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I was floored by $21K in fees to rent a one-bed NYC apartment — is this legal?
NY Post ^ | 08/16/2023 | Brooke Kato and Mary K. Jacob

Posted on 08/16/2023 1:30:41 PM PDT by ChicagoConservative27

Piper Phillips thought she won the treasure hunt for a coveted one-bedroom apartment in Manhattan.

Then she was hit with jaw-dropping additional costs totaling more than $10,000 — which would have brought her initial payout, including security and first month’s rent, to a whopping $21,507.50.

The Midtown condo asked Phillips to cough up thousands in fees — not including the monthly rent — such as a $550 application fee, $1,500 administration fee, $1,500 “move-in” fee and a one-month broker’s commission.

The Chicago native couldn’t believe the “ridiculous” hidden costs associated with the already pricey listing, which would have run her a whopping $5,350 per month.

(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; US: New York
KEYWORDS: fees; floored; housing; newyork; nyc; rent
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Chicago native moving to NY? Enough said.. MORON
1 posted on 08/16/2023 1:30:41 PM PDT by ChicagoConservative27
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To: ChicagoConservative27

The owner of this apartment is probably using these “fees” to make up for all the revenue they lost when they couldn’t evict the last tenant during the COVID fiasco.


2 posted on 08/16/2023 1:32:58 PM PDT by Alberta's Child (“Freedom is just another word for nothing left to lose.”)
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To: ChicagoConservative27

Stupid girl. She should declare herself an illegal immigrant and stay in a luxury Manhattan hotel for free.


3 posted on 08/16/2023 1:34:40 PM PDT by Responsibility2nd
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To: ChicagoConservative27

#2 mafia dump to #1 mafia dump.

I would rather live in the woods and eat mice than live in NYC…


4 posted on 08/16/2023 1:35:14 PM PDT by EEGator
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To: ChicagoConservative27

But just imagine the bragging rights!!!


5 posted on 08/16/2023 1:35:57 PM PDT by Dogbert41 (“Blessed are the peacemakers, for they will be called children of God” -Matthew 5:9)
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To: ChicagoConservative27; SaveFerris; PROCON

6 posted on 08/16/2023 1:36:25 PM PDT by Larry Lucido (Donate! Don't just post clickbait!)
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To: ChicagoConservative27

Is it legal? I would hope so or else we’ve gone full speed communism.


7 posted on 08/16/2023 1:39:01 PM PDT by albie
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To: ChicagoConservative27

She’s moving from Chicago to New York, she’s obviously stupid enough to pay any amount demanded.


8 posted on 08/16/2023 1:41:57 PM PDT by Navy Patriot (Celebrate Decivilization)
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To: ChicagoConservative27

Seriously, isn’t all this disclosed in the initial negotiation of the lease? No one’s fault but her stupid self.


9 posted on 08/16/2023 1:42:00 PM PDT by fwdude (.)
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To: Alberta's Child

Rent Control. Remember DelMonico Steaks because of a luxury tax on T-Bone? This is a rent control workaround, IMHO.


10 posted on 08/16/2023 1:45:25 PM PDT by bigfootbob (Arm Up and Live Free!)
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To: ChicagoConservative27

She doesn’t realize that although she’ll have to pay $21K in fees, getting raped, mugged, assaulted, shot or stabbed comes with no fees attached.


11 posted on 08/16/2023 1:45:39 PM PDT by mass55th (“Courage is being scared to death, but saddling up anyway.” ― John Wayne)
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To: ChicagoConservative27

All of a sudden that jump in salary from $60,000 to $75,000 by taking the New York job doesn’t look so good anymore...


12 posted on 08/16/2023 1:47:07 PM PDT by Yo-Yo (Is the /Sarc tag really necessary? Pray for President Biden: Psalm 109:8)
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To: ChicagoConservative27

Did she read the fine print?


13 posted on 08/16/2023 1:48:14 PM PDT by Huskrrrr (Alinsky, you magnificent Bastard, I read your book!)
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To: bigfootbob

The article says this is a condominium, so I’m pretty sure the NYC rent control laws wouldn’t apply anyway. However, I wouldn’t be surprised if the building had been developed as a condominium project or converted from an apartment building specifically to get around the rent control laws.


14 posted on 08/16/2023 1:49:06 PM PDT by Alberta's Child (“Freedom is just another word for nothing left to lose.”)
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To: albie

So anything other than allowing hiding tens of thousands in costs is full-speed communism?


15 posted on 08/16/2023 1:50:03 PM PDT by dangus
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To: ChicagoConservative27

You thought you could escape crime in moving from Chicago to NYC .... welcome to state sponsored organized crime.


16 posted on 08/16/2023 1:51:37 PM PDT by RetiredTexasVet (Biden not only suffers fools and criminals, he appoints them to positions of responsibility. )
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To: EEGator

I visited NYC with a job about 15 years ago. I found it dirty, pretentious, snobbish, degenerate, artificial and just downright rude. I bought a NY Yankee’s cap as a souvenir and the tour bus driver sneered at me for wearing it. “Real New Yorkers like the Mets.” Good thing I wasn’t a New Yorker, real or pretend.

I like an early breakfast on the weekends. But it seems that the “city that never sleeps” also never wakes up. I couldn’t find an open breakfast venue in Manhattan at 9:30 am. Lazy asses.


17 posted on 08/16/2023 1:51:50 PM PDT by fwdude (.)
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To: Alberta's Child

Just about anything is legal on the conditions of a rental as long as it cannot be specific to any sort of class. So much of NYC real estate is in a loan limbo where the note has to be paid to the percentage it is occupied and the rest is rolled over to the final payment. All unpaid parts are due at the end of the loan. At the end of the loan, the owner, if he has had a few good tenates and alot of empty rooms has a value gain on the property and has not reduced the principal, but the equity is worth many times the inital value. So 20% down the first 10 years and the owner never really has to come up with any of their own money no matter how badly it is managed. They might not ever get any profits other than bullshit fees, but they are investing in NYC real estate like the call option with a really cheap roll over. The banks are really profiting for the risk of the default where they get a real estate inflation return on properties after the first 20%, but the insurance risk for those years is the lendee. This tends to have the entry fees be the majority of the monthly profits. The building with enough units for 3-10 turnovers a month sell at top prices. A 6 unit apartment building is dog shit per square foot, but a 24 unit apartment is valued like a 240 unit one. The city is also standing there with their hand out with many fees not that different between 6 and 24 units.

It all works if rents go up faster than actual carry costs and the inflated repairs do not eat the owners lunch. Not enough bankers are ready to say goodbye to that customer type as loans are on the asset side of a banks balance sheet. Nyc real estate under loans give people an inflated statement of personal wealth, allowing more lending, it is not liquid and the risk is not appreciated by the lenders until it all busts out in a quarter.

You owe the bank one million dollars and they own you, You and your buddies owe the bank one trillion dollars and you own the bank, and the loan officer buys you dinner.


18 posted on 08/16/2023 1:52:07 PM PDT by protoconservative (Been Conservative Before You Were Born )
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To: Responsibility2nd
Obligatory image for a thread like this...


19 posted on 08/16/2023 1:52:54 PM PDT by Responsibility2nd
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To: fwdude

The article clearly stats that she didn’t sign the lease, so yeah, I guess they were eventually mentioned. Looks like she’s not the one who doesn’t know how to read. So someone finds an ad for a $3,500/month apartment, then finds out it’ll cost her $21,000, so she backs out, but she’s angry about it. And you think she’s stupid?


20 posted on 08/16/2023 1:53:36 PM PDT by dangus
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