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Moving to New York City

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  1. Moving to New York City April 2010 (rev 11/10) Christine Toes, M.P.A. Vice President & Associate Broker The Corcoran Group

  2. The Toes Team • Christine Toes & Jasmin Abrol • Top 1% of NRT Brokers nationwide (out of 43,000 agents) • Masters in Public Administration (M.P.A.) from NYU’s Wagner School (2005) • University of Virginia (1999) • Jasmin & I handle both Sales and Rentals

  3. Our Company • Corcoran & Citi Habitats • Largest real estate company in Manhattan • 1500 agents, 25 offices, 10,000 listings in over 4,000 buildings • Larger than next 4 competitors combined • Coordinate all aspects of your move – movers, storage, locksmiths, furniture, ConEd, Verizon, etc.

  4. Preparation • When do I start looking? • 20 – 35 days prior to move in date • What paperwork do I need? • Employment/Offer Letter, 3 months bank & financial statements, 2 years tax returns w/W-2s, Landlord Reference Letter, Photo I.D., Soc. Sec. Card or Passport, 3 pay stubs • Parents (“Guarantor”) will need to provide the same paperwork • If you don’t want to provide tax returns sometimes a letter from a CPA will work • $50 – $75/person credit check; ~$300 deposit (refundable if you are not approved)

  5. Requirements • You: 40 – 45 x monthly rent (can combine incomes) • Guarantor: 80 – 100 x monthly rent • 1 or 2 Guarantors only, must be US residents • Good credit (over 700) • Within 24 hours of approval, be prepared to sign leases & provide the 1st month’s rent, 1 or 2 month’s security deposit, & fee for service in certified funds • You will want to have a local bank account, landlords will not take personal checks • If you do not make 40-45 times rent and do not have a guarantor, you will need to pay additional rent up-front or additional security, usually 3-6 months’ rent

  6. How Do I Begin? • “Fee” vs “No Fee” • Some landlords are paying the broker’s fees, generally in areas with the most inventory (i.e. Upper East Side, Midtown West, Financial District), so we can show you apartments that do not have a broker’s fee • Fee is between $0 and 15% of the first year’s rent. You do not pay this each year • We offer UVa grads a discount of 12% (14% for “co-brokes”) on apartments that have a 15% fee • “No fee” apartments make up ~ 10% of the market, depending on the neighborhood, so you are significantly limiting your options by pursuing only “no-fee” options • Apartments with a fee are usually nicer than apartments with no fee, it is best to keep your options open! Perhaps look at $3000/month apts with a fee, $3300/month with no fee)

  7. How Do I Begin? • “Craigslist – www.craigslist.com • Warning: Many brokers on Craigslist are advertising apartments that are rented or do not exist or they will show you apartments way over your budget. If it sounds too good to be true, it is! • If there is one time you should use a broker it is for your first move to NYC. If you don’t know the neighborhoods, reputable landlords, subways, etc, and are pressed for time, using a broker makes the process much easier • We can line up 6-10 appointments for you in a row in one day (please note that it takes hours to arrange keys, call supers and management companies, set up appointments with other brokers, etc, so please be prompt)

  8. Other Neighborhoods • Neighborhoods frequently requested by recent graduates: • Brooklyn: Williamsburg, Brooklyn Heights, Park Slope, Downtown Brooklyn, DUMBO, Fort Greene, Clinton Hill • Queens: Astoria, Long Island City • New Jersey: Hoboken / Jersey City

  9. Tips • The summer is the busiest time to rent an apartment; have all your paperwork • Take notes on each apt – write downthe address! • All roommates should be there • Plan to be in NYC for 3-5 days. Some apartments have NO weekend access, so at least one day should be a week day • If it sounds too good to be true, it probably is! A legal bedroom should have a window and a closet • “Winged bedrooms” = two bedrooms with almost NO living room

  10. Tips • Doorman vs non-doorman – this is really more of a convenience issue (dry cleaning/packages) than a safety issue – it may not be worth the extra expense for you • Having a pet reduces the # of apartments you can rent by up to 70% (especially large / aggressive breed dogs) • Some buildings allow temporary walls, which are approx $1,100. (The Wall Company or Living Spaces are two popular companies for temporary walls) • Look at 5 – 10 apartments & pick the best one • Apply for 2-3 apartments because the good ones go very fast & you may be competing against more qualified applicants

  11. Virginia Club of New York • Plan to attend the Harriman Cup Polo Match (UVa vs Yale) in September. It is the New York version of Foxfield. We are also looking for committee members! www.harrimancup.org • Visit www.uvanyc.org for information on the Yale Club and Virginia Club events.

  12. For questions or to schedule an appointment, please contact us! We have rented apartments to hundreds of recent graduates and we are happy to help however we can. Christine Toes Jasmin Abrol ctoes@corcoran.comjabrol@corcoran.com 917.608.6973 917.535.9334 The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC.