Anyone bought apartment for your kids in New York?

Parent Cafe
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<p>Thumper1, you are right, finding a good lawyer and build a trustworthy relationship is hard. </p>

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<p>I think you misunderstood my post. I’m saying the price to rent vs the price to purchase is low in NYC. The percentage of the purchase price that makes up the amount of monthly rent is lower than most places in the US. So quite the opposite of what you seem to have thought I said. Renting is cheap compared to purchasing. </p>

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<p>Also the opposite of what you thought I meant. </p>

<p>Guess I didn’t post very clearly. </p>

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<p>We took a look at this when our son went to NY for grad school, and concluded that it didn’t make sense unless we were sure he’d be there for more than a couple of years. So he’s renting, and sharing an apartment. We do have some friends who have done this for their undergrad daughter, with the intention of using the apartment for themselves once she graduates.</p>

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<p>“One of my kids is living in nyc which gives me an excuse to go there.”
-Exactly the same situation. I do not feel that way though. It is very unfortunate that I have to visit NYC to see my family. I would not step close if it was not for them. Absolutley hate everything about it. Frnakly, I would not live there even for a job that pays $1mln / year and many around me (who have somebody in NYC who they visit on a regualr basis) feel the same. </p>

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<p>Kids need to be mobile in case circumstances change. One of my kids started a 6 yr phd program but left it. The other got sick and left school.</p>

<p>I can’t imagine the extra guilt and pressure they would have felt if they had to worry about leaving a place we bought for them. The decisions they made were hard enough without that variable.</p>

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<p>I love NYC but there are other choices. (I don’t live in NYC for example). I am glad there are plenty of choices about where to live. Nobody is forced to like NYC. If somebody doesnt like NYC that is fine. This is a thread about buying your kids an apartment in NYC, and it is so damn expensive to live in NYC, some people must like NYC. This isnt a thread about any individual having to like NYC or everybody having to like NYC. </p>

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<p>I grew up just outside NYC. I learned to appreciate all it had to offer, its vibrance, theater, food, museums, festivals, people-watching, you name it. A whole lot more to offer than Toledo.</p>

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<p>OP, you are a very loving parent to consider buying a NYC apartment for your child. That’s a huge commitment that you will have to maintain when she could very well be offered a job 2000 miles away in LA and just move there. My recommendation is to not only look within UES or UWS. There are some great apartments in downtown Brooklyn, Williamsburg, or in fort green. Even though gentrification is taking over down there, the prices will be much better. In fact, Williamsburg was named the best neighborhood in the country for Millennials. There is tons of night life, trendy restaurants, public transportation (and über since it seems like you have a lot of money), and it’s right by the water, so in some apartments, you can over look the city.</p>

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<p>With the exception of Fort Greene, prices in Williamsburg and Downtown Brooklyn are such you’d need about as much money to buy/rent as the UES/UWS. </p>

<p>In some cases, more as Williamsburg and Downtown Brooklyn are actually more popular among college students/recent graduates in highly renumerative fields or those with trust funds/generous parents who could afford buying/renting there. Especially compared to the UES which is considered much more of a sedate neighborhood in comparison.</p>

<p>It’s one reason why for the last decade and half, the trend has been students moving further and further eastward. Now, it’s to the point even parts of Bushwick, Brooklyn and Ridgewood, Queens are gentrifying. </p>

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<p>I learned a new concept today and would like to share and get insight also.
For NYC COOP maybe Condo also, it is possible some of the building doesn’t own the land. I got this concept from a sell post:</p>

<p><strong>PLEASE READ</strong> THE TOTAL MONTHLY CARRYING COSTS ARE $3014 per month ($1427 Maintenance + $1587 Assessment) which is 63% tax deductible. The VERY low purchase price reflects the monthly assessment of $1587. The assessment is for 10 years for new mortgage on the land bought by the co-op. The building now owns the land (No longer a land lease building) The building has Very Strong Reserve Fund, over $2M in reserves. <strong><em>Investor Friendly</em></strong> Sublets allowed from 1st day of closing*** Fantastic Value, MINT 1 bedroom, 1 bathroom home located in luxury full service doorman building. Apt features: State-of-the-Art Stainless Steel and Granite Kitchen with a Dining Area. Located on the 14th Floor with Spectacular South/East Skyline Views, Closets Galore, Custom Ceramic Tiled Bathroom w/ Kohler Fixtures and Custom Shower Doors. All New Solid Wood Doors, Designer Crown and Baseboard Moldings, This pet-friendly building allows co-purchasing, guarantors, pied-a-terre OK. 301 East 63rd Street has a full-time doorman, newly renovated lobby, beautifully landscaped roof-deck designed by architect who landscaped the Central Park Zoo, garage, bike room and laundry. The apartment is being offered at this incredible price to offset the current assessment</p>

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<p>I know the building. If you are not on Streeteasy website, you should. You would have a very hard time in getting a mortgage for this building. Just be aware, real estate market is so hot now that a lot of sellers are not agreeing to have a mortgage contingency, which means if you couldn’t get a mortgage, you would lose your deposit.
<a href=“http://streeteasy.com/talk/discussion/6691-whats-the-story-with-301-east-63rd-street”>http://streeteasy.com/talk/discussion/6691-whats-the-story-with-301-east-63rd-street&lt;/a&gt;&lt;/p&gt;

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<p>Thanks for the website. I am using zillow and realtor for now. I will take a look at the site you provide.</p>

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<p>Oldfort, interesting discussion.</p>

<p>I had no idea there were buildngs in nyc that had land leases. </p>

<p>How much is that unit?</p>

<p>Ok…I see this. I guess these coops plummeted in price a few years ago…</p>

<p><a href=“http://streeteasy.com/building/301-east-63-street-new_york#sales”>http://streeteasy.com/building/301-east-63-street-new_york#sales&lt;/a&gt;&lt;/p&gt;

<p>How much would these units sell for if there wasnt an assessment for the land?</p>

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<p>A 2 bedroom in that building should go for 1.1-1.3 mill because it is not in the greatest location.</p>

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<p>loveblue - you need to use Streeteasy for buy/sell in NYC. It has the most up to date prices. It also has every listing in NYC.</p>

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<p>Yes, as oldfort recommended, you should really be using streeteasy.com. If you see a unit you are interested in, you can look at the bottom of the page to see if there is any discussion about the building. You can learn a lot from experienced posters. You can also search for recommendation of a real estate attorney. In addition, before you make an offer, call some banks to see if they will make loans on that bldg first. New York City is a very different market.</p>

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<p>You need to know how much down payment is required by the building you are interested in. There are some very lovely apartments around Sutton Place (not that expensive either), but most of those buildings require 50% down, which means you may have a harder time selling someday with such high requirement. A difficult coop board could also make it hard for re-sale.</p>

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<p>I think all of Battery Park City is on a land lease. But OP that did not seem to the area you were looking in.</p>

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<p>I think OP has moved from Queens to Manhattan.</p>

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<p>I guess personal taste plays a very big part In where somebody wants to live…</p>

<p><a href=“http://www.streetadvisor.com/search/neighborhoods-in-manhattan-new-york-city-new-york”>http://www.streetadvisor.com/search/neighborhoods-in-manhattan-new-york-city-new-york&lt;/a&gt;&lt;/p&gt;

<p>My kid like Chelsea or East or West Village. </p>

<p>I do not live in an inexpensive area but these NY real estate prices are hard to take. $800 to well over $1,000 a sq ft to buy an apt in Chelsea? It is a rhetorical question. From oldfort’s link, those are the prices.</p>

<p><a href=“http://streeteasy.com/for-sale/chelsea/price:-1500000|beds:2”>http://streeteasy.com/for-sale/chelsea/price:-1500000|beds:2&lt;/a&gt;&lt;/p&gt;