Moving to New York City
April 2010 (rev 11/10)
Christine Toes, M.P.A.
Vice President & Associate Broker
The Corcoran Group
The Toes Team
• Christine Toes & Jasmin Abrol
– Top 1% of NRT Brokers nationwide (out of
43,000 agents)
– Masters in Public Administration (M.P.A.) from
NYU’s Wagner School (2005)
– University of Virginia (1999)
– Jasmin & I handle both Sales and Rentals
Our Company
• Corcoran & Citi Habitats
– Largest real estate company in Manhattan
– 1500 agents, 25 offices, 10,000 listings in
over 4,000 buildings
– Larger than next 4 competitors combined
– Coordinate all aspects of your move –
movers, storage, locksmiths, furniture, ConEd,
Verizon, etc.
Preparation
• When do I start looking?
– 20 – 35 days prior to move in date
• What paperwork do I need?
– Employment/Offer Letter, 3 months bank & financial
statements, 2 years tax returns w/W-2s, Landlord
Reference Letter, Photo I.D., Soc. Sec. Card or
Passport, 3 pay stubs
– Parents (“Guarantor”) will need to provide the same
paperwork
– If you don’t want to provide tax returns sometimes a
letter from a CPA will work
– $50 – $75/person credit check; ~$300 deposit
(refundable if you are not approved)
Requirements
• You: 40 – 45 x monthly rent (can combine incomes)
• Guarantor: 80 – 100 x monthly rent
– 1 or 2 Guarantors only, must be US residents
• Good credit (over 700)
• Within 24 hours of approval, be prepared to sign leases
& provide the 1st month’s rent, 1 or 2 month’s security
deposit, & fee for service in certified funds
• You will want to have a local bank account, landlords will
not take personal checks
• If you do not make 40-45 times rent and do not have a
guarantor, you will need to pay additional rent up-front or
additional security, usually 3-6 months’ rent
How Do I Begin?
• “Fee” vs “No Fee”
– Some landlords are paying the broker’s fees, generally in areas
with the most inventory (i.e. Upper East Side, Midtown West,
Financial District), so we can show you apartments that do not
have a broker’s fee
– Fee is between $0 and 15% of the first year’s rent. You do not
pay this each year
– We offer UVa grads a discount of 12% (14% for “co-brokes”) on
apartments that have a 15% fee
– “No fee” apartments make up ~ 10% of the market, depending
on the neighborhood, so you are significantly limiting your
options by pursuing only “no-fee” options
– Apartments with a fee are usually nicer than apartments with no
fee, it is best to keep your options open! Perhaps look at
$3000/month apts with a fee, $3300/month with no fee)
How Do I Begin?
• “Craigslist – www.craigslist.com
– Warning: Many brokers on Craigslist are advertising apartments
that are rented or do not exist or they will show you apartments
way over your budget. If it sounds too good to be true, it is!
• If there is one time you should use a broker it is for your
first move to NYC. If you don’t know the neighborhoods,
reputable landlords, subways, etc, and are pressed for
time, using a broker makes the process much easier
• We can line up 6-10 appointments for you in a row in
one day (please note that it takes hours to arrange keys,
call supers and management companies, set up
appointments with other brokers, etc, so please be
prompt)
Other Neighborhoods
• Neighborhoods frequently requested by
recent graduates:
• Brooklyn: Williamsburg, Brooklyn Heights, Park
Slope, Downtown Brooklyn, DUMBO, Fort
Greene, Clinton Hill
• Queens: Astoria, Long Island City
• New Jersey: Hoboken / Jersey City
Tips
• The summer is the busiest time to rent an apartment;
have all your paperwork
• Take notes on each apt – write down the address!
• All roommates should be there
• Plan to be in NYC for 3-5 days. Some apartments have
NO weekend access, so at least one day should be a
week day
• If it sounds too good to be true, it probably is! A legal
bedroom should have a window and a closet
• “Winged bedrooms” = two bedrooms with almost NO
living room
Tips
• Doorman vs non-doorman – this is really more of a
convenience issue (dry cleaning/packages) than a safety
issue – it may not be worth the extra expense for you
• Having a pet reduces the # of apartments you can rent
by up to 70% (especially large / aggressive breed dogs)
• Some buildings allow temporary walls, which are approx
$1,100. (The Wall Company or Living Spaces are two
popular companies for temporary walls)
• Look at 5 – 10 apartments & pick the best one
• Apply for 2-3 apartments because the good ones go very
fast & you may be competing against more qualified
applicants
Virginia Club of New York
• Plan to attend the Harriman Cup Polo
Match (UVa vs Yale) in September. It is
the New York version of Foxfield. We are
also looking for committee members!
www.harrimancup.org
• Visit www.uvanyc.org for information on
the Yale Club and Virginia Club events.
For questions or to schedule an appointment, please contact us! We
have rented apartments to hundreds of recent graduates and we are
happy to help however we can.
Christine Toes
ctoes@corcoran.com
917.608.6973
Jasmin Abrol
jabrol@corcoran.com
917.535.9334
The Corcoran Group is a licensed real estate broker.
Owned and operated by NRT LLC.