73 East 3rd Street – off of second Avenue is in the heart of East Village. See you there between 12-2pm. Call me at 917.523.7987 with any questions.
1Br w/ outdoor space – $2750
1BR with Fireplace – $2400
1BR w/ French Doors – $2400

With so many dining, entertainment and cultural options available, it's no wonder why many people continue to move to the biggest city in the United States. However, a lot of people fail to appreciate the differences between visiting New York City and actually living there; it is fair to say that the two experiences are quite different.

For one thing, it is hard to comprehend exactly how expensive it is to live in New York City, especially when you have never lived in a big city before. The average rent on an apartment is New York City is more than $3,000 a month, which is three times as much as other cities like Houston, Seattle and Hartford. In addition, taxes in New York City are among the highest in the nation with 8.875 percent sales tax and a special city income tax, which is paid in addition to state and federal income taxes.

This is why you see many young people in New York City living in tiny apartments that are little more than glorified closets; you are paying a massive premium to live in such a fun place. Of course, rents get cheaper if you are willing to leave Manhattan and head out to Flushing or across the Hudson River into New Jersey, and this is definitely a viable option given the wonderful public transportation system in New York City. However, this does mean that you will be away from the center of action and excitement, a major negative for people wanting to move to New York City.

Regardless of where you choose to live, it is smart to consider purchasing renters insurance, especially in a city where more than half the residents rent their living spaces. Unfortunately, it is a fact of life that property can be damaged or stolen; without proper renters insurance, you will not be able to protect yourself from this potential liability. If you are interested in obtaining renters insurance, RentersInsurance.com has all the information you could possibly need in order to make a smart decision.

New York City Adds 43,000 Jobs Through October
• During the first 10 months of 2011, employment in NYC rose by 43,000 jobs.
• Gains were led by professional and business services (+18,500), trade, transportation and utilities (+12,300) and leisure and hospitality (+10,700).
• Despite concerns of Wall Street layoffs, employment in the financial activities sector has risen by 6,100 so far in 2011.
• The largest declines in jobs were in manufacturing (-3,400), information (-3,200) and construction (-2,100).

By JOSEPH DE AVILA

The apartment vacancy rate in New York City continues to be the lowest in the nation, according to a new report. That’s great news for landlords, but bad news for renters’ pocketbooks.

Only 2.8% of the city’s apartments were vacant during the second quarter, according to a report by Marcus & Millichap, real-estate investment firm. Minneapolis came in second in the nation for low vacancy rates at 2.9% and San Jose was third at 3.2%
Potential homeowners who are opting to rent rather than buy are in part driving the lower vacancy rates, said Hessam Nadji, managing director of Marcus & Millichap. Pent-up demand from young people who were living with their parents but are now moving out also added to the city’s crowded apartment market, he said.

As a result, the average monthly rent in the city increased to $2,749 in the second quarter, or about $47 less than the high reached in 2008.

“We saw a tremendous demand for apartments,” Mr. Nadji said. His firm is forecasting that the median rent in the city will reach $2,895 for the year, surpassing the 2008 high.

After the start of the financial downturn, landlords offered lavish incentives to woo renters. With fewer vacant apartments, landlord concessions in the form of a free month’s rent or payment of broker fees are all but gone, said Senad Ahmetovic, a broker with Halstead Property.

“I’m seeing the high-end rentals that are moving very quickly,” Mr. Ahmetovic said. Bidding wars are even becoming common in hot spots like the East Village, he added.

Whether New York is able to keep up with its run of rising rents is unclear with the turmoil in the stock market and the uncertainty created by the debt deal fight in Washington.
“Where we go from here, it’s a little bit of a wild card,” Mr. Nadji said.

A separate report that looked only at July’s apartment rentals in Manhattan indicated some softness in the market. The report, to be issued Wednesday, said the average Manhattan apartment rented for $3,358 in July, down from $3,372 in June, according to brokerage firm Citi Habitats. Manhattan’s vacancy rate in July was 0.86%, up from 0.69% in the previous month.

Whether the July increase in Manhattan’s vacancy rate was one-month blip or the start of a trend toward increased vacancies is too early to say, said Gary Malin, president of Citi Habitats. Rumors of layoffs and uncertainty caused by the debt-ceiling fight may have caused the small spike in vacancies and drop in prices, he said.

“It’s really going to depend on how long and deep this current situation is,” Mr. Malin said. But if the economy falls back into a recession, “historically the vacancy rates do rise and rents become more negotiable,” he said.

Wednesday, August 10, 2011

This 1829 landmark townhouse is situated on a lovely cobble stone street in the landmark district of West Village. Approximately 3500SF of luxury spread over four floors. Spacious living room, five large bedrooms, family room and a parlor office area. Three full and 2 half baths. Some are done with designer Waterworks tiles. Entire house was completely renovated in 2003. Beautiful mahogany wood floors and six wood burning fireplaces are spread throughout the house.
Large living room, formal dining room and huge open kitchen are located on the top floor offering open views with southern exposure. Bright and sunny. Private, planted roof garden with patio furniture. Completely redone kitchen has a 36′ Thermador, professional grade stove and 2 sub-zero refrigerators. An indoor rotisserie/grill in your kitchen is something you don’t see everyday. Beautiful kitchen cabinetry with granite countertops and green slate flooring. Separate guest bedroom has private entrance and half a bath. Video intercom, central A/C, Miele washer and dryer, California closets, alarm and dumb waiter are just some of the extra features this home has to offer.