Better Act Fast in the Financial District!
The Financial District has become increasingly popular for recent graduates moving to NYC to work on Wall street. They know they will be putting in insane hours as first year analysts at companies such as Deutche Bank, so they want to live as close to work as possible. Most of the new luxury rentals in the Financial District are also paying the broker's fee, which allows recent grads to use their relocation bonuses towards the already high costs of moving to Manhattan.
Matt, a 2006 college graduate, came into town last Tuesday to find a studio under $2,000 in the financial district for a July 1st move-in. 100 Maiden Lane had 6 studios available on Friday, but on Tuesday, they were all gone. Cheapest studio? $2,225. Monday afternoon, 45 Wall St had 3 studios available but Tuesday morning they called me to cancel our appointment. Between 10am and 12 noon, all 3 studios were rented.
A John Street building and a Gold street building had studios for $1750 - $2000, but lacked any amenities, and weren't paying the broker fee. Despite the appealing rent, the buildings just weren't as nice as the luxury "fee-paying" buildings. When you amortized the fee into the rent, you could live in a much nicer and newer building for the same price.
63 Wall, "The Crest," had one $2,025 studio for July 1 that Matt liked. We headed to 90 West and found a possibility there. An hour later, we went back to take the studio at 63 Wall Street, but it had just been rented. We went to 90 West Street to take Matt's second favorite apartment, but it had JUST been rented also! Matt put in an application in the nick of time for his third choice, an apartment for $2,005 at The Crest. With nothing left for July 1st, Matt had to take an apartment for August 1st, and will be sleeping on a friend's couch for his first 5 weeks as an analyst in NYC.
As a broker, I know that the vacancy rates in the Financial District have gone back to what they were before 9/11. But even I wasn't prepared that the 12 options available to Matt on Monday afternoon would be gone Tuesday afternoon. Studios were literally disappearing before our eyes.
The financial district is considered one of the last few places in Manhattan where you can get a "good deal." But if apartments in this area keep flying off of the shelf the way they are right now, you won't see buildings paying the broker's fee for much longer.
The new condo buildings and condo conversions going up in the neighborhood, (20 Pine, The Cipriani Residences, Five Nine John Lofts, the Downtown Club, and Cocoa Exchange, just to name a few) will bring thousands of new residents to the area, as well as new stores, bars, and restaurants. Anyone who wants to take advantage of one of the last few "good deals" on the island of Manhattan - luxury rental buildings that pay the broker's fee - better get in soon, before all of the "deals" are gone!
For additional information about the financial district's rebirth, check out:
The Real Deal
Miller Samuel
Add to Newsvine
Comments (1)
Amazing web recource. Thanks you!
Posted by John | March 23, 2007 12:30 AM