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The Hunt
With a decade’s worth of savings in her pocket, a longtime renter looked below 23rd Street for something she could make her own, and rent out down the line. Here’s what she found.
Amanda DiMarco didn’t expect New York City to pull her back, but it did.
Ms. DiMarco, 32, had lived in the area for almost her entire life: She was born and raised in Westchester and spent seven years in Hoboken, N.J., after college. But when her role overseeing client success for a software company went remote in 2020, she sold most of her furniture, put a few things in storage and hit the road with her roommate.
The pair, who had been renting a two-bedroom, two-bathroom Hoboken apartment for $3,500 a month, spent the next 13 months crisscrossing the country. They earned loyalty points at Marriott hotels, where Ms. DiMarco would take Zoom calls in the morning before heading out to hike in national parks.
“It was the biggest self-growth experience I’ve ever had,” she said.
But while she kept expecting to feel a tug in one of the cities she visited between Maine and California, none compelled her to put down roots. “I kept expecting to think, ‘Oh, my god, this feels right. I need to be here,’” she said. Instead, when she made her way back home — where her large Italian family still gathers for Sunday dinner every week — “New York, lo and behold, was what felt most right.”
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It was the fall of 2021 — rents were climbing, and mortgage rates were near a historic low. Ms. DiMarco, who had been putting aside funds since college, knew she had enough tucked away to make a 25 percent down payment on a home costing up to $650,000.
Her ideal spot was in Manhattan, preferably below 23rd Street. She expected to eventually return to her Midtown office, and “wasting those hours on a commute was something I didn’t want,” she said.
She knew that her budget and location would limit her to a studio, so she hoped she could find a place that she could eventually operate as a rental. “I hope I’m not living alone in a studio three years from now,” she said. “I wanted to be able to rent and gain that income down the road.”
When she connected with Christiana Beniamino, a real estate agent with Bond New York and an old friend, she was bouncing between hotel rooms in the city and her childhood home in Westchester.
“She had already been nomadic, and she wanted a stable place,” Ms. Beniamino said.
Ms. DiMarco began looking at apartments in early 2022. Among her options:
No. 1
Open-Plan Co-op in the Village
This nearly 500-square-foot corner studio was on the top floor of a six-story co-op building. It was bright and recently renovated, and its breezy, open floor plan made it feel larger. The building’s policy on sublets was generous: Owners needed to live there for only one year before they could rent out their units. But it was also a land-lease address, meaning the building didn’t own the land it stood on, which introduced some uncertainty into the deal. The asking price was $489,000, with monthly fees of about $2,700.
No. 2
Potential Near Union Square
This 16th-floor studio in a full-service co-op was quiet, and Ms. DiMarco liked that it had high ceilings and big closets, and was in a doorman building. The location, steps from Union Square, was a plus, and owners were allowed to sublet three years after buying. The apartment needed work, but there was potential for maximizing the tiny space by knocking down walls and opening up the living and dining areas. The asking price was $525,000, with monthly maintenance of about $1,000.
No. 3
Doorman Building in Chelsea
The elevator, doorman and outdoor courtyard were all perks at this stylish Chelsea co-op. The third-floor studio had a charming sunken living area, an open pass-through kitchen, a glamorous vintage bathtub and ample closet space. But there wasn’t a ton of light, and the building stood at a busy intersection. The co-op also had strict rules on subletting. The apartment was priced at $595,000, with monthly maintenance of about $1,100.
Find out what happened next by answering these two questions:
Which Would You Choose?
Open-Plan Co-op in the Village
Potential Near Union Square
Doorman Building in Chelsea
Which Did She Buy?
Open-Plan Co-op in the Village
Potential Near Union Square
Doorman Building in Chelsea
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