Apartments for Cheap

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Your Questions About Apartment Ads Nyc

July 15, 2012

William asks…

New York City apartment help!?

i found this ad online for a nyc apartment in queens for rent…its very nice looking…but is it 250k a month??? here is what the add says:
Corona Queens, Otis avenue and Calloway street, 2 bedroom, 2 bathroom, nice coop with great financials, spacious with great closets, nice size bedroom, great bathrooms, come preview today, $250K with a $650 monthly maintenance
sorry i mean “ad” :)

Administrator answers:

Trump Tower starts at $250K. But Corona?!?! That’s Archie Bunker’s hometown.
The price you are reading is a selling price for a co-op apartment. In fact, the ad says it’s a co-op. That means you purchase shares in the corporation that owns the building, which gives you the right to a “proprietary lease” for a specific apartment. The number of shares will be proportional to the size of the apartment with respect to the whole building. Your monthly payment would be $650 (which is quite low for a 2BR/2b co-op), plus whatever mortgage payment you arrange. If the building has an elevator, do NOT purchase, as repairs on these can be extremely expensive, and the co-op has the right to make “assessments” over and above the monthly maintenance to cover such costs.
Co-ops are governed by laws which are administered by the State Attorney General’s office.

John asks…

Is it illegal to rent out a room of an apartment in Queens, NYC?

I am checking craigslist for rooms for rent in New York City but I’m concerned about scams. I’m a student and I need a safe place to live for grad school.

I’ve heard that some people rent out spare rooms illegally. So…..is it legal to offer roommate / shares in New York City ?

Any info would be helpful. I’m not from Manhattan but a small city and I’ll have to travel to NYC for school so I hope that I don’t get scammed by some bogus housing ad.

Administrator answers:

In most places it is illegal to rent a room or apartment that is not legally zoned and issued a certificate by the city for occupancy. That said, in places like New York City for many people it would be impossible to live without a roomate or roomates. Your school may have an approved bulletin board at the housing office. The housing office will be able to offer advice on where to live as New York is a complex array of neighborhoods, some great, some bad, some funky but up and coming. The housing office may be able to match you with other students at your school which can be a convenience if you are going to be living in Queens but commuting to a school in Manhattan. I would stay away from Craigslist if possible. You don’t know what you’re getting or with whom.

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