naked notes

Photo courtesy of photos8.com on Flickr

Coming across a solid apartment to rent in New York City is hard enough without also having to deal with getting your security deposit back from the apartment you’re moving out of.  Unfortunately once in a while you run into a landlord who somehow “forgets” to send your security deposit back.  Some people see this as part of the cost of New York apartment rental life and simply move out without paying their last month of rent, but others pay that last month and spend months trying to get their security deposit back without much success.

If this sounds familiar, you may want to read on.  First off, it’s important to know that landlords can deduct from your security deposit in two instances: (1) as reimbursement for the reasonable cost of repairs beyond what’s known as “normal wear and tear” of the apartment, or (2) as reimbursement for unpaid rent. Keep in mind that “normal wear and tear” is a really vague term and your landlord may get creative with the concept.  One suggestion (and we realize this isn’t very helpful if you’re already moving out) is to take pictures of the apartment on your move-in date and make a move-in day checklist.  This can prove useless with certain landlords, but it’s still worth the effort.

Okay, so assuming you’re getting the deposit back you also have to keep in mind that your landlord doesn’t have to return the deposit on the day you move out.  In fact, he/she only has to return the deposit within a “reasonable time” after the end of your lease.  A reasonable amount of time, as you would imagine, is a vague term and usually falls somewhere within 30-60 days after you move out.  So you need to sit still for the first 3-4 weeks, but make sure to call and preferably email your landlord asking about the deposit during this time.  If you’re still waiting for the money a month after moving out, send your landlord a formal letter demanding that he/she return your security deposit.  Make sure to include copies of those emails you sent your landlord asking for the deposit back so you have evidence to show you made several attempts to obtain the deposit without resorting to a more aggressive approach.

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Photo Courtesy of The Launch Box http://thelaunchbox.blogspot.com/

This is a brief analysis on the Upper East Side Second Avenue Subway Line construction on how it affects and will affect New York apartment rentals now and in the future.

Presently:

With a fragile economy and the train construction on the Upper East side (namely, Second Avenue or on any street that intersects with Second Avenue), anyone can take advantage of sweet deals that they would not get the pleasure of enjoying under a stable economy and a non-construction environment. Landlords are hurting and eager to rent apartments, a weak economy and construction on Second Avenue adds fuel to the fire. Lowered rents, free months rent and OP’s paid to brokers are incentives to get apartments rented. The noise and scenery of construction is not appealing, but a renter can get an apartment that they probably would not of been able to afford under normal circumstances.

In the future:

It will take less convincing and motivation to consider an apartment on York and East End Avenue. Renters will have a broader range of apartments to choose from in the Upper East Side that are close to the subway, not to mention, spending less time searching for an apartment.

Reginal Legros is a licensed real estate agent with Manhattan Apartments, Inc. A native of Brooklyn, Reginal is a down to earth laid back person that listens and understands his clients needs.  A real estate junkie, Reginal is eager to learn a new thing about real estate each day.  In the near future Reginal plans to pursue a Master’s degree in Real Estate.

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Photo courtesy of Diego Cupolo on Flickr

Every time I walk the streets of Upper East Side I get the urge to sing Beyonce’s song “All the single Ladies.”

And why is that? Well, my personal conclusion is this: Being a woman in NYC is very expensive and thanks to a large selection of rent stabilized and rent controlled apartments on the Upper East Side, stretching from Third Avenue eastward,  the beautiful half can save quite a bit of money to be spent later on whatever they desire (including but not limited to on spas, vacation,  fashion,  prime fitness clubs, etc)

I also think that perhaps another reason why they like to live in this community is because they may feel safer near each other. This is especially obvious during the spring and summer. Like flowers blooming in the park and streets, these ladies come out looking absolutely beautiful. [Read more →]

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Photo courtesy of Emborg on Flickr

NEIGHBORHOOD BORDERS… what’s what?

Welcome to the never ending questions amongst renters, landlords, brokers, developers, investors & everyone in between! Opening arguments please! Where does Clinton Hill begin? Where does Prospect Heights end? Isn’t this Crown Heights?  Is this “prime” Park Slope?  No, wait, it’s actually Park Slope South!  (And so on… )

For all you saavy renters looking for answers, here’s the short version…

Let’s focus on what real estate defines as the prime and sub-prime areas, and their “borders”.  Two of the top prime areas in Brooklyn that attract just about everyone are Park Slope and Prospect Heights. Park Slope begins at Atlantic Ave and ends at 17th Street. Some may argue and say 9th Street or 15th Street but the majority of renters, brokers and landlords agree with either 16th or 17th Street.   From 17th Street to 24th Street is where you’ll find Park Slope South, where you have the opportunity of finding a descent apartment at a more affordable price.  Prospect Heights begins at Flatbush Avenue and ends at Classon Avenue.  After Classon Avenue, you step into Crown Heights.  Keep in mind that these borders are slowly but surely being pushed (save that for another blog!).   So if you’re on Franklin Avenue and someone tells you it’s Prospect Heights, you can confidently say no, it’s Crown Heights.  It’s not Prospect Heights- yet (wink).

On the opposite side of Atlantic Avenue, the main roadway that divides these neighborhoods, you’ll find another set of highly desirable prime areas known as Fort Greene and Clinton Hill. Fort Greene begins after Flatbush Avenue and ends at Vanderbilt Ave; some may disagree and say Washington Avenue. The Clinton Hill borders begin at Washington Avenue and end at Classon Avenue.  Again, slowly but surely, the border is being pushed to Franklin Avenue.  What’s a clear indication of this, you ask? Walk or drive down Franklin Avenue and take a look at the new & improved developments coming up. Signs of the times!  Moving on… After Franklin Avenue, you are officially in Bedford-Stuyvesant.

So many neighborhoods, not enough space to address them all in one segment!  I hope this has been helpful. Feel free to question, argue, and ponder this one.  In the meantime, let’s find your apartment!

Your Rapid Reality Check!

Esther Upia is a licensed real estate salesperson at Rapid Realty NYC.  Born and raised in NYC, she is knowledgeable and passionate about her commitment to strike up favorable deals for both tenants and landlords in the arenas of residential and commercial real estate.

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Photo courtesy of eviltomthai on Flickr

From my personal perspective, the Upper West Side can be characterized as “A real sense of neighborhood.”  I always have a feeling of comfort and enjoyment when I walk the streets of this area.  I see plenty of people, fashionably dressed and proudly walking with their adorable pets. With the abundance of parks and trees in this area, I see happy families strolling the streets with their kids.

The UWS also features amazing landmark architecture, charismatic brownstones, cute cafes,  specialty stores and gourmet restaurants.  With the plentiful selection of restaurants in the neighborhood, the customer’s choice becomes a challenge. All offer a great level of service and exceptional menus.

This neighborhood has almost everything you need at your fingertips! For groceries alone you have a large variety of specialty stores, including famous markets like Whole Foods, Zabar’s, Fairway and green market.

For  a cultural view, you can visit the American Museum of Natural History or savor the many monuments, cathedrals and churches that were built in the beginning of 20th century! To get an artistic flavor, the Lincoln Center of performing arts, Metropolitan Opera, Walter Reade Theater, NYC Opera and Ballet are within walking distance!

For these reasons, the properties on the UWS are always in high demand. While vacancy rates in Upper West Side are almost the same as in Upper East Side, people are willing to pay extra to live here. For example, the average rental price for a 1 bedroom is approximately $2,300, which is $250 higher then the average one bedroom price in Upper East Side.   Average sales price on coops p/sqf is around $849. Similarly, condos are approximately $1,394. This is clearly higher than their Upper East Side counterparts which average $806 for a coop apartment and $1,096 for a condo.

Good news: today’s market offers great incentives like “no fee” deals for rental clients. You’ll find these scattered all over the city. If you want to find a wonderful apartment in New York City for a good price and build a solid relationship with a good broker, now is the time!

Happy apartment hunt to everyone :-))

(numbers are derived from Citi-Habitats rental report and Corcoran sales report)

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