Son (24) will be starting a new job in NYC Financial District, where should he live?

gina2000

anonymous
Joined
Jul 30, 2000
It totally depends on his role. If he is working for an investment bank in trading or investment banking, he needs to be in Manhattan because his hours are long and often late into the night. FiDi does shut down after hours but it’s convenient. It’s only a quick subway ride to the Village or any other entertainment.

Your son needs roommates. Many people subdivide a one bedroom into a 3 bedroom if the common living area is large. I don’t know what rents are currently but my son and his roommates were paying between 6 and 7k for their apartment in FiDi in 2018. Things have changed so that number may be way off. If he can swing it, your son also needs a doorman building for safety. The concierge service will drop off and pick up laundry for him. All good things for young men who are working long hours.
 

morgan98

DIS Veteran
Joined
May 29, 2010
So, there is a YouTuber - Cash Jordan who posts multiple videos every week on what your $$$ will get you renting various apartments in various boroughs of NYC. He gives you apartment tours, talks about how the Pandemic impacted rent prices etc.

I have no intention of living in NYC, but I have to say it has been very interesting to see. Some places he shows are nice, some have potential and some are hard stop NO WAY!

Just my $.02.
 

SirDuff

DIS Veteran
Joined
Mar 19, 2014
Don’t forget about Battery Park and the newer housing developments that have grown around it. Nice nabe that caters to the financial district staff and a good mix of singles and growing families. Pretty much anything you want can be acquired without leaving the area. Considered buying there after 9/11 when the R/E market made it a buyer’s market but concerns about the flood plains put me off. Must admit it’s a very expensive zip code and was planned that way.
I have family living basically beside Stuyvesant high school (also both “in finance”). I definitely don’t find the area a ghost town. They now have a family, but he started living there was he was still single (and probably in his late twenties).
 

mjkacmom

DIS Veteran
Joined
Feb 20, 2006
Sigh. Most kids I know that have lived or live here feel the same way bc we have easy access to the City and it's cheaper, cleaner and safe with Lots to do. And it's beautiful here, hiking, biking, kayaking is not for the old people, and you can go into NYC all you want. My husband works in the City and we have NEVER even when we were this kid's age wanted to move there for the reasons I mention and have mentioned to you over and over. You have never lived here so you have no idea. I was just giving an option for them to check out and decide for themselves.
So no kids. You do understand that I also live in a NYC suburb. You do understand that there is a huge difference continuing to live in the same NYC suburb you grew up in and know people (like I did as well) vs. moving to a NYC suburb alone knowing no one, when most likely the majority of your social life with be with the folks you work with in the city? Apples and oranges.
 

NotUrsula

DIS Veteran
Joined
Apr 19, 2002
I would agree that if he is working in finance right out of school (in a position that was worthwhile for recruiters to go out of town for), it is likely that he will be working wicked long hours, and will probably often be called in to work at short notice, which makes a long commute really problematic, because those late nights/early mornings may require using Uber or cabs to get back and forth more often than he would like.

At this stage in his career, I'd say that being as close-in as he can get is worth the short-term investment, especially if he can find a sublet for a while that will let him get his bearings. The odds of being able to afford living alone are really pretty slim, especially if he has student loans, although right now NYC is one of the few places in America where prices have gone down instead of up. However, since this is NYC we are discussing, their definition of a bargain is still very pricey compared to the rest of America. (And this is the point where I throw in another twenties-friendly commuting neighborhood, but it isn't really optimal for working in lower Manhattan, though it's great for midtown. It's Astoria, in Queens. Fun, funky, with great food, but not as fashionable as Brooklyn, which means the rents are more affordable. In Astoria it is also important to be aware of the LGA flightpath.)

As a PP pointed out, some people are not cut out for dealing with NYC, and I think it would be wisest to do his best to avoid any kind of long-term housing committment right away, because he *could* find that he is one of them, especially as he has never actually been to NYC. If it is a large firm, it's likely that HR maintains a roommates-wanted list.
 
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  • lila

    Mouseketeer
    Joined
    Aug 21, 2005
    As you can see from the heated debate, the real answer is he can live almost anywhere and people DO make all kinds of different living choices in NYC based on their personal priorities and financial situations.

    I have lived on the UES in the same neighborhood I moved to when I graduated from college in the early 2000s. Over the years I have worked in the financial district, midtown east, midtown west, Jersey City, Times Square, Westchester and even Stamford, CT (all via public transit, I have never had a car here). I originally chose my neighborhood because many of my college friends lived there at the time.

    I work at a major bank and my analysts, who are right out of college/early in their career, live in all the neighborhoods suggested throughout this thread. Almost all the folks who graduated last summer have continued to live with their parents (from many different US states) until the dust settles post Covid.

    Personally, I prefer Manhattan, but there are vibrant communities and easy commuting access via the Path to Jersey as well as LIRR to Long Island and MetroNorth to CT. Unless folks have family in Long Island/CT/Westchester, it's rarer to see recent college graduates chosen to live there, but it certainly happens. Hoboken and Jersey City are more common choices outside the city boroughs. FiDi can be very quiet after working hours, and I prefer to have separation from my office, so that wouldn't be my personal first Manhattan choice, but YMMV.

    My practical suggestion is he poke around StreetEasy.com - that's the best source of NYC apartment information right now (renting or buying!) and can give him good info on what he can get in each neighborhood for his money. Finally, there are a lot of sublets available right now, or opportunities to take over leases at a discount or X months free rent. I just negotiated with my own landlord for a significant annual reduction.

    Finally, my bank is still primarily in WFH mode, and anticipate it will remain that way until Labor Day. Many firms will consolidate real estate and have folks desk share so they will come in some days vs. all days. Our CEO had been very strong in saying we would return in full force to office, but this position has been softening. Future WFH abilities will vary by function/firm but is good to understand as it may mean he does not need to rush into finding an apartment immediately and could explore different neighborhoods while subletting or taking shorter trips in.

    Good luck! It's an exciting transition :)
     

    mjkacmom

    DIS Veteran
    Joined
    Feb 20, 2006
    You are really a trip and so wrong, omg no kids where did I say that? I said no young adults including ones I know which includes any I raised wanted to live in NYC bc they didn't need to, it is an easy commute, which I said multiple times in my posts, geez read what I say. Also my neighborhood is not people I have known forever in any way. And there are neighborhoods walking distance to many restaurants, bars, stores, art galleries, wine bars, small quaint shops, etc. with many young professionals single and with children also. Neighbors come and go bc taxes high in homes. But compared to close to NYC we are a lot cheaper and safe. Maybe many years ago it was like you say but not now, not where I live. The cost of living is getting high everywhere even here tho average 1 bedroom is about 1200 to 1500 but I know someone who pays 900. Housing prices have gone through the roof, it is a seller's market for sure. That being said, if I really wanted to stay in an urban environment and could afford and was a young professional, I would probably go for somewhere like Hoboken which would run you at LEAST 1000+ more a month at the very least. It is actually very nice here tho maybe you can check it out and actually come here bf trashing it and thinking you know about it and have never actually been or lived yourself.
    Again, you haven’t said where “here” is. In my neck of the woods, a few mikes away, I would think Montclair would be nice for a young professional, although rent would be $2000+ for anything decent. I happen to love where I live too, but this guy, again knows no one, and as a PP pointed out, he will most likely be working long hours (Ds22 works in finance but in Princeton, well actually now remotely, about 12 hours a day and on weekends). I’m not knocking where you live (wherever that is), I just agree with almost everyone else on this thread that he‘d be better off staying close to the office for social and practical reasons. If the OP was asking about her son, daughter in law and kids, I’d say come live by me.
     
  • amylevan

    DIS Veteran
    Joined
    Aug 31, 2005
    I would also point out that COVID has pushed a lot of companies who never considered WFH to be possible into exactly that, and as the dust clears, I think a lot of companies and work situations are going to look very different. Between him not being familiar with NYC and not knowing exactly how things are going to look post-COVID, I would be hesitant to enter into any long term living situation.

    But since you asked, Hoboken and Brooklyn are where I would look first.
     

    tinkerdorabelle

    DIS Veteran
    Joined
    Mar 7, 2001
    Again, you haven’t said where “here” is. In my neck of the woods, a few mikes away, I would think Montclair would be nice for a young professional, although rent would be $2000+ for anything decent. I happen to love where I live too, but this guy, again knows no one, and as a PP pointed out, he will most likely be working long hours (Ds22 works in finance but in Princeton, well actually now remotely, about 12 hours a day and on weekends). I’m not knocking where you live (wherever that is), I just agree with almost everyone else on this thread that he‘d be better off staying close to the office for social and practical reasons. If the OP was asking about her son, daughter in law and kids, I’d say come live by me.
    Omg. You have endlessly trashed my area which all I said is it is north along the Hudson as there are many walking towns there, saying things about it that are not true in any way including whether I have kids or not. It is cracked. Your area may very well be better, I have no idea where that even is, and am not saying otherwise as you Totally Continue to Miss my point which is LEAVE IT TO THE OP AND STOP TRASHING MY AREA THAT YOU KNOW NOTHING ABOUT. Nor do you know what is right for the OP and her son. It is sad bc it may be better for her son, that is all I meant and am saying. Let THEM decide. Don't think you know better.
     

    clori

    DIS Veteran
    Joined
    Dec 15, 2002
    My nephew graduated college 3 years ago in May. He is not from NYC but took a job there near Grand Central. His first year he lived in a roommate situation in Manhattan near the Roosevelt Island Tram. Then he moved near NYU Langone Hospital (also near a Veteran's hospital). He ended up in a 550 sq foot studio with heat/hot water for $2350. He can afford it but would love to upgrade to a 1 bedroom now that he has worked from home over a year. Ideally he would buy a place but that isn't in the works. The building is pretty basic but has the usual doorman, elevator, gym, laundry room etc.

    He found that there were several coworkers also new to the city. Precovid they would pick random touristy places none of them grew up going to and make plans to meet with whoever was interested. He also had friends from school who took jobs in Manhattan so he had some people to go out with he already knew. He would hate to live outside of Manhattan. He loves not driving, having lots of new ethnic restaurants to eat at (well take out only now) etc. Since he grew up in the suburbs I think his parents were a bit nervous about him moving to the city. They did like though knowing that my husband's brother&family live in Manhattan as well as his father still resides in the rent controlled apartment in Midtown. Once I stayed at a hotel in Seacaucus and he took the 302 bus to come see me and was like I'm so glad I live in the city.
     

    HopperFan

    "It's a bug-eat-bug world out there, princess."
    Joined
    Sep 6, 2003
    OP - I wish your son luck, NYC is a great city especially for a young person with a good career path. I hope he takes every opportunity he can because who knows, like many of us he'll have to leave one day and I wish I had done so many things.


    That is true about paying for the train BUT some here are talking about 3K or 2K or 2500K a month rent. Up here by me you can even snag a place around 1K if you get lucky but 1 bedrooms average 1200 to 1500 and you could even maybe luck out something less. Obviously you are not going to pay that much difference in travel and would still save. Just saying something to think about especially if you like both worlds of hiking and outdoor life AND nightlife.
    How would you know where all younger people want to live, I lived here when I was that age and had no wish at all to move closer to the City, neither did most I know, simply bc we had easy access to the City and places to hang out here, and other things to do here including bars, etc., and also hiking, biking, kayaking and all manners of outdoor activities. I was just mentioning it for the OP. Maybe he is a City kid that doesn't like the idea of travel, I just put it out there as an option. Or maybe he would love it, love to save money on rent bc it is about half or less than other places mentioned here.
    I don't think anyone is trying to diss where you live and how much you enjoy it. No one has trashed your area, it sound lovely. But what we are trying to say is that a young man starting his career in the financial district should look for something quite close and an easy commute to work. And the plus of those locations is the tremendous amount of things for him to do when not working, where he can meet others his age easily, make friends and enjoy what the city has to offer.

    And we don't know enough about this young man to know his likes. We do know where he will work, the basic business and how much he has to spend on rent. She said he's never been to NYC and I imagine doesn't know anyone. Some of us who went through the same experience, who had to commute into the city are trying to explain just how cumbersome it can be to commute and it's not like it's a $3 train ride to town. How many times we had to leave a dinner or event early to commute home while our workmates continued to enjoy themselves. How many times we wanted to participate in the million things happening but we had to get back out there. How hard it was to meet people because the suburbs are settled with folks native to the area.

    I lived in NJ outside NYC for 13 years. If I had to do it again as a 24 year old (and I was) I would never move to a bedroom community again. I wasn't far, I could see the Twin Towers. But I would move to Manhattan if I had his budget, enjoy everything the city offers from plays, to festivals, to museums, to awesome food .... the energy ... just randomly going out for a long walk to hear street music. So many places to meet people, even the pop up classes in parks. The pluses of all there is to do non-stop, much of it free, outweighs the rent .... that he can afford. And if he chooses the city, it's not permanent. He can use some weekends to check out some suburb areas.


    This thread has turned into the equivalent of "Which team is better: Yankees or Mets?" :-)
    Yankees or Mets or Braves. Some of us have been through this exact thing without having any ties to the Yankees or the Mets. We were also outsiders. We have had to make these decisions, and know the pros and cons of these decisions. Unlike the Yankees or Mets who will die on that hill .... we look at all the parameters. Play ball!

    So no kids. You do understand that I also live in a NYC suburb. You do understand that there is a huge difference continuing to live in the same NYC suburb you grew up in and know people (like I did as well) vs. moving to a NYC suburb alone knowing no one, when most likely the majority of your social life with be with the folks you work with in the city? Apples and oranges.
    So true in so many areas. We experienced this. I think if he moved farther out than the river side cities he would be very lonely.

    I have nothing to add here - I'm just here for the NYC fights. popcorn::
    I so miss NYC fights! Not the bullets on the subway platform but the corner shout matches.

    OP ... I always felt very safe in the city, I walked about an hour from my office to my husbands in SOHO each evening.

    Again, you haven’t said where “here” is. In my neck of the woods, a few mikes away, I would think Montclair would be nice for a young professional, although rent would be $2000+ for anything decent. I happen to love where I live too, but this guy, again knows no one, and as a PP pointed out, he will most likely be working long hours (Ds22 works in finance but in Princeton, well actually now remotely, about 12 hours a day and on weekends). I’m not knocking where you live (wherever that is), I just agree with almost everyone else on this thread that he‘d be better off staying close to the office for social and practical reasons. If the OP was asking about her son, daughter in law and kids, I’d say come live by me.
    Ah I lived in Montclair and GlenRidge. That is where the $400 monthly commute comes in to play. I think they are great cities if you don't work in NYC.
     
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    lisaviolet

    DIS Veteran
    Joined
    Jul 9, 2002
    OP, congratulations to your son. I am crazy jealous. Would love to live in NYC. I visit as regularly as I can and often stay in Lower Manhattan.

    All the best to him.
     

    AnnaS

    DIS Sponsoor/Veteran
    Joined
    Jul 7, 2001
    I traveled to Downtown NYC for 5 years - lived in Park Slope (Windsor Terrace) many years ago. Two minute walk to the train station - and 30 minutes to Manhattan - give or take via F train. The area has become hot as well as many other areas in Brooklyn - not sure what the rents are but it was very convenient to NYC. Hopefully a studio apartment and he can be on his own. I would go back there in a heartbeat. It's a lovely area. It's a mini/new Manhattan.

    You or your son can post on the city data forum with questions also/more specific to areas. I have a friend (33) who also lives in Queens and is a quick ride to NYC. There are many other areas of course, but I can only speak for the areas I know. Even where I am now, commute not too bad but longer and more $.

    Good luck and congratulations to your son.
     
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    HopperFan

    "It's a bug-eat-bug world out there, princess."
    Joined
    Sep 6, 2003
    OP, congratulations to your son. I am crazy jealous. Would love to live in NYC. I visit as regularly as I can and often stay in Lower Manhattan.

    All the best to him.
    Ever stay here https://www.themaritimehotel.com/

    My friend stayed and sent me photos and I was so jealous. We normally stay midtown just to have easy access in any direction but I'm tempted to check this one out.
     

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