<NYC> HDFC co-op in Harlem vs co-op in Jackson Heights

<NYC> HDFC co-op in Harlem vs co-op in Jackson Heights

Member since 2018 · 2 posts · 0 votes

Hi everyone. I am completely new to the forum and the real estate market in general. I am looking to buy a one or two bedrooms co-op for house hacking in New York City in the next few months and looking for some advice. I'm currently looking at co-ops in Harlem and Jackson Heights due to how convenient they are. The HDFC co-op in Harlem is around the same price as in Jackson Heights. Here are a few pros and cons I noticed:

Pros:

HDFC in Harlem (125th or 145th)

  • Close to work, especially my company is going to move to Hudson Yards in the next few years.
  • Easy to get home even at 2 am on a weekend.
  • Gym, supermarkets, and most importantly, central park close by.
  • Easy to sublet a room out on Airbnb.

Co-op in Jackson Heights (Roosevelt Ave)

  • Close to work, less than 20 minutes door-to-door. 
  • Close to gym and supermarkets.
  • Close to both airports (although I don't travel often, I am dreaming of taking more vocation abroad).
  • I have a friend who's willing to rent a room there.
  • No flip tax.

Cons:

HDFC in Harlem (125th or 145th)

  • Flip tax.
  • Hard to sell in the future due to the income restriction. 
  • Relatively poor co-op management. I heard many are facing financial issues.
  • More strict on subletting.  

Co-op in Jackson Heights (Roosevelt Ave)

  • Will be a bit far after my company moved or if I change to another job.
  • Takes forever to go back on the weekend.  
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  • Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
    8y

    Get on crimereports.com compare the two.

    Assign a priority points in the order of importance.  Safety as number one as close to your work as less important.

    Add them up and the one has the higher total point is the one you should go after.

  • Investor · New York City, NY · Member since 2014 · 141 posts · 65 votes
    8y

    @Ray T.: Hey Ray.  Good luck with your apartment search.  You should know that most coops in NYC have severe restrictions on subletting and airbnb.  Most coop proprietary leases state that renting any part of your apartment without approval from the coop board is a violation of the lease and could be grounds for evicting you from the building.  Coops don't like investors because they are a community of shareholders with common goals, and those goals don't jibe with letting strangers into the building to stay over for a few nights.  

  • Jason LeePro Member
    Real Estate Agent · New York, NY · Member since 2015 · 401 posts · 235 votes
    8y

    I would go with free market vs HDFC since your ability to sell in the future could be difficult as the buyer pool is drastically reduced in HDFCs due to income limits and often the ability to obtain financing. While most co-op bylaws will not allow you to rent out a portion of your apartment, NY state law allows anyone on a lease (co-op shareholders are on a proprietary lease) to have a non-related roommate. This supersedes any co-op bylaws/house rules.

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