Would you rent this three bedroom in Ridgewood with a two-year lease, for $2,699?
If you like this apartment in Ridgewood, you’re really going to have to commit to it, if you want a deal.
The landlord is offering a two-year lease with one month free for the net effective rent of $2,587 a month. That’s not the rent you would actually pay each month: The real, gross rent is $2,699 —which is just below the median rent for a three bedroom in the neighborhood.
Signing a two-year lease means you avoid a rent increase, or the hassle of looking for a new apartment. Of course it means you’re locked in for a longer term.
But for a lot of renters, this is probably a good deal: 68-51 Fresh Pond Rd., #2B is a three bedroom (only one bath) that’s been recently gut-renovated and received a price chop about a week ago. Split three ways, the rent is $900 a month—that’s pretty much a steal in NYC.
The apartment has large windows, hardwood floors, stainless steel appliances, a marble bath. The building has a virtual security system and allows pets.
There’s a Stop & Shop grocery a few blocks away, as well Valentino Food Market, and a YMCA. The M train is about four blocks away and can get you to the Empire State Building in about 45 minutes. The neighborhood shares a border with Bushwick in Brooklyn, where there are more nightlife options; still, Ridgewood residents say Queens has a way of winning you over.
So, what do you think? Is it worth it to live here?
As always, when weighing New York City apartment listings, we turn to our Take It Or Leave It experts: Constantine Valhouli, founder of real estate research and analytics firm NeighborhoodX, freelance writer Lambeth Hochwald, and myself.
But first, here are more pictures of the place.
Pros and cons
"There is a lot to say about this three bedroom that's positive. For starters, the kitchen is gorgeous and I love the thoughtful use of cabinetry and wall space. On the flip side, there's just one bathroom, which makes this a tougher sell unless you're a couple plus one kid who won't monopolize the powder room." —Lambeth Hochwald
"There are those for whom New York City is, and always will be, the island of Manhattan. And there are those who like space and are willing to make a longer commute outward to live like a regular human. Ridgewood is close to Bushwick (actually, was once part of Bushwick, but–in the manner of the O.G. hipster–decided to set off on its own, like when Sting split from the Police) and Long Island City. In the past few years, these areas have developed their own centers of gravity, and Manhattan isn't the singular central point it once was. There are no real amenities here. No gym, no virtual BBQ-golf-pool-simulator thingies. This isn't necessarily a bad thing: leave the house, you wacky hermits. Go forth and enjoy the city." —Constantine Valhouli
''It's a 1930 building with a gut reno, and a nice one at that. Sure, there are few bells and whistles, but you can not beat the rent. All three bedrooms are on the large size, which is great for three roommates." — Jennifer White Karp
Who is it good for?
"A Manhattan exile who is tired of high prices and is willing to commit to a two-year stay in Ridgewood if the two-year lease is a non-negotiable." — Hochwald
"Three people can live here–in a new space–for under $1,000 a month each. To put this in perspective: You're in an emerging neighborhood of New York City for less than the price of a typical shared apartment in Boston or Philadelphia." —Valhouli
"It's great as a starter apartment for three roommates who are new to the city." — White Karp
Take it or leave it
TAKE IT "I'm in—you've got a subway four blocks away and Ridgewood is on the up-and-up!" —Hochwald
TAKE IT "It's cheap rent, and the money you save you can spend on exploring the city." —Valhouli
TAKE IT "A two-year lease means no rent increase." —White Karp
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