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We submitted our taxes yesterday, they said they'll run a credit check and to call on Friday. We're due to move into another apt on June 15th and not sure if this is worth breaking the lease. My credit is 670, his is 780. She said if one of us doesn't meet the 700 requirement, they will check the next person in the household. Our log # is 2017. We don't want to lose our current place and money if this doesn't work out, especially when we have such little information going forward. We need to decide which basket to put our eggs in and after reading these posts, it sounds like a long, arduous process.
What happens when you break your lease? Do you just lose your secure deposit? Please elaborate because I know every place is different.
They checked my credit, but haven't heard from anyone since and I haven't gotten a rejection letter. I'm stuck in a lease right now so I wouldn't know what to do if they called and offered me a unit. This is such a hard one. Will your current landlord let you do month to month? This is a city thing and you know they move at a slow pace. Remember, everyone mailed in their application last summer and are getting called now. Factor that in.
I wish u luck and congrats to newq41. I am happy for you. I think hard working middle class people in NYC deserve a break.
Thanks for the response! I'm not really sure-we are waiting for them to run the credit check this week for the lottery apartment and hopefully have some result by Friday. I plan on breaking the lease the following day. We are unsure what happens when we break the lease- I'm expecting them to just keep the deposit. I don't anticipate that they'll ask us to pay any fee but I guess we'll find out at the end of the week.
It definitely is a difficult situation. If you are stuck in a lease, perhaps you can sublet your place if you get a unit?
I wish you luck as well! This whole process is just such a mystery and a mess.
That's unfortunate, when is your lease up? In some instances, you might be able to get out of your lease early. Real estate is a game.
Yes, it's a new place and move in date in June 15th. But the place is nothing like what I imagine the Q41 apartments to be!
When did they run your credit check? I got the same feeling, that they are trying to get people in there sooner rather than later, but like you said..waiting on the city to do something can take forever and a day.
I was told by a fellow lottery winner (in Manhattan, Gotham apartments) that rent is raised yearly or biyearly in some instances. Anyone have any insight?
They ran it 2 days after showing me all the units. Studio, 1 bedroom, and 2 bedrooms on the 10th floor I believe.
It's rent stablized so it only goes up 0% -5% once it's time to renew your lease. Could be 3% that year, but will not exceed 5%. It depends on what NYC has in place that year your lease is being renewed. I asked all the questions when i was there.
Also, you do not need to give your tax return every time you renew. All this documentation is for getting the apartment, but not to maintain it going forward. If you make 90K now and make 150K the following year, your rent will remain the same. It will not be adjusted based on your income.
Thank you for elaborating, very helpful! We didn't even get to see the apartments. She said once our credit check is approved we'll be shown the apartments (because we missed the open house they had previously). I would prefer to see the places before they do a hard credit check but she made it seem like this was the routine. I'm thinking she wants to run our credit this week and then show us the apartments because they want to accelerate things. I got the acceptance notice this past Friday (this was the 2nd notice. I never received the first one). We went in yesterday and the woman said she'll run our credit today and have an answer by Friday.
When did you tour the apartments and what do you think of them?
I toured them 2 or 3 weeks ago. They are nice, but it's not high end luxury finishes because they are all rentals and not for sale. People were complaining about the size but it seems fine to me. The bedrooms can only fit a king size bed and not much else.
The size didn't bother me. If you go to a previous page on this thread, you will see someone posted 5 photos of the actual units.
Thanks q41apartments, I found the photos!
Honestly, I'll trade in a few square feet for convenience and floor to ceiling windows any day.
I'm going to follow up about my credit check with the reps tomorrow, keep you guys posted.
My Wife and I were called in May 10th to submit paper work, and were told we would recieve a phone call in 2 weeks. We recieved a call back on Tuesday, they shared our credit check went great and everything looked good, however he shared that because our index # was 3014 or something very close we would have to wait an additional 2 weeks. What is the groups thoughts on our chances as we have a low 3000 index # ?
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