I got a decent deal on a small 1 bed in a luxury building (hell’s kitc). Should I do a 12 month lease or 24m?

Got the rent negotiated to under 3k + free amenities for a year (gym, pool, etc.). I’m afraid rent will atleast go back to the original price (+5%) and then some. The building has some sort of rent control but that’s predicted to go away in less than 1 year as per the lease. The legal rent limit is way higher.

Would love some perspective on renewal experience after 1 year. TIA.

like
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

What we did was include a clause saying they could only increase rent by x% maximum should we wish to stay another year (I think x=2 or so).

In reality we negotiated a LOWER rent (by 11%) when we renewed our lease 😂

We signed the lease 1 yr ago (July start), just renewed for another year last month.

like
Recent IconRecent

Why not get 24m?

like

Out of curiosity I'm un the same boat, whats promoting you to look without roommates? Is it the adjustment needed?

Which building?

like

River Place. Let me know and I can probably refer if you are looking.

Note: I have a 24 month lease ready to sign but having second thoughts on signing this vs changing to 1 year.

Follow your gut.

like

Are they legally to raise that much next year? Some buildings took tax deduction from government and are not allowed to raise the preferential rent by more than a small percentage. I think you misread the lease? Rent control manage mandated by government cannot be modified by a lease.

Just read a bit on 421-a and looks like this building would be in its 24th year in 2022 so almost losing all tax benefits and hence removing rent stabilization

What building? Also looking for an apartment in that area

River Place. Let me know and I can probably refer.

Which building?

The building is called River Place. Let me know and I can probably refer if you are looking

It says 1BR is $3.4-3.6K. You negotiated this down to <$3K? Were they offering concessions?

No there are other options starting at $3.2k and mine is smaller

Related Posts

I bought a house last year from a senior couple and was locked into a senior exemption on my property taxes for the rest of the year. I just received my property tax bill for the new year and I'm still locked into the senior exemption. Can I be penalized in the future if I don't say anything and just keep paying my property taxes as is? I feel like it's the village that screwed up and that's on them. Thoughts??

like

Is an IPO in anyone’s FIRE strategy? Maybe this is specific to the Bay Area, but it doesn’t seem that unrealistic to negotiate enough equity to make $1.5 mill off an IPO. Or maybe I’m dreaming 😂

like

All my six-figure salary consultant friends are ranting about how poor they feel right now because their IRAs/portfolios are down. Think the people in this industry need to take time to volunteer or engage with some tougher parts of town and understand that by virtue of even having investment accounts, that they’re more financially safe than at least 50% of America. Sad to see

likefunnysmart

I want to sell my house but there seems to be water damage and I’m worried someone will lowball me, what should I do?

like

Associates - Care to share your rough budgets (income, spousal income/family support, rent, monthly spending, student loan payments, savings, etc.)?

like

How's Manor as a city in terms of buying a single-family home: school-wise, future price appreciation of houses etc ..?

like

Anyone here recently get or see any amazing jumbo mortgage rates? It’s painful to search each bank individually. Would love something under 5.5% (only looking for 30 year fixed)

like

Should I trade in my iPhone 13 pro max for $720 to Apple? I don’t know what they sell for used but if that is a good deal let me know if you want to buy it.

like

When a private company is acquired, can preferred shares and RSU’s legally be paid out in a different price per share?

like

Should I sell my Tesla stock and go all in on Rivian?

like

Hi i lost majority of my money in the stock market. I married and promised my family that I will not make the mistake I made 7 years ago. Gambling. Is this an addiction I have. I keep selling stocks and taking loses buying other stock hoping it will recover but never did and sell again taking loses and buy again. It now sink in to me. I borrow personal loan hoping that the market will do k and I pay it back but I even lost that. I can't stop crying that I hurt the one I love the most my family.

like

To take advantage of the next big economic downturn, should I set up a Robinhood or Charles Schwab account?

likehelpful

Guys urgent question - can I open a Vanguard brokerage account as a H1B visa holder ? I have been here for a couple of years now at least. Are there any other restrictions ?

How should one properly calculate total comp? Base + bonus + stock options? Should you only include options that vest that year or include the total $ granted that will vest over 4 years?

What will be the take home and what is special allowance?

Post Photo
like

Who on this bowl feels an obligation to support their parents if they retire early and run out of money? This is causing some strife with my SO. My parents have planned very well and would never dream of putting me in a position to financially support them. My SOs parents retired early, and we are worried they won’t have enough of end of life care is necessary (which is almost inevitable). continued…

like

Can I break into PE investing as a post MBA consultant ?

like

Moving to Boston next month and looking to get a six month lease to get on the September 1st cycle - is there any way for me to avoid a broker fee?

like

My portfolio is getting HAMMERED this morning. That is all. Clearly I'm not selling but seeing straight reds is painful.

like

Booyahh, landed hedge fund number 2 for IPOs.

like

More Posts

What are your tips on convincing a fellow employee not to switch agencies? I really don't want to compete with them

like

Happy Thanksgiving! Hope everyone has a great day 🦃🦃

like

Anyone in deals accounting (accounting advisory) in KPMG London office here? I need your help. Thanks.

like

Hi ,

I have 1.10 years of experience in HR Operations / HR Shared Services.

Can anyone help me to get a job change ?

like

When exiting to a direct competitor, is the policy still immediately being shown the door + notice period payout?

like

Posting for a friend!

MBA graduate in Marketing. Changed companies very frequently but stayed at Oyo for almost 2years as Zonal manager until the lay off. After ~1year of trying during covid, got a job as Client Advisor in NoBroker. It has been 5months but the pressure is high. Now wants to work in IT. Any advice how one should proceed? Which certification will help and where to get it?

Total YOE- 4years
Non Btech
Current package- 5lpa
Total companies- 4

like

Hello Sharks, What is maximum salary for C2 Manager role in Capgemini and Manager in Cognizant. CCTC : 33 LPA. Total experience : 10 Years

like

Re-invited to interview at BCG but also want to cast a wide net and apply for Mck and Bain. However got rejected last year this time at the resume screen stage. I’ve changed firms since I last applied (to a well known boutique) - is this sufficient or am I still frozen?

like

Can I use the floating holiday after 9/30 or is it gone?

Best decision before leaving the office 1 year ago - take the monitors & chair

likefunny
like

Anyone here work at/worked with with Plaid? I have a call with a recruiter tomorrow and would love to hear any experiences

like

I got 7.5 % in december and 6% yesterday. I am Career level 11. Now my total package is 6.38L. Can anyone tell me this is the industrial standard? I have 6 years of overall experience in which 3 yrs of experience in cyber security alone where i am currently put in. Can anyone tell me how much other organisations are providing?

like

Anyone works as recruiter in Oracle or recently interviewed with Oracle, please let me know.

like

In case anyone is looking to get into product management, I came across this image which shows some books you could read to get into the role.

P.S: I saw this on Linkedin posted by Dr Milan Milanovic. So all credits to him!

Post Photo
likehelpfulsmart
like

Any men’s jogger sweatpants that people really like?

Moving from mid-west, Is it cheaper to rent in winter than in summer/fall ?

like

Which portable standing desk converters do people have and recommend. I live in a tiny NYC apartment so use my dining table as the office during the day but need to put it away at night.

like

Additional Posts in New York City

Good gyms (besides equinox) that aren’t crowded/small?
Debating between Blink or Crunch, any preferences?

like

Hi NYC female fish! Room available in our apt for 12-month sublet beginning 8/1. Midtown east (57/3) in doorman elevator laundry building, $1350 monthly rent. PM me if interested!

like

Best place to get eyebrows done in the East village area? Recently moved to the city and have to find a new place to do them. I have thick eyebrows and would like to keep them that way 🥴

like

Any thoughts on 30th and 7th as an area? Had to do a virtual tour of a future apartment that I liked but can’t get a sense of the vibe. Trade off is More room + newer finishings at the expense of living in a hip residential neighborhood. Any red flags?

likehelpful

What's a fair amount of resignation notice to give when you are a C-level/executive committee member?

like

For those of you who use gym pass & go to places like equinox or boutique studios - do you like it / find value in being a gym pass member? Are you tied to only 1 equinox location?

like

Does anyone go to a decent, inexpensive gym in jersey city? Just looking for a spot to lift at

like

Those who moved nyc to nj- assm min change in rent, how much did you save on an avg cause of taxes etc.?

like

Have any ladies gotten their haircut in the Murray hill / Gramercy area and can recommend a salon?

like

We are two males in our mid 20s looking for a clean and respectful 3rd roommate to sign a new lease for a 3-bedroom apartment in LES starting 9/1. It is close to several restaurants, bars, grocery stores and the building is a luxury building with several amenities. Trader Joe’s is a 5 min walk and the subway is right by the building. The room we are looking to fill will be priced at 2050. You will be sharing the bathroom with one person only.

like

First time moving out, is it normal for a landlord to ask for rent to be paid in cash? Any thing I should be wary of? Thank you!

like

Saw a post below that mentioned to avoid East river at night, 1st ave a bit sketch....any other areas to avoid in NyC as a AAPI F

like

A long shot but....Anyone looking to sublease for September 1? 2 bed/1 bath in hells kitchen on 45/9th. 2900 a month.

Thanks yall

Post Photo
like

Anyone have experience with rentopia for Brooklyn listings? They seem to control most listings in the area I’m looking and are very unresponsive

like

Are there actually tax cuts switching from home office in NYC to Hoboken?

like

any suggestions on where to rent? preferably manhattan downtown or midtown. budget is ~2.1k or so. priorities are having a doorman, elevator, laundry in building at the very least

like

For the NJ folks who work in NYC - my potential new employer has offices in both NJ and NYC. The NJ office is a 1.5 hour drive vs. NYC ~40 min commute via train. Still very much hybrid work arrangement. Given the option, which office would you prefer to be based out of and why? Mostly asking from a tax perspective. While I believe it’ll even out when filing, I’d be paying state tax in both states throughout the year, right?

like

How do I cancel my New York Sports Club membership?

likefunny

Best lunch spot in queens?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal