Southbridge Towers Rentals –
The current rental price ranges for Studio, 1-BR, 2-BR and 3-BR apartments at SBT will vary depending on – Appearance (renovations), Floor, View, Layout, and Market Conditions.
September 2018 – Average Rental Prices
0-BR’s $2,200 – $2,895
Example: Studio Maintenance: $300 | Sublet Surcharge: 50% of Maintenance = $150 | Total Sublet Maintenance = $450 | Sublet Rental Income: $2,200 – $450 = $1,750 per month
1-BR’s $2,900 – $3,795
Example: 1-BR Maintenance: $600 | Sublet Surcharge: 50% of Maintenance = $300 | Total Sublet Maintenance = $900 | Sublet Rental Income: $2,900 – $900 = $2,000 per month
2-BR’s $3,800 – $4,995
Example: 2-BR Maintenance: $700 | Sublet Surcharge: 50% of Maintenance = $350 | Total Sublet Maintenance = $1,050 | Sublet Rental Income: $3,900 – $1,050 = $2,850 per month
3-BR’s $5,000 – $6,000
Example: 3-BR Maintenance: $900 | Sublet Surcharge: 50% of Maintenance = $450 | Total Sublet Maintenance = $1,350 | Sublet Rental Income: $5,100 – $1,350 = $3,750 per month
Q. If I hire a Real Estate Agent to rent my Apt, who pays the Broker Fee?
A. Good News! Typically the Tenant pays the Broker Fee for NYC rentals. The Agent will collect the Broker Fee from the incoming Tenant (or “Co-Broke” the Commission if there is an Agent representing the Tenant) – in either scenario the owner does not pay the fee. However, if the apartment is harder to rent (not renovated, bad view, etc) or if the supply of apts for rent is greater than the demand, the broker may recommend that the owner pay a portion of the Broker’s Fee.
Q. What is SBT’s Sublet Policy?
A. Tenant-Shareholders may sublet the Apartment for no more than two (2) years out of any five (5) year period with a two (2) year gap period in between sublets.
Q. Are there any additional Fee’s associated with Subletting?
A. YES – Tenant-Shareholder shall pay to the Apartment Corporation a sublet fee in an amount equal to fifty (50%) percent of the annual maintenance then allocated to the Apartment, payable on a monthly basis. (Example: Monthly Maintenance = $600.00 | Monthly Sublet Fee = $300.00 – Total Monthly Maintenance Fee = $900.00).
Michael A. Roché
Area New York – Broker / Owner
Office: (212) 227-8281 | Mobile: (917) 392-3534
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