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Tue Sep 10, 2013, 01:38 AM

 

Normal 22-Year-Old Buys $250,000 Apartment (it's not the Onion)

Polly Mosendz is a 22-year-old recent college graduate. She's also the proud new buyer of a quarter-million dollar Manhattan apartment. "I am a normal 20-something," she writes.

Not so long ago, that sentence, in a New York Observer story about a 22-year-old buying a quarter-million dollar Manhattan apartment, would have been delivered with a knowing wink. Or it would have been used as a deadpan "let them hang themselves with their own words" quote, to indicate just how out of touch with economic reality the speaker was. It would have been written with awareness. Now, though—with the Observer fully in thrall to its wealthy real estate scion owner— that sentence is meant to be taken literally. Just a normal 20-something, buying a quarter-million dollar Manhattan apartment, as all normal 20-somethings can.

Before the purchase, I was shelling out over $2,000 a month for a four flight walk-up, a glorified attic in the not-yet-chic part of Alphabet City. The building was home exclusively to 20-somethings who assumed this is how we should be living. For us, that’s what Manhattan housing is: terrible walk-up apartments in trendy neighborhoods or luxury apartments with three or more roommates.


Snip>>

The word that best sums up this little tale: "Normal." A normal story of a normal 22-year-old, in this big city of ours, Manhattan, "where dreams are made of," as they say in the song. All of you 22-year-olds should be able to relate to this apartment-purchasing experience, lest you be considered abnormal.

We sincerely congratulate Polly Mosendz on her success, even as we weep over the decline of the newspaper that edited and published her story.



http://gawker.com/normal-22-year-old-buys-250-000-apartment-1279398375?utm_campaign=socialflow_gawker_facebook&utm_source=gawker_facebook&utm_medium=socialflow

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Response to HarveyDarkey (Original post)

Tue Sep 10, 2013, 01:43 AM

1. Where in God's name did she find something that cheap in Manhattan?

Buying isn't that normal in the city itself, but given the wage premium there, a condo that cheap is definitely in the reach of somebody with a job and good credit.

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Response to HarveyDarkey (Original post)

Tue Sep 10, 2013, 04:34 AM

2. I read the real estate section of the NYTimes,

and I likewise want to know what kind of a place she found for that kind of money.

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Response to HarveyDarkey (Original post)

Tue Sep 10, 2013, 04:45 AM

3. It's a 418 square foot single room in The Village

That she purchased with the help of a nest egg of $50, 000.

There is nothing 'normal' about this story.

Not that she found affordable real estate in Manhattan *or* that the "normal" 22 year old has 50K out of college to afford this.

I'd imagine that her college expenses have already been 'taken care of' or else Polly is living well beyond her means in which case, her education is severely lacking in financial reasoning.

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Response to HarveyDarkey (Original post)

Tue Sep 10, 2013, 06:39 AM

4. A rent of $2000 per month. And he's a "normal" guy.

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Response to DetlefK (Reply #4)

Tue Sep 10, 2013, 06:42 AM

6. She, and that is a below average rent here. Nt

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Response to HarveyDarkey (Original post)

Tue Sep 10, 2013, 06:41 AM

5. 418 sq ft studio in a Greenwich village coop

http://observer.com/2013/09/polly-go-lightly-buying-a-new-york-city-apartment-at-the-tender-age-of-22/

I'm sure no doorman, etc. that's about right for a studio in a no amenity building.

People in the comments to the observer article are suggesting she is rich. I suppose she could be but it doesn't seem so.

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Response to stevenleser (Reply #5)

Tue Sep 10, 2013, 06:50 AM

8. I Know 20-somethings Who Have Bought Loft Apartments...

...rehabbed old brownstones and old factory and office buildings that have been converted to apartments that run about that price in Chicago. You don't get a lot for the money...more than the 418 sq. ft (sounds more like an efficiency) and less than 1,000 sq. ft for about 250k. Doing a little math...if she used her 50k as a downpayment, she would pay about $1250-1500 a month (minus utilities)...and I would suggest if she lives and has a job on Manhattan she's making at least $2500 a month or more...

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Response to HarveyDarkey (Original post)

Tue Sep 10, 2013, 06:46 AM

7. There's no freaking' way I would pay that much money for an apartment!

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Response to B Calm (Reply #7)

Tue Sep 10, 2013, 07:00 AM

9. Is your complaint that t cost $250 K?

Or that it's unfair for someone this young to be able to afford it?

First, the West Village is prime territory, and there's no land for building more units, so demand is going to bid up the price.

Second, there's a lore of NYC that's not in Manyattan, but everyone wants to be there, so THAT bids up the price.

Mabye the owner had an inheritance from a dead aunt. Maybe his parents died in a car crash. Who knows where he got the money? I fail to see where the outrage comes from.

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Response to brooklynite (Reply #9)

Tue Sep 10, 2013, 07:05 AM

10. 250 thousand dollars for an apartment is ridiculous! I could care less if the person

can afford it.

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Response to B Calm (Reply #10)

Tue Sep 10, 2013, 09:06 AM

11. There are lots of people around the world that think whatever you pay is ridiculous too.

Wages are higher here and so is everything else.

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Response to B Calm (Reply #10)

Tue Sep 10, 2013, 05:45 PM

12. You're free to buy an affordable home in Idaho...

...here's a hint: people WANT to live in NYC.

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Response to brooklynite (Reply #9)

Tue Sep 10, 2013, 05:53 PM

13. It may be the use of the word normal...

if anyone reads the original article, the whole story makes a lot more sense.

http://observer.com/2013/09/polly-go-lightly-buying-a-new-york-city-apartment-at-the-tender-age-of-22/

I say good for her! She obviously did some math before figuring out what she could afford. She makes it clear that she was a saver, not a rich person, and her parents helped her out.

The article, to me, does not read like this is something every 22 year old could or should do but rather how it can be done. I see no reason that this should upset anyone.

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