What's average for rent on Westside Manhattan- 70's or 80's?

amother

Wed, Dec 12 2007, 12:17 pm

2 or 3 bedroom, and

How do those living there afford it? What do those that pay that rent (other than children of building owners) do for a living? The same question would apply for those paying high mortgages in the Five Towns.

Lani22

Wed, Dec 12 2007, 12:19 pm

A 2 bedroom can run from about $3200-$5800 a month depending on the building (Luxury/pre war/post war/amenities..) I honestly do not know anyone who has a 3 bedroom....

DefyGravity

Wed, Dec 12 2007, 12:22 pm

amother wrote:

The people that live in these building probably make a ton of money. Who knows what jobs they have? They make a lot of money and that's it!

yedidya's mom

Wed, Dec 12 2007, 12:24 pm

a classic 6 which is 2 large bedrooms and 1 small bedroom in our building costs abt 8000 a month- we live in a prewar, doorman building.
we pay 3700 for our large 2 bedroom but we dont really pay it- the shul where dh works pays it.
but ppl in our building who have been living here for 3 yrs are only paying 5400 for the same classic 6. and ppl living in the building for over 30 yrs are paying 1500 for the same apartment- its really wild.
most ppl who live here wok as professionals- lawyers, doctors and A LOT of finance esp. hedgefunds

Last edited by yedidya's mom on Wed, Dec 12 2007, 12:35 pm; edited 1 time in total

Clarissa

Wed, Dec 12 2007, 12:32 pm

We have three bedrooms on the UWS, and we are not rich or even close. First of all, I moved in when it was a one-bedroom and the rent was much cheaper, a long time ago. Then, when neighbors moved out, we expanded into their old apartment. So technically it's three bedrooms now, but it's a weird layout. The building is nice enough, but not fancy. As I said, it was cheap when I moved in. The rent has been slowly climbing over the years, but it's still pretty affordable, by neighborhood standards.

I have a friend who lives nearby in a very large three bedroom in a beautiful building for which they pay over $15,000/month. That's the extreme other end of things.

Clarissa

Wed, Dec 12 2007, 12:40 pm

Lani22 wrote:

You sacrifice putting away money for the lifestyle of living in Manhattan.

I don't know if I'd describe it as a "lifestyle," as much as my home. I've lived here for 25 years, everything I love is here, I love the food stores and everything else available around here, we like the shuls and playgrounds and museums. This is no less a home to us than anybody's town or neighborhood is.

Lani22

Wed, Dec 12 2007, 12:43 pm

Clarissa wrote:

Lani22 wrote:

You sacrifice putting away money for the lifestyle of living in Manhattan.

That is exactly why I live on the UWS, although I probably will not have the option of staying like you have. prices have gone up drastically over the years and unless you are fabulously wealthy it is finacially impossible to buy a comfortable 3 bedroom family home/apt.

amother

Wed, Dec 12 2007, 1:29 pm

Clarissa wrote:

I have a friend who lives nearby in a very large three bedroom in a beautiful building for which they pay over $15,000/month. That's the extreme other end of things.

Please tell me what s/o who pays that kind of rent does for a living.

Tamiri

Wed, Dec 12 2007, 1:34 pm

What people do for a living: there are fund managers who not only bring in high 6-figure incomes, but get 6 figure bonusus as well.
There are high powered lawyers bringing in high 6 figures.
There are people in business, real-estate etc. who bring in fortunes.
There are MDs who earn more than a quarter-mil and if both spouses are in that earning range...
There are people who live off generous trust funds.

No end to the ways people can earn a fortune and pay those kinds of rent. The trick it to be one of those "lucky" ones.
My Gosh, 15K/month on rent. Mind boggling, ain't it. The upside is that they probably don't have problems meeting their tuition obligations :-)

batya_d

Wed, Dec 12 2007, 2:36 pm

amother wrote:

What education do u need for hedge funds?

Well, start by graduating at the top of your MBA class and then be willing to work 90 hour weeks.

The prices already quoted here for rent sound about right to me. I don't understand why anyone paying $15,000 for rent wouldn't rather be paying a mortgage, but I don't know that much about real estate.

Most people here are fabulously wealthy. Those who are not leave for another neighborhood after they have one kid or need more than a one-bedroom. If you want more than 1 bedroom, you're looking at at least $5,000/mo.

I do know one family that has 3 kids in a converted one-bedroom, the mom works at the kids' school, the kids don't go to camp--they sacrifice a LOT to live here, close to the husband's job, among other reasons. That is an unusual situation, though.

Most of the non-wealthy people I know around here (including me) are living in an apartment owned by family or some other such deal. We pay rent, as much as we can afford, but we know we won't be here once we need more space.

Tamiri

Wed, Dec 12 2007, 2:43 pm

batya_d wrote:

amother wrote:

What education do u need for hedge funds?

Well, start by graduating at the top of your MBA class and then be willing to work 90 hour weeks.

Even that's not enough, you have to PERFORM... otherwise all the degrees in the world won't help you. Right?

Clarissa

Wed, Dec 12 2007, 2:56 pm

batya_d wrote:

I don't understand why anyone paying $15,000 for rent wouldn't rather be paying a mortgage, but I don't know that much about real estate.

They're between apartments. They sold their old one and are going to buy a new one soon, so they'll be back to mortgage. There are, however, plenty of people who rent in their building and elsewhere. As I said, we're renters. We'd love to be owners, but there's no way we could afford to buy around here, and we're really happy with the area.

Lani22

Wed, Dec 12 2007, 3:10 pm

Clarissa wrote:

batya_d wrote:

I don't understand why anyone paying $15,000 for rent wouldn't rather be paying a mortgage, but I don't know that much about real estate.

I feel like the Orthodox community on the West Side will eventually just die out. Most people in my age range (25-30) leave after 2-3 kids because rents and prices have just been going up and up. Even the very wealthy leave for the suburbs. Hence you have a community made up of young proffesionals who plan to move in a few years- so they do not support the shuls, schools and mikvah in the way that they would if they knew this was their community for life.

amother

Wed, Dec 12 2007, 4:02 pm

Quote:

batya_d wrote:
amother wrote:
What education do u need for hedge funds?

Well, start by graduating at the top of your MBA class and then be willing to work 90 hour weeks.

My brother, who is 27, currently works as an investment banker. He has a degree in finance, a master's in accounting, and a law degree. If he stays in this field he expects to be making 1 Million dolllars as his base salary with a bonus by the time he is thrity-five. He is thinking, however of switching to hedge funds, in the coming months and says he will possibly do even better in that field.

He lives in a $15,000 a month 2 bedroom apartment, but I doubt he is ever there as a 90 hour week for him is typical.