Home News A Studio on the East Side of Manhattan for Less Than $500,000? These Were His Options.

A Studio on the East Side of Manhattan for Less Than $500,000? These Were His Options.

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Jeremy Gimbel owned a two-bedroom brick tenement house in the Italian market area of ​​Philadelphia for five years.

“Philly is a great place to buy,” he said. “Beyond your basic starter apartment, it’s cheaper to buy than to rent.”

years ago, GimbelA graduate of Drexel University began working for a New York company in web marketing and development. He frequently went to the Midtown East office.

“During the pandemic, I didn’t go out and saved a lot of money by doing nothing,” he said. “Over the years, it seemed like I could actually afford to live in New York. I always thought it was a happy place to visit this city.”

Gimbel, 38, has read endlessly about the New York housing market and its co-operatives. “I set my expectations that my dollar wouldn’t rise as high as Philadelphia,” he said. (His approximately 900-square-foot Philadelphia home, which he bought for $ 278,000, was recently sold for $ 320,000.)

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His budget for a location in Manhattan was less than $ 500,000, or up to $ 2,500 a month. He wanted to buy a large studio with a small one bedroom or sleeping area. He currently works in remote areas, but he was familiar with Murray Hill, so he hunted nearby. Prices for elevator buildings, mostly from the 1950s to the 1960s, were within his range.

He found Yorebo A website that connects him with associate broker Ali Schulman. (Yoreevo offers buyers a rebate of up to 2% of the purchase price.) “As a webmaster, I respect companies that have really good websites,” Gimbel said. rice field.

They spent the fall weekend visiting as many places as possible. “Jeremy wanted enough space to cook and prepare a bed and sofa,” Shulman said. “It’s hard to get any more in his price range.”

The condition of the apartment also set the price, and Mr. Gimber didn’t want to do a big job. But the photos on her list were often deceptive. “I wasn’t used to apartments in New York, so I didn’t pay close attention to what’s in the picture,” he said. “Look at the places online and see them in action — they wonder with the camera.”

First, Shulman said, “For him, it was a shock:” This is what I can get for my money. “

Among his choices:

Answer the following two questions to find out what happened next.

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