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					                                                 Guide for Renters




TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
   TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
    Your Apartment Search




Introduction

Whether you are renting your first apartment
in New York City or your fifth, the process to
obtaining a home to call your own is not easy.
This guide has been created to assist you as
you search for and secure your new apart-
ment.

Please use this guide to help you in your prep-
aration and search. Remember, the more you
know now and the better you are prepared,
the greater the advantage you will have later.




  TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
     TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
         A Bit of Background...


If you’re new to New York, you’ve undoubtedly already heard horror stories about the stereotypical Manhattan apartment:
some roach-infested shoebox with a view of the neighboring building’s brick wall for enough money to feed a small country.
We’re not going to lie to you—these kinds of apartments do exist. That doesn’t, however, mean that you have to live in one.
A lot of people want to call Manhattan home, and because demand is so high, landlords can charge a lot of money for an
apartment that might cost half as much in a city or town with a more typical real estate market. On the other hand, if you
know in advance what to expect and where and how to look, you’re much more likely to find an apartment and location
you’re satisfied with. The biggest disappointments of the Manhattan rental process come from clinging to unrealistic expec-
tations of what the market will bear for what you have in mind. By familiarizing yourself with the market ahead of time, you
can narrow down your search to only include neighborhoods and apartments that best match the needs of your lifestyle,
budget and taste.

Manhattan: A (Very) Brief Overview

As cliché as it may sound, New York City is truly a place of endless possi-
bilities. The urban island of Manhattan teems with renowned restaurants,
architectural masterpieces and countless cultural institutions that make it
one of the world’s best-loved cities and the country’s commercial, financial
and cultural backbone.

Of the five boroughs that make up New York City, Manhattan is actually the
smallest, composed of a mere 22.7 square miles of land and only 13.4 miles
long and 2.3 miles wide at its fattest point near 14th Street. However, with
over one million residents, the island—also known as New York County—
proudly packs in the most people of any county in the U.S. Bounded by the Hudson River on the west, the East River to the
east, the Harlem River to the north and the New York Harbor to the south, Manhattan was planned as a grid system, making
most areas of the city relatively easy to navigate if you know a few basic rules (or if you’ve got a map and a halfway decent
sense of direction). The avenues run north to south (First Avenue being the farthest east and Twelfth Avenue being the
farthest west), while the streets run east to west across the avenues. As you travel north, the street numbers increase. Fifth
Avenue is the center of Manhattan and divides the city into the East and West Sides. Therefore, there is an East 42nd Street
and a West 42nd Street. Broadway runs diagonally across the city, from the Lower East Side to the Upper West Side, veering
east of Fifth Avenue at 23rd Street, Central Park and Fifth Avenue (south of 59th Street and north of 110th Street). Further
downtown and particularly in the West Village, the streets become a bit more confusing as the numbered grid system dis-
sipates, but getting acquainted with (or hopelessly lost in) Lower Manhattan’s layout can result in some great food- and
fashion-related finds, at the very least.

Manhattan’s desirability and convenience translate into elevated real estate prices— vacancies account for less than 10
percent of all housing. This imbalance of supply and demand creates a competitive marketplace that requires potential ten-
ants to be knowledgeable about the residential market before attempting to navigate it (which is where we hope this guide
comes in).




     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
              Timing Your Move


Timing is Everything in Manhattan...
Under normal economic conditions, the Manhattan rental market follows seasonal patterns, and you can usually save
money by moving at a time of year historically more “favorable” to renters.

Manhattan Rental Prices

      3200



      2400



      1600



       800



         0
              January   February     March       April   May   June   July   August   September   October   November   December

                 Doorman           Non-doorman                  --Summer Peak Season--


During the holidays and colder seasons, people often put off their apartment search to hibernate. The warmer months, on
the other hand, seem to bring out the nomad in people, and in the summer, zillions of Manhattan university students and
recent grads scramble for housing, devouring inventory and causing demand (and prices) to spike. If you’re under no pres-
sure to move immediately, it makes sense to plan your apartment hunt for the late fall and winter months, as you’ll probably
find the most space for the least amount of money at these times.

Keep in mind that seasonal fluctuations vary depending on neighborhoods, apartment sizes and service levels, and larger
economic forces may influence the market unpredictably from year-to-year or even month-to-month. To find the best deal,
don’t just depend on anticipated seasonal patterns—monitor the Manhattan market closely to track where rents stand in
different areas of the city. Read real estate, business and finance publications to stay on top of things, and familiarize your-
self with the various market reports published by data research and real estate firms in the city (including TDG/TREGNY’s
very own Manhattan Rental Market Report). Most importantly, browse apartment listings with religious devotion! Obviously,
this is the best way to know how much places are going for at any given time.

Time is Not on Your Side
Of course, many renters don’t have the luxury of seasonally coordinating their apartment hunt. Most people begin their
search one month to 45 days before they need to move. Start looking any earlier and the majority of the apartments you
come across will list move-in dates before your desired date of occupation. Landlords commonly designate move-in dates
for their vacant units as the 1st or 15th day of the upcoming month, so plan your search accordingly.




     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
         Steps to Renting




                                             Research the Market

Determine Your Criteria                                                               Broker or No Broker?




      Insider Tip #1: Add
  TDG/TREGNY’s Apartment
 Rental Gadget to your iGoogle
page to get the latest streeteasy
 and craigslist listings instantly.

                                               View Apartments


Decide on an Apartment                                                               Set Up Appointments




                                                                                Insider Tip #2: This
                                                                                  is where using a
                                                                                broker can help you
                                                                                 the most. Setting
                                                                                up appointments is
                                                                                 time-consuming.

                                           Negotiate & Sign Lease

                                                                                       Get Keys & Move!
  File Your Application



            Insider Tip #3: Come
              prepared to avoid
             the risk of missing
             out on your dream
                 apartment!



 TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
    TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
      Determine Your Criteria


Size & Space
Space is an expensive commodity in Manhattan real estate, so it’s important to be realistic on your needs. How many people
do you plan on living with? Are you willing to share a bathroom or a bedroom? For single renters, more space for the same
price can often be obtained by joining up with roommates, but it comes at the sacrifice of privacy. Trade-offs should be con-
sidered, but if you don’t have a strong preference, it can be beneficial to start you search with some flexibility or at least an
open mind. Appendix A has detailed information on apartment sizes and building types.




Amenities
New York City rentals offer a bevy of choices when it comes to amenities. From laundry and elevators to on-site fitness cen-
ters and doormen, the city offers basic, high-end and everything in between. Renters looking to save money should prepare
for basic amenities and consider walk-up properties. While we love little extras as much as the next renter, for cost-con-
scious renters, amenities should be considered optional in your search. The one exception we make to this rule is regarding
security issues - you can’t put a price on safety.


Neighborhood
No other city offers more choices when it comes to neighborhoods than New York and they vary greatly. Even within neigh-
borhoods, certain streets and blocks are often more or less desirable based on their proximity to conveniences, transporta-
tion, etc. Appendix B gives a detailed description of some of the major Manhattan neighborhoods, but nothing substitutes
for walking around the area yourself; so if you can, visit the areas personally.




Budget
By far, the most restricting and important part of your criteria is your budget and you need to have a clear bottom-line to
start your search. While everyone would love to rent a SoHo pad for $500/month, it’s probably not going to happen. Once
you calculate the amount you can afford to spend on housing each month, you can evaluate your options. Don’t get discour-
aged if your budget is low! Read our Guide to Finding a Cheap Apartment for ideas on how to make it work.



     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
      Researching the Market


Learn All About Real Estate
Like nearly everything else in life, shopping for an apartment requires a fair amount of
research. You wouldn’t buy a new car without checking prices and viewing the models,
so why rent an apartment blind?

The first thing you should do is to check out resources like the Manhattan Rental
Market Report to get an idea of what apartments cost in your desired neighborhoods.
(Once you have these numbers in mind, you may or may not need to re-evaluate what
you are looking for.) These numbers are great for a starting point, but if you’re really
serious, it’s time to jump in and see more specifically “what apartments are going for.”
This is where technology comes in.

The best way to look for apartments is to look, even when you’re not really looking.
Set up your iGoogle page with TDG/TREGNY’s Apartment Rental Gadget and create an
                                                         account at tregny.com with your search criteria. (Detailed instruc-
                                                          tions are in Appendix C) Doing this will allow you to easily view
                                                          the newest properties on streeteasy and craigslist and have new
                                                          tregny.com properties emailed directly to you.

                                                           Also, if you are considering multiple options, renting a studio
                                                           alone or getting a two-bedroom with a roommate, don’t forget to
                                                           set up searches for all of these options. You may find that while
                                                           you can’t afford a studio in your favorite neighborhood, renting
                                                           with a few friends might be possible.

                                                           Once you start looking at specific properties and price points, you
                                                           will have a better idea of the type of apartment and amenities
                                                           that will fit in your budget.

Finally, don’t overlook your friends as potential sources of market knowledge - especially if they have been hunting recently.
Ask around to figure out what people are paying for their pads to get a realistic gauge of the market or ask them how their
search went. Just keep in mind that depending on when they signed their lease, prices may have risen or dropped since
then.




     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
         Broker or No Broker?


Deciding to Go It Alone
The Internet and the information age have taken the real estate market (and every other market, for that matter) by storm.
In the past, attempting to navigate the Manhattan rental market without a broker or some sort of professional assistance
was often an exercise in confusion and frustration, to say the least. Fewer people possessed the knowledge or resources to
successfully brave the Manhattan market alone, and even fewer still had the patience. Now, with more free online classi-
fieds, no-fee rental sites, public real estate databases and forums hitting the Web every day, renters are becoming incredibly
savvy about the world of Manhattan real estate. Using available free (or cheap) tools designed to provide transparency and
open access to the real estate market, you, too, have the ability to find a great apartment without enlisting the services of a
broker. All you need is plenty of time.

Today, most Americans lead extremely hectic lives. How much time you have left in your day after accomplishing your daily
duties at work and home will of course vary greatly depending on your present situation, but the more time you can devote
to your self-propelled apartment search, the more likely you are to wind up with an apartment you’re happy with. You
should look at your apartment search like it’s another “job”—one that you need to donate copious amounts of hours and
energy to in order to get done properly. If you choose to search on your own, understand that much of your free time will
be spent poring over apartment listings and coordinating viewings. If you work full time, you’ll probably need to take time
off or use your weekends to view apartments, as you must work around the schedules of the owners or supers showing the
properties (and many prefer showing apartments weekdays during normal work hours). You may take the time to check out
20 apartments only to find you hate everything, and become exasperated and bitter as a result. Apartment searching may
even become somewhat of an obsession—you may find yourself itching to browse listings and frantically making phone calls
on your lunch break to set up appointments, all in hopes of not missing out on that elusive apartment that’s “the one” (not
that we know from experience, of course).

Keep in mind that if successful, you’ll be handsomely rewarded with a happy home you found on your own, and you’ll also
be 15 percent of your annual rent richer (since you avoided a broker fee). On the other hand, apartment hunting in Manhat-
tan without a broker is far from easy, and can, in short, make you feel like ripping your hair out. Particularly if you’re using a
free online classifieds service to search, you’re bound to at some point run into con artists and scams; flaky, unprofessional
owners who miss appointments and never return your calls; and apartments that look like fantastic in photos, but in reality
more closely resemble accommodations at Riker’s. These things happen.

So what will you get if you decide to use a broker? Mostly, the gift of time. Brokers know what is available, going to be
available and what apartments aren’t worth the time to look at. They will use this information to eliminate many units that
won’t meet your criteria and make sure that you are only seeing the best properties on the market. This market knowledge
is invaluable to renters who are picky, time-strapped or not familiar enough with Manhattan to successfully search for them-
selves. Once you find an apartment you like, the broker will also help you prepare your application package and, if neces-
sary, negotiate with the landlord.

You may be surprised to know that with the exception of exclusives, Manhattan brokers generally do not possess any special
inventory of apartments that the layman can’t access. So, your broker’s personality and working style is really what you
need to evaluate when deciding who to work with. Whether they are with the largest or smallest company, you’ll still have
access to the same great apartments. The bottom line is, if you feel your broker doesn’t have your best interests at heart,
find someone who does.



     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
           Set-Up Appointments


Scheduling Viewings
If you’ve decided to use a broker, you won’t spend any time at all scheduling viewings. You will simply give your broker your
available times and dates and they will take care of the rest. But if you’re going it alone, you’ll need to be diligent and orga-
nized in seeing multiple units. Remember, units can disappear quickly, so the sooner you see the unit, the better.

In all likelihood, as a renter in Manhattan, you probably have a full-time job, which eliminates the luxury of seeing apart-
ments mid-week. If you can take a day off of work, however, you will find that setting up appointments during normal busi-
ness hours is much easier than trying to get into them on the weekends.

Visiting apartments in bulk is also a great time saving
technique. If you are looking at apartments that are
nearby, try to schedule the viewings back-to-back, giving
yourself between 30 minutes and an hour to see each
property. The faster you can move onto the next unit,
the better. Just make sure to be thorough in your initial
viewing as your first visit may be your only visit to the
unit prior to signing a lease.

Keeping track of all of your appointments is crucial. One
way to track them all is to set up a spreadsheet with
the date, time, location and contact information for each showing. If you are not familiar with the area, you can use Google
maps to set up ‘walking directions’ to and from each unit. Being on time and prepared shows landlords and agents that you
are a responsible and serious renter.

Don’t trust the ad...
Finally, advertising can be deceiving. No matter what the ad says, or how nice the apartment seems in pictures, nothing
substitutes for actually visiting the unit. The unit can be great, but it might be on the third floor of a walk-up with a Chinese
restaurant downstairs. While you may love General Tso’s chicken, you may not want to smell it 24/7. So, if you are consid-
ering an apartment, make sure to set up an appointment to see it. Don’t blindly sign a lease because the pictures on the
website looked good.




     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
              View Apartments


What to Bring...
“Come prepared and leave happy” sums up the Manhattan apartment hunting process relatively well. As we’ve said, if you
find an apartment you like, you need to jump on it immediately, and the only way to set the wheels in motion is to have all
the documents you’ll need to secure the lease on your person when you go apartment hunting. That way, you can immedi-
                                                                 ately apply and don’t have to worry about someone get-
                                                                 ting their paperwork in before you and “stealing” your
                                                                 precious, hard-earned apartment. Plus, being prepared
                                                                 makes you look good---the landlord will perceive you
                                                                 as someone who is responsible, serious and savvy. It is
                                                                 a good idea to bring the following items with you when
                                                                 you go on your apartment search:

                                                                     Essential Application Information - This includes your
                                                                     employer’s contact information, the name and contact
                                                                     information of your bank, and the names and contact
                                                                     information of previous landlords. (If you plan on using a
                                                                     guarantor, be sure to have their essential information as
                                                                     well).

Employer Verification Letter - This letter must be prepared on company letterhead and signed by your supervisor. It should
state your position, start date, salary and, if applicable, guaranteed bonus. It should also indicate whether or not you are
entitled to a housing allowance and if so, how much.

Bank Statements - You should be prepared with at least the last two months’ statements.

Tax Returns - In some instances you may be asked to show tax returns, so it is a good idea to bring the last two years returns
with you.

Photo Identification - A driver’s license, passport, or other form of government issued photo ID will be required.

Monies - It is important to at least bring along monies to cover the application fee(s), and, if necessary, the deposit (one
month’s rent) in order to secure the property.

Camera - A camera can come in handy to keep track of apartments. Snapping a few shots of the interior and exterior can
help you jog your memory, especially when seeing a number of units in rapid succession.

Tape Measure - This is important if you have specific pieces of furniture that need to fit into your new home. Be sure to
come with all measurments written down as well.




     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
       Decide on an Apartment


Picking Your New Home
Now that you’ve seen the units available, you need to decide on an apartment. While many renters will immediately walk
into a unit and know it’s for them, others may have to weigh the pros and cons of multiple units. Here are some things to
consider:

             What is the best location?

             Will you be comfortable commuting from there?

             Will there be enough to entertain you on the weekends?

             Is travel outside of the area convenient?

             Is the layout of the unit functional?

             Are there any major repairs necessary? Remember, dirt can be cleaned, but repairs are more difficult to fix.

             Is there enough space for all your stuff?

             Is there ample natural light?

             Can you comfortably afford the unit and all utilities?




                                                         vs.


     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
          File Your Application


Renting Qualifications and Costs
Once you have considered the various types of apartments and buildings you are interested in viewing, you need to prepare
the necessary documentation and fees needed to apply for them. Getting an apartment in Manhattan does not just mean
giving basic information and writing a check, so it’s important to understand what makes you qualified to rent in the city.

Income Requirements - Most landlords require tenants to make 40 to 50 times the monthly rent of the apartment as their
annual salary. In most cases this must be guaranteed income and does not include bonuses. (ex: If the property is $2000.00
a month, you must earn $80,000.00 to $100,000.00 a year in order to qualify to rent the property.)

Lease Guarantor - If an applicant does not meet the financial requirements the landlord may require a Lease Guarantor. This
person is responsible for the rent if the tenant fails to pay it. They are generally required to go through the same application
process as the tenant and earn 80 to 100 times the monthly rent. Most landlords prefer a tri-state guarantor (someone who
lives in New Jersey, New York or Connecticut) however this will vary from landlord to landlord.

Application / Credit Check - This is typically a single document that will provide a landlord with an applicant’s professional,
financial and personal background information required when applying to live in a property. (Credit check is only applicable
for US residents).

Application Fees - Application fees are generally due at the time of application submission and range in price from $50-$100
(per application) for a rental building and anywhere from $250-$1,000 for a co-op or condo building.

Required Certified Monies - One month’s rent and one month’s security is generally required at time of lease signing.
Landlords generally require these monies in the form of two separate certified checks or money orders and do not accept
personal checks, or cash. These can be obtained at a Manhattan bank for $10-$15. If you do not have a US credit history or
have bad credit, landlords will often request additional security. Some landlords will allow the tenant to pay via credit card,
but they may require additional surcharges (2-3% will be added to the rent and security payments).

Brokerage Agreements - Because tenants pay the brokerage fees in Manhattan, it is customary to be asked to sign a fee
agreement when first visiting with a broker. This agreement simply states that you agree to pay a fee to the broker if they
help you to secure a lease on a particular property. You are not required to pay a brokerage fee if you are unable to secure a
lease with them.

Brokerage Fees - The standard brokerage fee in Manhattan is 15 percent of the annual rent and is generally due at the time
of lease signing. You are only responsible for this fee if you secure an apartment through that broker. Fees should always be
made payable to the brokerage firm and not an individual agent. TDG/TREGNY’s Rental Division accepts major credit cards
for payment of fees; additional surcharges (2-3 percent) will be added to the brokerage fee.

Owner Paid Fees - There are certain circumstances where a landlord may pay a portion of a fee to a broker. According to
New York State law, the broker must notify the person responsible for paying the fee (tenant, sponsoring corporation, etc.).
In this case, TDG/TREGNY’s Rental Division will discount your fee by the amount of monies received by the owner.

A broker will help you prepare your application or, if you are working alone, you will be responsible for turning in a com-
plete application package. We recommend double-checking all requirements and following up with the leasing organization
promptly to ensure nothing falls through the cracks. Appendix D has a list of special circumstances to be aware of.




     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
        Negotiate & Sign Lease


Making It Yours
Until recently, negotiations were unheard of in the Manhattan rental market. Apartments were take-em-or-leave-em and
incentives were the stuff renters’ dreams were made of.

However, now that the market has softened, sometimes there is a bit of wiggle room in rental deals. Your broker will be the
best resource in offering you advice on if negotiating will be possible and how much you might be able to gain. Just remem-
ber, even in a soft market, you can still lose an apartment. If the dollars and cents don’t add up for the landlord, they will still
walk away from a deal.

Once you agree to terms, the lease will need to be signed by all parties – this includes the landlord, renter and, if applicable,
guarantors. All paperwork will need to be signed before you move in, so if you are using a guarantor that is not in the area,
be prepared to quickly ship documents.

Once the lease is signed, the apartment is officially yours!

If you have a broker...

Another benefit to having a broker is their connections with other local professionals. Many brokers will be able to provide
you with recommendations for services like movers and decorators - which can be especially helpful if you are new to the
area.




     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
                     Appendix A


Unique Apartment Types
In addition to the standard apartments available in Manhattan, there are several unique shapes and sizes that may be unfa-
miliar to you.

Studio - A one room apartment where the bedroom and living room are in the same space. Depending on the room size,
the kitchen may either be a separate room or simply found along a wall in the same room. Studios are sometimes known as
efficiencies.

Alcove Studio - Similar to a studio in that it is composed of only one room, but it also offers an open area adjoined to the
living room space which is typically used for sleeping. An alcove studio is sometimes known as a junior one-bedroom or an
L-shaped studio because the layout may resemble the shape of the letter.

Flex (convertible) Two - A one bedroom apartment that has enough space, usually in the living room, to put a temporary,
also know as pressurized, wall in order to convert the larger room into a second bedroom and smaller living room. (Convert-
ed Apartments contain a large open space, generally the living room, that can be converted to create an additional bedroom
or dining room)

Junior 4 - A one bedroom apartment with an additional alcove space in the living room, generally used as a dining room, or
converted into a second bedroom.

Classic 6 - Specific to a prewar building, this is an apartment with six rooms: a living room, a formal dining room, a kitchen,
                                                                        plus two full sized bedrooms, and a small third bed-
                                                                         room, typically referred to as the maid’s room. (Classic
                                                                         7s and 8s are also available, and provide one or two
                                                                         additional full sized bedrooms).

                                                                        Furnished Apartment - Generally rented as a short-
                                                                        term rental, (less than one year, can be as little as
                                                                        one week) these apartments contain all the furni-
                                                                        ture, kitchenware, and bathroom accoutrements one
                                                                        would need to live.




     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
                     Appendix A


Building Types
There are three basic types of buildings in Manhattan: 24 Hour Doorman / Elevator Attended, Elevator / Lift (unattended),
and Walk-Up (unattended):

Doorman Building - These buildings tend to be larger buildings, such as high-rises, with the highest level of security. They
also offer the highest level of convenience and comfort because someone is there to take/hold your packages, dry cleaning,
scheduled drop-offs, or anything else you might need while you are out. (If you are new to Manhattan, delivery is a way of
life on the island. Also, you should consider that mail and packages will not be left without a signature - another benefit of
the dooman building.) There are three types of Doorman Buildings: luxury high-rise, standard, and part-time doorman.

Luxury High-Rise - These buildings have more than one doorman, usually a full staff of attendants, and offer concierge-like
(hotel) services. Top amenities, such as a private health club, pool, sun deck, children’s playroom, laundry facilities, etc, are
generally available, but will vary with each building.

Standard Doorman - These buildings have someone on duty 24 hours a day and will provide the security, and convenience
of a doorman, but they do not offer added amenity services.

                                                     Part-Time Doorman - These buildings typically have a doorman for the
                                                       day shift but rely on security cameras or some form of high-tech secu-
                                                       rity system at night.

                                                        Elevator Building - These buildings do not have a doorman on duty,
                                                        although some may have an elevator attendant. These buildings are
                                                        considered somewhere in between a doorman building and a walk-up
                                                        with respect to quality, comfort and security. They often have laundry
                                                        in the building and a security system such as an intercom. These build-
                                                        ings are typically more moderately priced and are not as expensive as
                                                        a doorman building, but not as inexpensive as a typical walk-up.

                                                        Walk-Up Building - These buildings do not have a doorman or elevator.
                                                        They can be brownstones or townhouses (4-5 stories), above store-
                                                        fronts (generally one or two stories), or low-rise buildings (free stand-
                                                        ing 4-5 stories). They are the most affordable living accommodation in
                                                        the city; however, as a result they have minimal amenities. Most walk-
                                                        up buildings have double door security and some have more elaborate
                                                        systems, such as intercoms and cameras.

                                                       Note: The quality of the building with respect to Elevator and Walk-Ups
                                                       can vary drastically depending on how well the property is maintained
                                                       by the owner, and each situation should be judged on its own merits.




     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
                     Appendix A


Building Structures
The physical architecture of the buildings types described above can vary and knowing what to expect of these properties
will help you narrow your search. They can generally be categorized as one of the following:

Brownstone, Townhouse, or Mansion - Most date back
to the late 1800s and early 1900s and were originally
built as single family homes. While the single family
home still exists (ranging from three to five stories),
many have since been converted into several apart-
ments per building. Largely considered the historic
gems of Manhattan, these apartments are known for
their architectural character and offer an alternative
to a standard high-rise or modern apartment. They
typically have plank hardwood floors, high ceilings
with exposed beams, crown moldings, and working or
decorative fireplaces.

Loft Building - Except for new construction, these prop-
erties were at one time commercial spaces that have been converted for residential living and can range from 5 to 20 stories
tall. The homes inside are typically large, open spaces and can vary in their degree of architectural character. Many lofts are
intentionally left raw with their freight elevators in tact, and original columns left in place, allowing the renter to convert the
empty space into open living areas. Increasingly, renovated or newly constructed lofts are available that offer the same high-
end amenities (gym, concierge, laundry, etc.) found in a luxury high-rise.

Prewar Building - These are representative of any building built prior to World War II. These buildings are often character-
ized by their elaborate architecture and extensive detail. They typically feature high ceilings, hardwood floors, and decora-
tive elements such as fireplaces, and original details. It is quite common to find these properties to have a 24 hour doorman
or elevator operator service.

Postwar Building - These are representative of any building built post World War II. Known for their simple design and well
divided units, they offer a more modern living space than the typical prewar building. These buildings usually have laundry
facilities in the basement of the older buildings, or on each floor in newer buildings. Doorman services vary from building to
building.

High-Rise - Refers to any building that stands 20 stories or more and was typically built in the latter part of the 20th century.
These buildings tend to offer standard shaped apartments, known as cookie cutters, and vary in the level of services and
luxury.

Low-Rise - Refers to any building that is less than 20 stories high but they are typically 4- 12. These buildings may also have
standard shaped apartments, and are usually walk-up or elevator buildings. Most have laundry in the building and feature
video intercom systems.




     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
                     Appendix A


Building Ownership
There are three types of building ownership in Manhattan and they each vary with respect to the requirements and ap-
proval process one would need to go through in order to live in that property. They range in difficulty from rentals, being the
easiest, to co-ops, which are notoriously the most difficult.

Rental Buildings - A single landlord owns the entire building and the real estate laws determine whether the specific unit is
rent stabilized or non-rent stabilized. Landlords generally require the standard paperwork (discussed later), a credit check
and request one month’s rent and one month’s security deposit upon lease approval. The approval process can take any-
where from one day to one week but is usually no more than that.

Condominiums (Condo) - Each unit is individually owned and is used as a personal residence or can be rented out as an
investment property. Subject to the regulations of the condo board (governing body for the building made up of individual
owners), owners are able to determine their own rental price and lease length. Owners will generally require from an appli-
cant the standard paperwork plus whatever additional information they feel necessary for approval. In addition, applicants
must also submit whatever necessary paperwork the board may ask for as the owner of the property is required to disclose
any potential renters. However, unlike a co-op, the board does not have the right to turn down an applicant that an owner
is willing to rent to. Tenants are generally required to pay application and / or board and move-in fees (as well as additional
Security if required) and the approval process could take anywhere from one week to one month.

Co-operatives (Co-op) - As in a condo, each unit is individually owned;
however, individuals actually own shares in the building based on their
apartment’s size and value, and not the deed to the property as one
would in a condo. They tend to have the most stringent rules and regu-
lations with respect to rentals. The co-op board generally requires ex-
tensive financial and personal information in addition to the standard
paperwork. Prospective tenants must also undergo an extensive inter-
view with the building’s co-op board. Tenants are generally required to
pay large application, board, and move-in fees as well as extra security.
Co-ops can often be problematic for international clients or new hires
without an established credit history. The approval process generally
takes around one month or more.




     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
                    Appendix B


Manhattan Neighborhoods

Manhattan’s streets are based on a grid system. The avenues run north to south (First Avenue being the farthest east and Twelfth Av-
enue being the farthest west), while the streets run east to west across the avenues. As you travel north, the street numbers increase.
Fifth Avenue is the center of Manhattan and divides the city into the East and West Sides; therefore, there is an East 42nd Street and
a West 42nd Street. Broadway runs diagonally across the city from the Lower East Side to the Upper West Side, veering east of Fifth
Avenue at 23rd Street, Central Park and Fifth Avenue (south of 59th Street and north of 110th Street).

                       Upper West Side
                       The neighborhood extends north from Columbus Circle at 59th Street up to 110th Street and is bordered by
                       Central Park West and Riverside Park. Elegant prewar buildings along the boulevards of Broadway, West End
                       Avenue, Riverside Drive and Central Park West meet tranquil tree-lined streets with brownstones. Much of the
                       area is protected by landmark status, and the neighborhood’s restored townhouses and high priced co-op apart-
                       ments are populated by actors, young professionals, and young families.




                       Upper East Side
                       The neighborhood extends from the edge of Central Park at 59th Street to the top of Museum Mile at 105th
                       Street. It is home to world-renowned cultural institutions, the most coveted boutiques and the finest cuisines.
                       It is a natural choice for families, executives, and those looking for fashionable Park Avenue addresses, though
                       certain areas of the UES do offer (relative) housing bargains.




                      Midtown West
                      The neighborhood is bordered by 59th Street to the north, 40th Street to the south, Fifth Avenue to the east
                      and the Hudson River to the west. It’s one of the most popular tourist destinations in Manhattan and is home
                      to Times Square, the Theatre District and large corporations. Young, wealthy individuals have migrated to this
                      neighborhood with the construction of many luxury high-rise residential buildings.




*The various colored circles listed below each neighborhood represent the different subway lines that run through them.




   TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
      TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
               Appendix B


Manhattan Neighborhoods

                 Midtown East
                 The neighborhood bordered by Central Park to the north, East 42nd Street to the south, Fifth Avenue to the
                 west and the East River. This area is home to individuals who like to work close to home and the affluent residing
                 in modern skyscrapers, prewar buildings and luxury brownstones. The United Nations, the Chrysler building, the
                 New York Public Library and Grand Central Station are located here.




                  Chelsea
                  This eclectic neighborhood extends from 15th Street to 34th Street, bound by the Hudson River on the west and
                  Sixth Avenue on the east. Chelsea fosters a booming art scene and is home to many of the city’s renowned art
                  galleries. It also houses a wide variety of restaurants, a thriving gay community and many professional families
                  attracted by the highly-desirable area’s proximity to Hudson River Park, Midtown and Greenwich Village.




                  Murray Hill
                  The neighborhood is bordered by East 41st Street on the north and East 30th Street to the south, Fifth Avenue
                  to the west and the East River. It is a unique residential enclave housing both prewar and postwar co-ops and
                  brownstones on tranquil tree-lined streets. This area is home to the Piermont Morgan Library.




                   Gramercy
                   The neighborhood is surrounded by East 23rd Street to the north, East 17th Street to the south, Fifth Avenue
                   to the west and the East River. This area is named after Gramercy Park, the only private park remaining in
                   Manhattan. Sixty-six buildings located between 20th and 21st Streets, between Park Avenue South and Third
                   Avenue, house residents with golden-key access to the park.




 TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
    TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
                    Appendix B


Manhattan Neighborhoods
                       TriBeCa
                       The neighborhood extends from Canal Street on the north to Broadway on the east (TriBeCa refers to the Tri-
                       angle Below Canal Street) and is home to many celebrities, newly converted ultra-modern lofts (at some of the
                       highest prices in the city) and the most fashionable restaurants, hotels and nightclubs.




                        Financial District
                        The neighborhood extends from Fulton Street on the north to Battery Park City in the south and the Hudson
                        River to the East River. It is the financial center of Manhattan and is home to the New York Stock Exchange, the
                        Manhattan courts, the Federal Reserve Bank of New York and South Street Seaport. This area is experiencing
                        exponential residential growth due to the new affordable luxury high-rise buildings becoming popular among
                        those moving downtown.




                         Battery Park City
                         This 92-acre private park is bordered by Vesey Street on the north, West Street to the east and the Hudson
                         River on the west. It is popular among young families and single men and women working in the Financial Dis-
                         trict. Its modern buildings and pristine river-front parks make BPC a highly desirable neighborhood for those
                         who want to live downtown.




                                                   Check Them Out For Yourself

We can tell you about Manhattan’s neighborhoods ‘til we’re blue in the face, but you won’t really figure out which one you want to live
in until you go visit them in person. After researching the city’s neighborhoods and narrowing down a few possibilities based on price,
location and vibe, set aside time (assuming you have some) to walk around the different areas to get a real feel for what they’re about.
Take in the scene, both during the day and maybe more importantly, at night, to make sure you can picture comfortably immersing
yourself in the community.

Talking to people who live in the area is another great way to learn about your surroundings and possible future home. Despite their
reputation for notoriously surly and anti-social behavior with strangers, New Yorkers are in fact human, which means they, too, like to
talk about themselves and their lives when given the opportunity. When you find an apartment you like, before you make a decision,
chat it up with some would-be neighbors who live in the building. It’s usually pretty easy to tell when people are happy with their ac-
commodations, and if you ask them “Do you like living here?” you’ll find that most apartment dwellers will be frank.



   TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
      TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
                       Appendix C


Installing TDG/TREGNY’s Apartment Rental Gadget
                                                     Want your very own iGoogle Apartment Rental Gadget? It’s easy to install and
                                                     get you instant access to all streeteasy and craigslist inventory.

                                                     Step 1: Make sure you are signed into your google account

                                                     Step 2: Go to tregny.com/manhattan_rental_gadget

                                                     Step 3: On the left of the page under “Want this gadget?” Click the +Google
                                                     button to add it.... 1, 2, 3, - it’s just that easy.




Creating a tregny.com Profile
One of the best ways to track apartments you’ve viewed, find new listings (even ‘no fee’ listings) and get access to the best
resources is to create a tregny.com user account. Best of all, it’s free and easy. Here’s how to get started...

Step 1: Go to tregny.com

Step 2: Click on the Login/Sign Up Button at the top right corner.

Step 3: Enter your information and click “Sign Me Up”

Step 4: Once you’ve logged in, you can access your personal profile by clicking on the “My Account” button in the top right corner




      TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
         TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
                     Appendix D


Special Circumstances
There are some circumstances that may require additional preparation when renting an apartment in New York City that you
should be aware of.

Roommates - Landlords often will not take any more than two names on a lease. Roommates are held jointly responsible for
rent and brokerage fees. Additionally, roommates are held responsible for any other roommate’s unpaid rent. We encour-
age you to create a written agreement amongst all parties involved, binding each individual to the terms of the lease and to
the fee. The combined income of the roommates will often be considered with respect to financial requirements; however,
this is landlord specific and you should advise your agent ahead of time if this is how you plan to qualify for an apartment. In
addition, landlords may require a guarantor regardless of whether or not the combined income meets the financial require-
ments and you should discuss this in advance.

Walls - Often, finding a true two-bedroom on a limited budget can be difficult. Another alternative is to find a one-bedroom
that can be converted into two by installing a temporary wall. There are several reputable vendors in Manhattan that will
deliver and install a wall for a fee. However, not all landlords will allow these shares and you should notify your agent if you
are interested in doing so. You are often responsible for taking down the wall at the end of your lease.

International Tenant - If you pay taxes outside
of the United States, or if you have a housing
allowance from your employer, your eligibility is
evaluated differently. You should consult your relo-
cation supervisor or broker to determine a budget.
Without a US rental history, many international
transferees are required to pay additional security.
In addition, some landlords may require as much
as 6 months to one year of rent to be paid in ad-
vance depending on the circumstances.

Pets - Man’s best friend can unfortunately prove
to be his worst enemy when it comes to finding an
apartment in Manhattan, particularly those pets
that are over 20 lbs. Most landlords in New York
City do not accept dogs and if they do, they generally prefer them to resemble cats in size. Cats and other domestic pets can
also limit your inventory and you should advise your agent of any pets you may have or plan on getting in the future.




     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com
                                          Guide for Renters




                                               We Are Here to Help
If you have any questions, need clarity on anything mentioned above, or would like to schedule an appointment to meet with
one of our professionals regarding renting or buying a new home, we can be reached at 212.475.9000. Please feel free to ask
                  for me, Daniel Baum, personally. Alternatively, you can email me at dbaum@tregny.com.

                                                         Thanks,
                                                       Daniel Baum




     TDG/TREGNY 115 East 23rd Street, 2nd Floor, New York, NY 10010 212.475.9000 Fax: 212.475.9009 www.tregny.com
        TDG/TREGNY 165 Bedford Avenue, Brooklyn, NY 11211        718.222.1545  Fax: 718.963.2170  www.tdgre.com

				
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