The demand for short-term housing in New York has grown dramatically in the past 20 years as a result of some of the world’s largest corporations establishing their headquarters in Manhattan, as well as increased tourism in and around the city. Most corporate suites and average hotel rooms have rates that range from $200 to $300 per night. Over a month’s time, a resident’s monthly housing costs might average $7000 or more, which is beyond the means of most individuals.
<P>
A few companies have identified the business opportunities in providing short-term housing solutions as hotel supplements for corporate relocation and tourists. Cooperating landlords, investors, and brokers have created a more affordable short-term solution by purchasing buildings and condominium apartments with flexible by-laws and house rules, providing furnishings that match the standards of some of New York’s finest hotels. Maid service, laundry, and other luxury services were often available as necessary. Short-term housing has also become a great solution for those having renovations done on their properties and those who can afford a pied-a-terre. People who stay in New York for more than 1 month at a time, but cannot or do not remain long enough to sign a lease (most of which have minimum residence terms of 12 months), also have fueled the need for these types of apartments.
<P>
As for location and cost, short-term apartments can be found most easily in the midtown and downtown financial districts, due to the concentration of tourism and corporate areas offices in these areas. The residence terms are often flexible, ranging from 2 to 3 weeks to a year or longer. Some properties are even available on a per-night basis. Average costs range rom $2500 to $3500 per month for studios and 1-bedrooms, and $5000 to $7000 for two bedrooms and larger. The most luxurious suites in some of New York’s most exquisite buildings are available for an average of $3500 to $5000 per month for studio or 1-bedroom suites.

No Comments »

Coops are a creature of New York. Originally conceived in the late 1800s to persuade home owners to live on top of each other instead of side by side, the coop is premised upon the idea of a social club. Coop owners, through their boards of directors, are entitled to choose who their neighbors are. Provided that federal and state discrimination statutes are not violated, a coop board may reject a potential purchaser or subtenant for any reason or for no reason. As housing becomes more scarce in the city, coop boards are exercising this veto right with increasing regularity.
<P>
When buying a coop you are not buying real property. Instead you are buying a long-term lease and the right to sole and exclusive possession of your apartment for an indefinite period. The coop board acts very much like a landlord and you are entitled to demand from the board the same services and attention you expect in a rental building. The coop board bills you every month for a pro-rated share of the total cost of running the building, usually including the monthly costs of a mortgage on the entire building. You pay this monthly bill, called maintenance, in addition to any bank loan you obtained to purchase the apartment.
<P>
PROS: coops are generally cheaper than condos, have lower closing costs and give you greater protection against unruly neighbors.
<P>
CONS: coops are more difficult to sell, are very difficult to rent (unless the board of directors allows liberal subleasing), have greater monthly costs, actual and potential.

No Comments »