Guides

Paperwork

Time is critical if you want to ensure that your ideal apartment is yours to rent. Having all the necessary paperwork and materials ready and available before you begin your apartment search is extremely helpful:
Letter of employment (should be on company letterhead, signed by supervisor) salary, guaranteed bonus, title, start date and housing allowance, if any.)

2 recent pay stubs.
Bank account numbers.
Investment account numbers.
Names, addresses and phone numbers of previous landlords.
Names, addresses and phone numbers of accountant and attorney.
Names, addresses and phone numbers of personal and business references.
A copy of your past two years federal income tax returns.
Additional sources of income, if any, with verification.
Personal ID with photo (e.g. driver’s license or passport).

Area New York recommends that you line up necessary funds, particularly if you are relocating from out-of-town, since landlords require certified or bank funds and will not accept a personal check out of the Tri-state area:
If you can’t open a New York bank account before you begin your apartment hunt, bring the necessary funds with you.

Bring enough travelers’ checks or certified checks to cover the cost of 2 months rent. (This comprises the required rent of the first month and one month security deposit).

Bring funds to cover the broker’s fees, if it is not a no-fee rental. These fees are due upon signing of the lease.

Bring funds to cover a credit check. (This amounts to about $75 and can usually be paid by credit card or cash).

Bring funds to cover possible move-in/move-out fees.

If your salary level and financial picture does not meet the landlord’s minimum requirement, be prepared to line up a guarantor who will guarantee your lease. The guarantor will need to live in the New York tri-state area, have an income of twice that required by the landlord and be able to produce financial documentation to prove it.

Credit Check

Area New York will always run a credit report for every rental applicant and guarantor. The price of a credit report / application is generally $75, but can be higher if a landlord requires a more extensive credit check. Area New York offers its landlords top-notch credit reporting. Unfortunately credit reports obtained on your own are not accepted. What type of credit information will negatively affect your chances of renting? A few old late payments are generally acceptable. A high revolving credit balance is often unacceptable. Past due payments that are still outstanding are generally unacceptable. Delinquencies and collections are almost always unacceptable. A public record due to a crime is often unacceptable, and a Landlord-Tenant record is almost always unacceptable. Be sure to advise your Area New York agent if you think you have bad credit, and we will help you as much as we can. If our agents properly prepare you for the process you have a better chance of finding an apartment. Different landlords have different ways of dealing with “credit issues”. Some will allow you to increase the security deposit or to use a guarantor. Others may reject the application completely. Arew New York will guide you in a way that will save you time, money and a lot of frustration.

Guarantor

A guarantor, or a “co-signor,” is an individual who is willing to guarantee your lease on your behalf. The guarantor is responsible for all terms of your lease and guaranties not only your share of the rent but the entire lease – if it is a share situation.

If you do not meet the financial or credit requirements, a guarantor might make it possible for you to rent an apartment. Students or young individuals who do not meet the income requirements will usually need a guarantor. When a tenant has bad credit, accepting a guarantor will depend on how bad the credit is and on how strict the management is. Sometimes a combination of guarantor and extra security is needed. If you think you might need a guarantor please advise your agent of this so that together you can prepare most efficiently.

A guarantor is often a relative but it does not have to be. Many landlords require the guarantor to live in the Tri-State area (New York, New Jersey or Connecticut). Try to prepare your potential guarantor by advising them what will be required of them. You might have to act quickly, and their cooperation may be critical for your approval. A guarantor needs to fill out an application form and provide the required documents. The requirements are usually good credit and double the income requirements of an applicant. If an applicant is required to show an annual income of 40-50 times the monthly rent, a guarantor is required to show annual income of 75-100 times the monthly rent. The documents required are similar, though usually all that is needed are proof of income (tax returns) and a credit report.

No Fee

During the past few years the New York City market has changed in the way Brokers collect their commissions. In the past, the renter almost always paid the broker’s commission. As of late, many landlords offer fees to brokers to help them bring in good tenants. Area New York knows and has relationships with these landlords. We are able to find these apartments for you, and therefore you pay no fee for the service, hence “no fee.”

Guidelines

As a guideline in NYC, one can expect to spend approximately 25% of your gross annual income on rent. For example if you earn $80,000 per year, plan to spend $20,000 on rent, or roughly $1,670 per month.
The basic requirement is that you earn annually 40 to 50 times the amount of the monthly rent, and that you have a strong credit rating. For example, for a $1,500 apartment the landlord will typically require a $60,000 to $75,000 per year income.

Types of Leases:

Prime Lease: A prime lease is a lease that comes directly from the building owner. If the building has more than five separate apartments, they are probably “rent stabilized”, under the New York State rental guidelines, unless they have rents above $2,000 per month and have officially been registered as “decontrolled”. Common aspects of rent stabilized leases are:

The annual rent increases are based on rates established each year by the New York City Rent guidelines Board.

The tenant can renew the lease on a one or two-year basis.

Security deposits must be placed in an interest bearing bank account.

As of July 1993, vacancy leases for apartments that were previously renting for at least $2,000 a month are generally no longer subject to rent stabilization guidelines. Common Aspects Of Decontrolled Leases are:

Luxury decontrol in units renting for $2,000 or more per month have now expanded to include tenants earning $175,000 or more per annum.

Sub-Leases: Subleases are generally used for renting a cooperative apartment or a rental apartment for a period of the remaining lease. Since owners in cooperative buildings are technically owners of shares in the Apartment Corporation, each shareholder is a proprietary tenant and has the right to sub-lease his or her apartment. Common aspects of a sublease are as follows:

Separate application and processing fees through the building’s managing agent are required.

Approval by the board of directors or landlord is always required and typically there are time limits.
Under certain circumstances, rent stabilized tenants may sublease their apartments.

Condominium Lease: Leases for condominiums are often similar to leases in rental buildings. However, the owner is a private owner, as opposed to a general building owner. Common aspects of the condominium lease are listed below.

Term of lease is negotiable.

Board approval is generally not required, but separate application and processing fees through the building’s Managing Agent are customary to receive a Waiver of the Right of First Refusal.

Area New York is a boutique agency, with years of experience in the New York market place. Whether you are looking to purchase a condo, co-op or townhouse, to be your primary residence or a strategic investment, Area New York Buyer Services will provide you with:

Detailed information on current market conditions.

A method for identifying the property that best fits your requirements.

A thorough price comparison and condition analysis.

Dedicated involvement with the negotiation and closing process.

Additionally, our Buyer’s Service is free. How? Because the seller pays 5% – 6% of the fee to the Listing Broker (aka Seller’s Agent), and then the Seller’s Agent splits that fee with the Buyer’s Agent. Therefore, utilizing a Buyer’s Agent does not cost you anything extra, and provides you with guidance and resources for identifying and analyzing potential properties, and leverage in the negotiation and closing process.

Our service begins with a review of your current situation and the requirements of your prospective purchase. At this stage we discuss your needs and preferences, in order to identify the factors that will determine which property is the right choice for you. Topics covered will include:
Length of proposed ownership.

Financing options.

Relative merits of different property types and neighborhoods.

Transportation, school and any other important considerations.

This consultation will take place with a senior agent, and can be conducted via phone, email or in person, either at our corporate office or a location that is most convenient for you. In our experience, much time is saved by having a thorough discussion that identifies your needs. Our Buyer Services Agents are extremely attentive to you, the client, which makes the process of purchasing a home more seamless, efficient and enjoyable.

Once your requirements have been determined, the Buyer’s Agent will consult with one of our Neighborhood Agents, who is most knowledgeable about your target neighborhood and will thus provide further information and guidance. Then, our team will generate a list of properties for you to choose from, and after you make your selections, we will further analyze the relevant information and arrange the appointments. After the viewings the Buyer’s Agent will send a follow up report, with a summary of the properties and feedback to further streamline your search.

Once you have identified a property that you would like to make an offer on, you and your Buyer’s Agent will discuss the strategy and value of your bid. After negotiation, and when the offer is accepted, your Buyer’s Agent will facilitate communication between attorneys, mortgage brokers and appraisers, help to prepare the necessary paperwork (for instance, a co-op board package) and will continue to coordinate the process that will ultimately lead to the closing table.

Area New York Buyer Services Agents are thorough, well informed and experienced in all of New York City’s unique markets. We are confident that you will find our Buyer Services and agents professional, receptive and amicable. We look forward to working with you!

At Area New York, we realize that our reputation and success depend on the ability to produce a smooth and successful transaction at the most optimum terms and price. Your property will receive the most aggressive use of print advertising – all the benefits of today’s new media plus immediate exposure to the entire Manhattan brokerage community. Additionally, our creative team will produce property photos, floor plans and virtual tours easily accessible to the industry’s top apartment and fine home website, www.areanyc.com, covering both domestic and the important international buyers and renters; Resulting in Maximum exposure of your property.

Find a reputable broker with whom you are comfortable. Selling an apartment can be a daunting experience and working with someone you like and have confidence in greatly facilitates the process.

In a hot market, find a place to move before selling. Though the average time on the market in New York City is about 147 days, apartments in a seller’s environment may move almost as soon as they are listed. You should avoid being put in a corner and having to make a hasty decision about your new home.

Get an appraisal (a Area New York Salesperson can recommend a top notch appraiser). Many appraisals are based solely on previous prices that are at least a month old and not applicable in a fast-moving market. It is important to have a strong appraiser to evaluate your apartment.

A few dollars spent on cosmetics and repairs can make the apartment much more attractive and will help it to sell faster and at a higher price. Some paint in the right places, or even painting entire rooms can make a significant difference in price.

Organize your closets. Prospective buyers will open all doors and drawers to see what space is available, and you want to show off all the space you have.

Since you want to create the look of open space, you should store or sell extra furniture.

A few flowers, neatness and clean bathrooms count a lot when prospective buyers visit.

Our marketing team will make the sale of your property our top priority.

Our brokers will not “balance” their attention between your property and a dozen others or use unqualified assistants to carry the effort. We will not “pocket” exclusive listings; instead we invite and encourage all Manhattan real estate firms to participate. We’re committed to setting the bar for the highest level of personal service and we’ll let the others play the numbers game. We will:

Assist in proper pricing of your home with an in depth consultation often with multiple agents.

Suggest ways to present your home to its best advantage.

Inform members of the Manhattan brokerage community that your property is on the market through the various listings systems, thereby alerting the largest pool of qualified buyers.

Host broker open houses to generate excitement about the special features and assets of your property.

Design a marketing program that may include advertising in appropriate print publications, a direct mail campaign and on Internet advertising through the Area New York site and others.

Contact customers directly.

Screen buyers, manage showings and conduct negotiations.
Facilitate all paperwork and communications necessary to finalize a transaction.

Area New York knowledge of the current real estate market allows us to accurately price your home based on our comprehensive database. The appraisal will include historical sales and current availability of similar properties. As marketing experts, we will even offer suggestions as to how you might enhance the appearance of your apartment to help achieve the best sales price possible.

Marketing your Property:

Area New York will launch an array of strategies to expose your home to prospective buyers:

We produce color, professional brochures containing photos, floor plans and descriptions of your home which are then distributed to all cooperating Manhattan brokers and targeted purchasers.

We co-broker your property, making sure that all qualified brokers citywide are focused on your residence. Your property is broadcast to over hundreds of cooperating brokers through our listing exchange. We advertise your home in newspapers, magazines, and on the internet. Area New York advertising appears weekly in The New York Times, Wall Street Journal and other prominent on-line news outlets.

Your property is showcased on our website which we promote constantly. Our site is comprehensive, user-friendly, and a one-stop resource for buyers, renters and sellers. It attracts more potential buyers because it provides valuable information, providing links to essential services such as schools, neighborhoods, moving, finance, maps, etc.

Your property appears in our regular newsletter, sent to corporate decision-makers and relocation executives throughout Manhattan.
We host well-promoted Open Houses designed to bring qualified buyers to your property. Selling your Property:

Once an initial offer is made, your Area New York agent will begin negotiations on your behalf and involve you as much as you like. The Area New York agent will handle all aspects of the transaction with authority and help you obtain the highest possible price for your investment. In addition, because we know our business, as well as the specific players involved in your deal, we can make your transaction proceed smoothly and rapidly as we negotiate and communicate with attorneys, mortgage brokers/bankers, appraisers, managing agents, board members and settlement personnel.

Unless you are available to market your property full time, take phone calls from brokers and buyers, make yourself available for appointments and open houses and invest money in advertising, you better let a professional handle the sale of your property. Marketing a property is a full time job and it requires a lot of attention, experience, money, and resources that you may not have at your disposal. The best broker for you would have access to networks of brokers and buyers nationwide and even worldwide. Internet skills and experience are a must in today’s market. There are many national and international real estate sites that are used toady more than other traditional forms of advertising. The right broker would know exactly where, when and how to promote a property and in the most effective manner. From having the resources and access to the right comparables in order to price the property correctly, to knowing and having the experience of the art of negotiating, to the final stages of coordinating the flow of communication between attorneys, lenders, appraisers and everyone involved, you really can not do a better job than a professional broker. If you are considering selling your property contact us. We look forward to working with you to sell your property quickly and at the highest price.

NYC NEIGHBORHOODS

 

Welcome to Manhattan
Even if you think you know Manhattan—its world-class museums, fine dining and unforgettable views—the borough always has something new and exciting in store.

Manhattan may be New York City’s smallest borough by land area, but the fast-paced island is packed with bright lights, Broadway theater, fine dining, museums, nightlife and green spaces like Central Park and the High Line. Summer represents a chance to get out and kayak, take a river cruise, picnic on a pier at sunset or take a tour. There are also tons of free events including concerts in the parks, festivals and parades. Summer highlights include Macy’s Fourth of July Fireworks, Shakespeare in the Park and the Museum Mile Festival.

Manhattan Neighborhoods

Downtown: Financial District, Battery Park City, TriBeCa, SoHo, China Town, Lower East Side, East Village, West Village, Flatiron, Chelsea, Gramercy, Meat Packing District.

Midtown: Murray Hill, Midtown East, Midtown West, Clinton, Sutton Place, Roosevelt Island.

Upper East Side: Yorkville, Carnegie Hill, Lenox Hill, Upper East Side.

Upper West Side: Lincoln Square, Manhattan Valley, Upper West Side.

Upper Manhattan: Central Harlem, Hamilton Heights, East Harlem, Morningside Heights, West Harlem, Washington Heights, Inwood.

Welcome to Brooklyn
No matter how hip it looks on TV, NYC’s most populous borough is best experienced in person. Read on to find out about live music, Prospect Park, Nets basketball and more.

Summer in Brooklyn means vintage finds at the Brooklyn Flea in Fort Greene and artisanal eats at Smorgasburg in Williamsburg and DUMBO. It’s a chance to hear free concerts by major artists in Prospect Park. There’s festive fun at Coney Island with Cyclones minor league baseball and the Cyclone roller coaster, plus the smell of salt air and funnel cake. The season’s warm weather makes it a good time to slather on the sunscreen and take in harbor views on a walk across the Brooklyn Bridge, and to shop for Russian delicacies (and maybe take a dip in the ocean) at Brighton Beach. Of course, these are just a few of the reasons to visit Brooklyn this season.

Brooklyn Neighborhoods

Crown Heights, Williamsburg, Park Slope, Brooklyn Heights, Downtown Brooklyn, Prospect Heights, Clinton Hill, Greenpoint, Carroll Gardens, DUMBO, Fort Greene, Sunset Park, Bay Ridge, Midwood, Flatbush/Ditmas, Bedford Stuyvesant, Bushwick, Brighton Beach, Manhattan Beach, Sheepshead Bay, Bensonhurst, Kensington, Gravesend, Homecrest, Cobble Hill, Red Hook.

Welcome to Queens
Taste food from around the globe, watch Mets baseball and US Open tennis, see cutting-edge art and more in one of the world’s most diverse places.

As New York City’s most international borough and home to people from all over the world, Queens has virtually every type of cuisine imaginable. Take a walking (and tasting) tour of Astoria’s Italian, Brazilian, Middle Eastern and Greek restaurants for just a sampling. A visit to the Museum of the Moving Image is a must, too; it’s the only institution in the US dedicated to the art, technology and social impact of film, television and digital media. In neighboring Long Island City, art buffs celebrate the life and work of sculptor Isamu Noguchi at the Noguchi Museum and stroll through nearby Socrates Sculpture Park. Summer is also an ideal time to see the borough’s lush side. Start at its largest park, Flushing Meadows Corona Park, which is home to recreational spaces like the Billie Jean King National Tennis Center, plus theater, gardens and museums.

Queens Neighborhoods

Arverne, Long Island City, Astoria, Forest Hills, Sunnyside, Rego Park, Flushing, Kew Gardens, Bayside, Woodside, Jamaica, Elmhurst, Jackson Heights, Ridgewood.

The Bronx
The Bronx is where hip-hop was born, where the Yankees became a dynasty and where you can find New York City’s leading zoo and botanical garden.

The Bronx has made immense contributions to global culture, sports and entertainment. It has hip-hop history, great Italian food, performing arts and, thanks to the Yankees, championship baseball. It’s been home to personalities as varied as Jennifer Lopez and Edgar Allan Poe—whose cottage is still a major draw. In summer, don’t miss free weekly flicks on the roof of the Bronx Terminal Market, Wave Hill’s charming gardens near the Hudson River, animals of all kinds at the Bronx Zoo and vibrant floral exhibitions—including one revolving around Frida Kahlo—at The New York Botanical Garden.

Bronx Neighborhoods

High Bridge, Riverdale, Bronxdale, Marble Hill, Fordham, Pelham Bay, Parkchester, Castle Hill, Pelham Parkway, Mott Haven, Baychester, Williamsbridge, Mt. Vernon.

Welcome to Staten Island
Take a free ferry ride to an island getaway filled with historic architecture, stunning views, gardens and many family-friendly attractions.

Any summer visit to Staten Island should include a stop at the Greenbelt, a network of lush parks, wetlands, open meadows and hiking trails that includes NYC’s largest forest preserve. To get to the City’s greenest borough, board the free Staten Island Ferry at Whitehall Terminal in Lower Manhattan. The 25-minute boat ride offers fantastic views of the Statue of Liberty and the Lower Manhattan skyline. After you dock in St. George, take some snapshots in the picturesque enclave of roughly 80 late-19th-century, photo-worthy houses in the Queen Anne, Colonial Revival and Shingle architectural styles.

Staten Island Neighborhoods

St. George, Tompkinsville.