Funky Friday Listing: Rent’s Stabilized, Broker Fee Isn’t

From New York City craigslist apartment ad:

Asking: $1100/mo.
What: ~500 sqft 1 BR, 22nd St.
What: “PLEASE NOTE Today’s market value on this apt. is aprx.$2100 per month. That means you are saving aprx.$12,000 (Twelve thousand dollars) per year in rent.The broker fee is $10,000 (TEN THOUSAND dollars) or highest offer. THIS IS A PRIVATE EXCLUSIVE LISTING.”

Listing: RENT STABILIZED(RARE OPPORTUNITY)BEAUTY (Gramercy) – craigslist.org

First off, the broker on this deal has some set on him, doesn’t he. In New York City, the amount charged in broker’s fee is not limited, whereas in Boston, it’s 1 month’s rent. Mostly, the broker’s fee in NYC has been 12-15% of the annual rent. Yep.

Any renter would be in serious trouble, if he or she rented this apartment. Why? It’s rent stabilized, which means that it is supposed to be rented solely to the occupant listed on the lease. If anyone got wind of the deal, he or she could call up the city (or whomever) and tattle. The sub-leaser could be out on his or her ass, in a day.

Worth paying $10,000 for this? Not for me.

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Updated: January 2018

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