Buying a pied-a-terre in NYC…good or bad idea?

[Anonymous]

My in-laws have one and they travel up from DC at least once a month and stay for a week or so at a time. It's worth it for them. They are extremely generous about letting family use the apartment (for which I am really grateful) and have a shared Google calendar to keep track of everyone's comings and goings.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:How often would you use it?

OP here. I’d use it probably 1-2 times per month. With hotel prices as they are, paying a monthly condo fee would come out to less than what I’d pay in hotel rates.

What are you spending on hotels where you would come out ahead by buying? Unless you find some crazy low-fee building (in which case I would worry about reserves and special assessments) for 1-2 night a month the math doesn't math.

OP here. Not 1-2 nights per month. I meant 1-2 times per month. A visit to NYC for me can range from 2-3 days to 1-2 weeks depending on what I have going on. And the cheapest NYC hotels these days range in $400-$500 per night.

Then it may make sense for you - just make sure you keep track of when you are there so NYC can't come after you for taxes (there are apps that help you keep track).

I had no idea this was an issue. Thanks for letting me know!

[Anonymous]

Anonymous wrote:My in-laws have one and they travel up from DC at least once a month and stay for a week or so at a time. It's worth it for them. They are extremely generous about letting family use the apartment (for which I am really grateful) and have a shared Google calendar to keep track of everyone's comings and goings.

OP here. I also have the intention of being generous with letting family use the place but my understanding is that this would not be allowed in a coop, only condos?

[Anonymous]

Anonymous wrote:

Anonymous wrote:My in-laws have one and they travel up from DC at least once a month and stay for a week or so at a time. It's worth it for them. They are extremely generous about letting family use the apartment (for which I am really grateful) and have a shared Google calendar to keep track of everyone's comings and goings.

OP here. I also have the intention of being generous with letting family use the place but my understanding is that this would not be allowed in a coop, only condos?

Correct. Coops want a community of neighbors, not various people whizzing in and out like it’s a hotel.

[Anonymous]

Just remember that if you are allowed to let other people use your apartment when you are not there, that means the people you share walls with are too! Co-ops give you more control over who your neighbors are and there is also less risk that they won't be able to pay their monthly maintenance.

[Anonymous]

Anonymous wrote:My sibling got a Hilton time share in NyC.

Timeshares are awful. They hold no value, and they are extremely difficult to sell. People often have difficulty giving them away for free. You have no input into the rising maintenance fees, and the timeshare companies often devalue them over time, making it harder to book during peak times.

At least with a condo or coop in NYC, if your life changes after 10 years and you no longer want it, you can easily sell it and maybe make a bit of $ / maybe break even after factoring in the buy/sell fees and taxes.

[Anonymous]

Thowing it out there but a rent stabalized studio in a small no service building might be better. The landlords and supers have been known to take cash money to get a unit.

I had a small 200 sf unit I got in 1992 I told super next one that comes up I will give you $750 cash if you hold it for me. I got one.

At time my brothers coop at $500 maint and cost 350K. I was paying way back then $757 a month with no headaches of ownership.

[Anonymous]

It’s not a good deal financial. The math doesn’t add up.

But if you’re wealthy and would like the peace of mind to have a place in Manhattan then sure.

The down payment alone will be at least $200k with a lot of taxes. Even in a low rate investment you can earn $6k a year off the $200k. That’s 12 nights at a hotel.

[Anonymous]

Anonymous wrote:It’s not a good deal financial. The math doesn’t add up.

But if you’re wealthy and would like the peace of mind to have a place in Manhattan then sure.

The down payment alone will be at least $200k with a lot of taxes. Even in a low rate investment you can earn $6k a year off the $200k. That’s 12 nights at a hotel.

Seems like OP may use it 10-14 days a month. Also if she gets something for $500K (which is possible) her down payment may only be $100K. But I agree the monthly maintenance and property taxes are no joke!