The average rental rate for a studio in Manhattan is now
$2,000 a month, and it's probably a good barometer of the great
economy we're in that so many can afford such ridiculous prices.
I was born in the borough, but by the time I left I had sworn
never to live in an apartment in Manhattan again - and it wasn't
because of the high rents.
My last apartment was a two-bedroom in a high-rise on the East
River, for which we paid $237 a month. Before that, it was a
one-bedroom on West 71st Street, right off Central Park, which
cost us only $165 a month. This was in the 1970s, before the city
sold out the struggling poor to rich developers, who were given
tax breaks. When the single-room occupancy buildings were sold
and torn down, the homeless became a new category of residents.
And let's not forget the state and local government cuts that
tossed mental patients out on the streets to join the
now-homeless working poor.
There has always been snobbery from Manhattanites about the
"bridge and tunnel crowd" - those living in the other
boroughs. As a young, single woman, I was living in a project,
but at least it was in Manhattan, so I risked less disdain from
the preppy crowd as long as I described it as living on the Upper
East Side. What a sap I was, buying into that shallowness!
This attitude still exists but is less rational. Back then, at
least, living costs in Manhattan were more reasonable and one
could always rent or sublet a rent-controlled apartment by
bribing the superintendent or paying a bonus to the departing
renter. Those options no longer exist, so what we have now are
renters paying premium rents for substandard residences, just for
the privilege of saying, "I live in Manhattan."
After the windfall bonuses received by Wall Street traders last
Christmas, apartments are being snapped up by the lucky
employees. Also, Europeans are taking advantage of the devalued
dollar by buying the overpriced condos and co-ops.
Unless they have started building soundproofed apartments in the
"city," as residents of other boroughs refer to
Manhattan, I can't understand these purchases. When I think of
all my sleepless nights due to parties in the upstairs apartment,
the piano in the next apartment placed right next to my bedroom
wall, the garbage truck pickups at 3 a.m., and patrons noisily
exiting their favorite bar at closing time, I can only imagine
how bad it is now that smokers are forced to spend much more time
chatting outside.
Back in the 1970s, only Brooklyn Heights had as much cachet as
Manhattan; it was actually a lot like Manhattan but with the
benefit of a great view - of Manhattan. Queens should have been
the piece de resistance for living because it has the greatest
view of the Manhattan skyline, but the snobbery against it still
exists.
It wasn't until I moved to the forgotten borough - Staten Island
- that I even recognized how poorly the other four boroughs are
covered by the mainstream press. The gossip mavens rarely leave
the confines of the Manhattan scene, and the characters they dote
on have become more jaded, hedonistic, and much less interesting.
On my way to the ferry last week, I passed an "open
house" sign on a new building on Bay Street offering luxury
condos. Out of curiosity I took a tour, and I was impressed by
the high quality of the apartments: They offered two full baths,
a washer/ dryer, granite countertops in the kitchen, and a
balcony facing the waterfront. The condos were quite lovely, but
nothing I could afford, even though the prices ranged between
$489,000 for a one-bedroom and $700,000-plus for the penthouse.
Yet when I looked for comparable real estate in Manhattan, the
prices were in the millions.
If I were a Wall Streeter, I could walk to the free ferry for a
lovely ride, wave to the Statue of Liberty, then walk to a home
where I could actually own and keep a car (condo owners have
their own parking spaces). If I had millions to spend, I could
buy a mansion on Staten Island instead of a measly two-bedroom in
TriBeCa. Of course, the downside is that it's not Manhattan, it's
Staten Island, where $2,000 a month will rent you a house.
There's a point where a shorter commute to work just isn't worth
the high cost of living in the city. Manhattan has become a nice
place to visit, but I'm glad I don't live there anymore.