1 comment

Janet Resino, 8 months, 2 weeks ago

There are hundreds of apartments on the market now, all at different prices, many with free rent and some with other incentives. Some pay the broker fee, some pay for application fees. Then there are those apartments that CHARGE a brokers fee AND application fees AND building fees. Why so many prices, why the many extremes?

The easiest way to explain it is “supply & demand” . Good apartments will always demand a premium price. Good apartments in NYC are defined as 1) location 2) size and 3) view out the window. A good apartment can be $1,450 and a good apartment can be $4,500. Amenities, Doorman, Finishes can increase a price of an apartment however they do not necessarily make them a “good” apartment. An apartment in a building next to the entrance of the bridge, that is 350 sq ft with a view of a brick wall that has granite counters, dishwasher and marble bathroom, offering 1 month free rent, would not be considered a “good” apartment. Yet there will be people who will love it.

Most people want “good” apartments, some want finishes, some want location, and some want to feel they are getting a great deal.

In NYC “good” apartments are in short supply. They will cost what the market will bear.

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