The Hunt
Seeking a Studio on the East Side of Manhattan for $600,000: These Were Her Options
She was willing to trade a larger space in New Jersey for a smaller one in New York, but she wanted to check a few boxes. Would her budget be enough?
From the age of 8, when her parents moved her family to New Jersey from Queens, Danielle Gonzalez ached to get back to New York City. But she didn’t want to do it in a rental. Her father, whose family hails from Puerto Rico, and her mother, an immigrant from Colombia, had always encouraged her to own property.
“Growing up, I was always told, ‘If you can buy, then buy,’” said Ms. Gonzalez, 27, who works remotely as a digital communications strategy manager for a Mexico-based tequila brand. “I was always very aware of real estate as a way to build generational wealth.”
So she did buy, scraping together enough for a down payment on a two-bedroom apartment in Jersey City, N.J., for $400,000 shortly after graduating from Rutgers University. “The idea of buying in New York felt impossible, so I decided to get as close as I could,” she said.
[Did you recently buy or rent a home? We want to hear from you. Email: thehunt@nytimes.com]
She took on a roommate to help with the mortgage payments, but always felt that her life was centered on the other side of the Holland Tunnel. “I found myself taking the PATH train into the city every day, whether it was to see my friends, go to happy hour or on a date,” she said.
By the summer of 2022, she figured that selling her apartment would leave her with a budget of up to $600,000 to buy a new place. She was willing to trade her larger space for a smaller one in Manhattan, but she had a few requirements: enough room for a designated work space, ample closet space and good natural light.
She initially looked at co-op buildings, but quickly soured on the complicated and invasive application process.
“She was really not a co-op buyer, but more so a condo buyer,” said Lucy Wu, a licensed real estate agent at Bond New York, who helped Ms. Gonzalez with her search. Because Ms. Gonzalez’s ability to buy was contingent on the sale of her New Jersey apartment, Ms. Wu advised her to avoid co-op boards, which typically prefer buyers with more liquid financials.
[Also in Real Estate: This 835-Year-Old Medieval English House Needs Some Modern Love — and a Buyer.]
“A co-op is excellent for a home you’re planning on staying in for five to 10 years,” Ms. Wu said, “but as a younger person just starting out in your career, you may not want to be so committed.”
Ms. Gonzalez wanted to be as close to Lower Manhattan as possible, near the restaurants, clubs and salsa classes that fill her social life.
Among the condos she considered:
No. 1
Outdoor Space in Turtle Bay
This ground-floor studio was in a 1962 doorman building with 14 stories, steps from the United Nations. The apartment was about 600 square feet, with a separate alcove for a bed, parquet floors and a renovated kitchen. But the fenced outdoor patio — big enough for entertaining — was what excited Ms. Gonzalez the most. There was ongoing construction in the building, and her father warned her that a ground-floor patio in Manhattan could attract pests. The asking price was $599,000, with about $1,875 in monthly taxes and fees, and a $275 monthly assessment.
No. 2
Quiet Street in Kips Bay
This ground-floor studio was in a 1956 doorman building with six stories. The apartment was about 500 square feet, with a nook for Ms. Gonzalez’s bed, beautiful hardwood floors, good closet space and ample natural light. Its location, at First Avenue near the New York University hospital complex, meant that she would have an easy time finding renters if she ever wanted to sublet, but she worried that she might feel isolated. The $465,000 asking price was comfortably within her budget, and the $1,000 monthly outlay for taxes and fees was low.
No. 3
Great Views in Murray Hill
With large closets and windows facing north and east, this 580-square-foot studio in a 12-story, 1952 building had the space and light Ms. Gonzalez was looking for. The floors were newly finished, and there was an additional small room with a window behind the kitchen. The apartment was well located, between Madison and Park Avenues, on the same block as the Morgan Library. But the $620,000 asking price and $1,485 monthly outlay would stretch her budget.
Find out what happened next by answering these two questions:
Which Would You Choose?
Outdoor Space in Turtle Bay
Quiet Street in Kips Bay
Great Views in Murray Hill
Which Did She Buy?
Outdoor Space in Turtle Bay
Quiet Street in Kips Bay
Great Views in Murray Hill