In Russel Woodhouse’s most recent rental, a shared walk-up on East 14th Street, his bedroom was “crazy small.”
“But I bit the bullet for two years because I saved more money,” he said. He paid $1,700 a month for his share.
Since moving to the city in 2013, Mr. Woodhouse had always lived with roommates. Facing another move last fall, he considered rooming with a friend in Brooklyn, but decided against it. “I would be a renter for a couple of years more and in the same place as I am now,” he said.
Mortgage interest rates were low, and he had saved diligently. “I was at a ripe age to make this move,” said Mr. Woodhouse, 29, a Syracuse University graduate who works at a hedge fund.
[Did you recently buy or rent a home in the New York metro area? We want to hear from you. Email: thehunt@nytimes.com]
His ideal location was the West Village, although he knew his budget of up to $650,000 for a place with a reasonable monthly maintenance was unrealistic for the kind of apartment he wanted. He was hoping to find a one-bedroom in a co-op building with a doorman and an elevator, spacious enough to have friends over, with some kind of light and view, and maybe a gym or roof deck. For that, he would need a budget closer to $800,000.
The places he saw were typically junior one-bedrooms or alcove studios. Sometimes a bedroom was carved out of a living room. Mr. Woodhouse was happy to do some amount of renovation, and he found himself straying from the West Village to nearby areas.
“Russ was looking in that starter price range,” said his agent, Karen Kostiw, of Warburg Realty. “There are some apartments that require more vision than others. I explain that some renovations are not so tough; they take the appliances and plop them in. These people are not going to be moving the plumbing and electric.”
Among his options:
No. 1
West Village L-Shaped Studio
This L-shaped studio in a 1961 building with a roof deck had big windows and a dining alcove off the kitchen, which was outdated and yellow. It was on a high floor facing east. The price was $630,000, with maintenance in the mid $1,100s.
No. 2
West Village Studio With Murphy Bed
This nicely renovated corner studio, with a foyer and a Murphy bed, had southern and eastern exposures, just above treetop level. The 1960 building had a furnished roof deck. The price was $645,000, with maintenance in the mid $700s.
No. 3
Gramercy Alcove Studio
This high-floor, L-shaped studio had a windowed bedroom carved from the alcove and was a little run-down. It faced west in a 1964 building with a gym, roof deck and garden. The price was $595,000, with maintenance of a little over $1,100, including utilities.
Find out what happened next by answering these two questions:
Which Would You Choose?
West Village L-Shaped Studio
West Village Studio With Murphy Bed
Gramercy Alcove Studio
Which Did He Choose?
West Village L-Shaped Studio
West Village Studio With Murphy Bed
Gramercy Alcove Studio
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A Longtime Renter Tested His $650000 Budget on the Manhattan Market. Here's What He Found. - The New York Times
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