I-80 Chicago – New York
I have been living and working out of both Chicago and New York City since July 2021, largely due in part to my wife accepting a job offer in the Big Apple.
For now, I am working out of our Riverdale, Bronx co-op apartment, and will formally lease out Manhattan office space in the future. I am still maintaining my Onyx Investments Loop office and all personal Chicago real estate, with no plans to ever sell out.
New York Real Estate
Living in New York City is very much different from taking a few weekend trips to Manhattan. New York real estate is a toxic mess of red tape, taxes, rent control, rent stabilization, and arcane zoning laws.
These politics overlay a crushing population of more than eight million people jammed into one city spread across multiple islands. Basic Economic Law indicates that high demand combined with limited supply results in outrageous prices. Here, the median home price is a grandiose $750,000.
Cooperatives account for 75% of the housing stock in New York City. Residents own shares within the corporation, which in turn, owns the building. The housing cooperative is membership-based, which adds another layer of scrutiny and interrogation above the typical condominium. Calvin Klein, Madonna, Mariah Carey, and Barbara Streisand have all been rejected by separate NYC co-op boards in the past.
Yes, it oftentimes makes more economic sense to rent instead of buy property in New York City. For my apartment search, I overlaid crime maps above the MTA train lines. I then targeted Riverdale, Bronx and Astoria, Queens as the best neighborhood values in New York City.
We ultimately settled upon Riverdale, a hidden gem tucked away in The Bronx, between the GW Bridge, New Jersey Palisades, and Westchester County.
We are in The Clouds
The Internet does allow for us to appear to be at all places at all times. We will gradually upload resources onto the cloud – to seamlessly operate from Chicago to New York and all points in between.
I will check my Chicago office U.S. Mail and voicemail regularly, but I will advise clients and prospects to scan and email documents into ceo@onyxinvestments.com or admin@onyxinvestments.com for faster communication.
We do take pride in the opportunity to represent two great American cities. Chicago and New York are much more similar than many realize, in terms of their financial resources, sweeping skylines, good food, and shared toughness above all else.