerations a new business does. Key location elements include: 1) proximity to public transportation 2) north, east, west, southern exposures, 2) Nearby restaurants and general atmosphere of the neighborhood.
Also, for those pushing their finances to the max, I have suggested viewing studios as well. Studios have a good track record for renting especially regarding price per square foot. Larger apartments tend to cover approximately 50% of monthly mortgage payments, common charge, and tax expense, whereas studios tend to cover more of the monthly expenses, approximately 60 - 75%. These estimates depend on getting a good purchase price!
Now is the time to buy! You have a window right now before the market picks up steam again in the Fall of 2021. Don't miss out!
Please contact me if you would like to start viewing and I will find the best home to suit your needs from both a livability and investment perspective!
Contact me today!
Alan Lupiani - alan@modernspacesnyc.com 917.613.8135
Updated: Jun 17, 2021
Hello NYC apartment renters! I have been receiving many customer applications for rentals lately and wanted to pass along some tips to getting your application approved faster!
Be organized! - When you are actively searching for an apartment, minutes and hours can make a difference if you are approved or not. Make sure you have at minimum the following documents prepared in a 3Mg or under PDF file:
IMPORTANT!
MAKE SURE TO FILL OUT THE RENTAL APPLICATION COMPLETELY AND ACCURATELY!
PROVIDE:
A) Your identification in low - medium res jpeg form. Best if it's a drivers license. Make sure it is not a huge high res file. Big files cause problems when rendering and reading your PDF. Best to use 1080H x 1350W format.
B) Provide wo most recent years of the top page of your federal income tax, showing your adjusted gross income.
C) Two most recent months of your checking and savings summary pages only.
D) Job letter stating: 1) job title 2) length of employment 3) salary 4) Supervisors name, email/phone number and hours available to discuss your application.
E) If possible, a landlord letter stating that you have paid rent on time for the duration of your rental.
F) Make sure you are financially eligible for the apartment. This means you have at minimum, 3 - 5 months of savings to cover rent and at least 36X annual income in relation to one months rent. For instance, if an apartment's rent is $2,000 per month, you should have an adjusted gross income of $72,000 per year. This varies from landlord to landlord.
G) If you do not meet the criteria in "F" be prepared to have a personal guarantor who makes 70X adjusted gross income and is willing to sign onto the lease as a guarantor. Your guarantor will need to fill out the rental application AND have a credit check completed.
Lastly, it is entirely up to the landlord/owner of the building regarding the approval of your application. As your real estate agent, I will make sure all documents are complete and in order, but I have no power to make a decision regarding approvals. Sometimes, landlords will take days to make a decision. This is out of my control. Be prepared to wait.
Please feel free to contact me at anytime with any questions you may have and I will do my best to assist you!
Alan Lupiani - Modern Spaces alan@modernspacesnyc.com 917.613.8135
Hello there. I am here to help you find the perfect home for rent or to buy! I have over three years of experience with my boots on the ground, previewing new listings every week! See the slideshow below to view some of the recent rentals I previewed this past week! The pictures below are one bedroom apartments ranging from $1650 - $1,900. I often get the inside scoop regarding potential sales listings as well, so please feel free to reach out and discuss with me and any time!
Alan Lupiani - Licensed Real Estate Agent, Modern Spaces - LIC
917.613.8135
alan@modernspacesnyc.com