A First-Time Buyer Explored Manhattan’s East Side With $700,000
Gagan Vaseer on the East Side of Manhattan, where he looked to settle into a new apartment after years of nomadic living. George Etheredge for The New York Times
Gagan Vaseer isn’t in the habit of staying put. Since leaving his hometown of Durham, N.C., Mr. Vaseer, 34, has taught English in rural China, worked for Google in Mountain View, Calif., earned a master’s degree in public policy from Harvard, interned for UNICEF in Switzerland, and worked in management consulting in Washington, D.C.
After a job opportunity with the United Nations brought him to New York in 2021, he figured it was time to slow things down — at least temporarily. “I’m a fairly chaotic person. I move fairly quickly. New York works for my vibe a lot,” Mr. Vaseer said.
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He settled into a one-bedroom rental in Hell’s Kitchen, the West Side neighborhood teeming with restaurants and nightlife. But a string of rent increases — not to mention noise from roving bachelorette parties and a club across the street — began to take its toll. “I got used to it, but no one should get used to sirens and screams,” he said.
Last fall, when he found his lease renewal slipped beneath the door, Mr. Vaseer logged onto Zillow, determined to find what he wanted in a home of his own. The list included enough room to host friends and the ability to bike or walk to his office at the U.N. headquarters on the East Side. Crucially, he also wanted the option to sublet the apartment, should life throw a new opportunity his way.
Starting with a budget of around $500,000, he contacted Jack Miller, an associate broker at R New York. “We pretty much immediately started looking exclusively on the East Side, where pricing is better because there’s more inventory,” Mr. Miller said. “There’s definitely deals to be had.”
They’d be looking at both condos and co-ops with flexible subletting policies. But to keep condos in the mix, Mr. Miller told Mr. Vaseer that he needed to raise his budget. “Because the inventory for condos is so limited, it would be next to impossible to find something the client likes for $500,000,” explained Mr. Miller. “You want to be closer to $700,000 or $800,000 if you’re looking for a condo — at the low end.”
Mr. Vaseer’s parents agreed to chip in for a down payment and join the mortgage. Then he spent the next few months visiting around 25 apartments. “We go full in,” he said.
Among his options:
No. 1
Lofted Bed in Turtle Bay
George Etheredge for The New York Times
This studio with about 650 square feet was on the fourth floor of a converted condop building — a rare real estate hybrid that typically has retail spaces as condo units and residential apartments as co-ops. It had high ceilings, a large combined living and dining room, a galley kitchen and a lofted sleeping area. The steep staircase from the bedroom gave Mr. Vaseer pause, though the storage space tucked beneath it could be used as a home office. Turtle Bay was on the quiet side, but the building was near buzzier areas of Midtown East, and it was a short walk to Mr. Vaseer’s office. The condop rules would allow him to rent the place out as needed. The price was $649,000, with about $1,620 in monthly maintenance, taxes included.
Douglas Elliman
No. 2
Top-Floor Kips Bay Co-op
George Etheredge for The New York Times
About 15 blocks south in Kips Bay, this bright, south-facing one-bedroom was on the top floor of a five-story prewar co-op. It had about 600 square feet and an airy layout, with a foyer that led to an open kitchen, French doors, a large living room, and a bedroom overlooking the building’s shared gardens. Mr. Vaseer could sublet the place after three years, pending co-op board approval, for periods of up to two years. He wasn’t thrilled about a plan to convert a lot behind the building into a pickleball court, but he liked the proximity to the subway, Trader Joe’s and his gym. The asking price was $499,000, with about $1,560 a month in maintenance, including taxes.
Compass
No. 3
Spacious Midtown East Condo
George Etheredge for The New York Times
This one-bedroom condo was on the fifth floor of a postwar building just north of Turtle Bay. At 720 square feet, it was one of the largest apartments Mr. Vaseer saw. The combined living and dining room was nearly 30 feet long, meaning plenty of room to host friends. The bathroom needed updating, as did the open kitchen with a breakfast bar, though a bonus alcove tucked behind it would make a good home office. The south-facing windows had views of a building across the street. The building was two blocks north of a subway stop and walkable to Central Park. Because it was a condo, Mr. Vaseer could rent it out as he pleased. The asking price was $730,000, with about $1,675 in common charges and taxes.
eRealty Advisors Inc
Find out what happened next by answering these two questions:
Which Would You Choose?
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Lofted Bed in Turtle Bay
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Top-Floor Kips Bay Co-op
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Spacious Midtown East Condo
Which Did He Buy?
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Lofted Bed in Turtle Bay
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Top-Floor Kips Bay Co-op
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Spacious Midtown East Condo
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