Adobe City Guide 2019 - NYC

MARKET FOCUS: New York, NY

Congratulations on your internship with Adobe! We are so excited you will be joining us soon. New York City is an amazing and diverse community with tons of activities to do and places to see. There are so many perks to living in the heart NYC – access to new people, culture, food and technology but with that comes the challenge of finding affordable housing. Rental home and apartment prices tend to be high in the NYC, so we recommend finding a roommate/housemate to split the cost of housing and utilities. Figure out where you want to live and get started on the search as early as you can. We have compiled some information together for you to help get you oriented with your internship location. Joining the Adobe Intern Facebook page is also a great way to network with future colleagues and search for a roommate. We wish you luck in your housing search! What to know about renting in New York City New York City is one of the most populous and culturally diverse cities in the world. From its origins as a trading post in the new world, The City is at the heart of the global financial markets, commerce, diplomacy, and media activities. An efficient mass transit system makes NYC easily accessible. New York City consists of five distinct boroughs that are each made up of many smaller unique neighborhoods. Both residents and visitors to New York can find all the dining, recreation, cultural activities and shopping to match any taste. It truly is “the city that never sleeps”. The biggest challenge when it comes to finding an apartment in New York is identifying the best neighborhood and getting a reasonable rate. As of the end of 2018, the average rent for an apartment increased by 9.54% year-over-year and apartments can get very expensive in certain neighborhoods.

New York City at a Glance

CONSIDERATIONS

FINDINGS

COMMENTS

Housing Availability

Low

Vacancy rate is under 1%

Tenant Paid Real Estate Fees

Yes

15% of total first year’s rent

Typical Lease Length

12-24 Months

Typical Security Deposit

1-2 Months

Due to extremely low vacancy rate. Lease breaks are negotiable after one year of multi-year lease

Early Termination Clauses

Limited

Negotiation of Lease Terms

Low

Usually limited to rent and lease term negotiations

© 2019 Dwellworks, LLC

New York, NY Market Focus Report

Housing Options

TRAVELERS HAVEN Travelers Haven is one of the largest and fastest-growing corporate housing companies in the country, specializing in affordable short-term accommodations for interns and other temporary stay residents. Service includes 24/7 support and a mobile-friendly dashboard, so occupants can easily access and manage their housing wherever they are. Each intern is paired with a dedicated account manager to better assist them in every step of the housing process. Click: Travelers Haven to create an account and access the housing dashboard. From there you can fill out a new housing request by entering the location in which you wish to rent and basic information about the property you’re looking for. After clicking submit, a dedicated account manager will call you within moments. Should you miss the call, they will also follow up with an email. CORPORATE LIVING All the hours in the classroom, at the library, behind the books…and you have made it, deservedly: you landed a big-time internship with Adobe. Congratulations! The last thing you need to be doing is stressing about finding a great apartment within budget for your summer stay. If you are looking for a seamless, turn-key housing solution, look no further. Corporate Living administers your housing from arrival to departure. This means no time-wasting apartment searches, no ugly surprises upon move-in, no ridiculous paperwork. You (and your family) will rest easy knowing you have secured a comfortable, convenient, and affordable place to live this summer, enabling you to focus on what is really important: your Adobe experience in an exciting new city. Did we mention our 24-hour move-in to move-out guest services contact? What is important to you is important to us, so if you need our help, give us a call, shoot us an email, or fill out our online form. Comprehensive total duty of care, across the board, all summer long. Have a friend you want to room with? Open to rooming with someone new and making new friends? We have got you covered there, too. Simply note your roommate preferences when you submit an inquiry and we will do our best to make it happen. The right room at the right rate with the right roommate…that is a lot of things going right. We are experienced housing professionals who manage your housing process and support you every single day of your internship. We ensure you have a place to live, not just a bed to sleep in. Corporate Living: this is what we do. For all the information you need to secure your summer housing today, please visit: Corporate Living

ADDITIONAL RESOURCES Looking for a roommate? Click on the following link to connect with other Adobe interns in your area: Adobe Intern Facebook Group

© 2019 Dwellworks, LLC

New York, NY Market Focus Report

Popular Neighborhoods

MANHATTAN Manhattan is broken into three geographic sections: Uptown, Midtown, and Downtown. The most affordable neighborhoods are in the far upper east and west sides: Washington Heights, Harlem, and Inwood. Monthly subway cards can be purchased and most people can get to work within 35 minutes. Options in Manhattan mostly consist of apartments and condos, many of which are in high-rise buildings. Rental prices in Manhattan are very expensive, and inventory is low. Those who choose to live in Manhattan enjoy being close to endless entertainment and food options, but sacrifice space, as properties have less square footage than in other boroughs. BROOKLYN One of NYC’s larger boroughs, Brooklyn lies to the east of Manhattan Island across the East River. Brooklyn has grown into one of the trendiest places to live in New York City. It has seen the birth of many new trends in pop culture like the indie rock and rap scene, hipster subculture, and artisanal food movement. There are also many quality museums and historic landmarks. Brooklyn is expanding rapidly with many new high-rise apartments being built. It is a popular choice among commuters, due to its close proximity to Manhattan, and rental prices reflect that. QUEENS Queens is the largest and second most populated of all the boroughs, and lies adjacent to Brooklyn on the western side of Long Island. It is known as being the most ethnically diverse urban area in the world; there is a strong immigrant population and over 100 different languages are spoken in the borough. It also houses many cultural institutions catering to different tastes. Homes in Queens are a mix of apartments and single-family homes, depending on the neighborhood. Neighborhoods farther away from Manhattan have more single-family homes, while closer neighborhoods are primarily apartments. Properties in Queens have a lower price tag and more square footage than those in Brooklyn or Manhattan. NEW JERSEY With ample public transport, many people who work in NYC choose to live in New Jersey cities like Hoboken and Jersey City. The commute time is about the same, however, commuters will either need to take the NJT (New Jersey Transit) into the city and then a subway to their office, or, depending on location, a NJ bus then a subway to their office New Jersey has a wide mix in housing from high-rise apartments to huge houses, depending on the area. The area is comparable in price with Brooklyn and Queens. Housing inventory is low due to its appealing proximity to New York City.

© 2019 Dwellworks, LLC

New York, NY Market Focus Report

Leasing a Property

TIPS

- In a competitive rental market, bring a completed rental application - including all necessary documentation - and a check for security deposit when visiting the property - Ask if the landlord offers any favorable terms for your employer - Come prepared with enough funds to pay for the first month of rent, plus the deposit amount. Deposit requirements vary, but can be equal to one-month rent (or more) - Be extra diligent when reviewing the lease from a private landlord. Unlike large apartment complexes, which generally have well established agreements, private landlords may be less experienced and may include unfavorable or unrealistic clauses - Ask a family member, friend, or colleague to come along with you on the move-in inspection to have an extra set of eyes

BE THOROUGH Be sure to review the lease! -

Rules about landlord access and your privacy

- -

Any maintenance required of tenant

Payment of utilities (typically tenant-paid)

BE PREPARED Many landlords and property management companies have very strict requirements for prospective tenants. Qualifying can at times be challenging and a bit frustrating. Most landlords will require some combination of these documents: - Identification - Letter of employment - Recent pay stub - Copy of your credit report BROKER FEE The New York market is very unique in that available rentals are often listed with a real estate agent or broker, and working with that listing agent to secure the rental property makes you their client. The landlord does not pay the broker fee to the agents for helping you with your apartment search. Paying the broker fee is the responsibility of you the tenant. The customary broker fee charged in New York City is 15% of the total first year’s rent. - For example, $4000 x 12 = $48,000 x 15% = $7,200 broker fee - The broker fee is paid to the broker the day of the lease signing

© 2019 Dwellworks, LLC

New York, NY Market Focus Report

RESOURCES

TRANSPORTATION Transportation in New York City can be a little daunting at first, but just remember to stand your ground for that spot on the subway, raise your hand high for the taxi rushing by, and wear your comfortable shoes. As most know, New York City relies on its public transportation to get around town, and the surrounding areas. Amtrak trains, The New York Subway and Bus systems, ferries, biking, and taxis are popular ways to get around in the city with walking being the most popular. New York and the surrounding boroughs are serviced by three airports, which are some of the busiest in the country. New York City also has the busiest train station in the country, Grand Central Terminal. Metropolitan Transit Authority The Metropolitan Transit Authority , or MTA, serves 12 counties in New York along with two in Connecticut. With its extensive commuter train lines, bus routes, subway lines and bridges and tunnels the MTA transports nearly 11 million people each week. Complete information can be found by clicking the link above, including fares, schedules, parking, and additional information. Subway The New York Subway is well known as one of the most popular forms of transportation in the city. With 10 lines traveling into all corners of the city, the subway provides transportation for most of the Tri-State area. The MTA website provides the most up to date information and most accurate maps for all subway lines. Buses With more than 25 fixed routes serving nearly every neighborhood and communities in the five boroughs, the MTA bus system provides fast and economical service to employment centers, hospitals, shopping centers and many other attractions. Bus routes and travel information can be found on the MTA website. Ferries The island of Manhattan is surrounded by water and many residents choose to travel to other parts of the city via Ferry. The New York City Department of Transportation is in charge of the many Ferry lines in the metropolitan area. Taxis Travel by car or taxi has always been a popular way to get around the city. Numerous companies provide taxi services in the Tri-State area. Commute Alternatives The Commuter Alternatives Program helps you find inexpensive, stress-free and environmentally-friendly ways to get to work. Some examples are listed below and may vary by your office location. - Up to $150 per month Commuter Checks for vanpools and transit systems. (Interns will be provided with a Commuter Check MasterCard with a Transit Value of $350 to be used during their internship.) - Secure bicycle parking - Emergency Ride Home Program - Shuttle van between Adobe campus and public transportation - Special rates for ZipCar membership - Adobe Yearly transit pass provided at no cost - After you start your Adobe internship, you will also have access to the Adobe Fond program, which gives U.S. Adobe employees exclusive preferred pricing on over 850 products, services and experiences, including rental cars

© 2019 Dwellworks, LLC

New York, NY Market Focus Report

HOSPITALS AND EMERGENCY SERVICES Numerous hospitals and emergency care centers serve New York City and its surrounding neighborhoods. From large, public clinics, to smaller establishments, care is never out of reach in New York City. This includes, but is not limited to, options such as: - New York-Presbyterian Hospital - NYU Langone Medical Center - Mt Sinai Hospital Urgent Care Facilities For urgent, but not life-threatening, medical concerns that occur after-hours, or cannot wait for an appointment with a regular physician, urgent care centers can be found throughout the area: - CityMD - New York Doctor’s Walk-In Urgent Care Many urgent care centers are open from the early morning until late in the evening during the week, and also maintain weekend and holiday hours. Just as with a visit to the doctor, an urgent care center will always need your insurance information. Although the staff will file a claim to receive payment from your health insurance provider, a co-pay may apply at the time of treatment. SHOPPING New York City offers some of the best shopping options in the world. There is a shop for everything and everyone, selling the most unique goods, food and the most fashionable clothing. Below is a small offering of what you can find in New York City, also known as the global shopping capital.

5th Avenue https://visit5thavenue.com/

Blocks and blocks of non-stop shopping makes 5th Avenue a staple in the shopping world. From high-end boutiques and jewelers to department stores and international brands, 5th Avenue will have what you are looking for. Perfect for window shopping or just looking for that perfect bag or dress, 5th Ave. has you covered.

SoHo www.nycgo.com/articles/soho-shopping

The neighborhood of SOHO is known for its unique culture, art galleries and shopping. High-end retailers and creative designers have all opened shops in SoHo making it one of the most popular locations for the fashion forward.

Grand Central Terminal www.grandcentralterminal.com

Grand Central is known for more than just its amazing ceiling and transportation, it has one of the best food courts in the city and some very unique shops and stores. No matter if you are looking for a tasty bite on your way into town, or grabbing something quick on your way out, Grand Central is both convenient and unique.

Century 21 www.c21stores.com

Known as New York’s premier off-price retailer, Century 21 is an excellent place to hunt for great deals on designer clothes, shoes and accessories. With multiple locations each with multiple stores, you can easily get lost in the search at Century 21.

© 2019 Dwellworks, LLC

New York, NY Market Focus Report

LOCAL ATTRACTIONS

Metropolitan Museum of Art www.metmuseum.org Founded in 1870, the Metropolitan Museum of art has many different forms of art in their galleries and put on many different events and exhibitions.

Brooklyn Museum of Art www.brooklynmuseum.org

The Brooklyn Museum, housed in a 560,000-square-foot, Beaux-Arts building, is one of the oldest and largest art museums in the country. It houses world-renowned, permanent collections that range from ancient Egyptian masterpieces to contemporary art, and represent a wide range of cultures. Madison Square Garden www.thegarden.com The world’s most famous arena in the heart of New York City, the Garden hosts NBA basketball, NHL Hockey, concerts, and theatre productions to name just a few. Visit their website for a calendar of events. Theatre District www.ny.com/theater/on-broadway/theaters.html New York City's Theater District, called the Great White Way, is contained within a thin strip of Manhattan, from 53rd to 42nd streets, between 6th and 8th Avenues. There are approximately 36 theaters crammed into this small area of the city, most of which host world famous productions nightly. Coney Island http://coneyislandfunguide.com New York City’s largest amusement park, it is also home of the world famous Coney Island Cyclone. New York Yankees / New York Mets http://newyork.yankees.mlb.com http://newyork.mets.mlb.com New York City’s professional baseball teams. New York State Parks www.nycgovparks.org New York's diverse landscape depicts the history and culture of this country through stories of immigrants entering America, the nation’s only site dedicated to a first lady, the reliving of life in the 18th and 19th centuries, memorials to those who led and fought in battles, historical figures, and the early beginnings of the feminist movement. If you’re looking for a night out, www.nycgo.com/things-to-do/nightlife has options for just about anything you can think of. If food is what you’re after, try Northern Territory , one of NYC’s many rooftop restaurants, and indulge in an Aussie- style meat pie or sausage and fries plate. Enjoy some food while overlooking the city’s famous skyline. Before you go anywhere, you should try the famous corned beef or pastrami sandwich from Kat’z Delicatessen , a New York City staple. Stop by Spicy Village for flavorful and spicy dishes with a home-cooked feel to them. Also, NYC is known for having the best pizza and bagels, so be sure to try Di Fara Pizza for a classic New York-style pizza or Russ & Daughter’s shop for a delicious bagel sandwich. DWELLWORKS DIRECT For access to additional resources or to learn more about our rental assistance programs, please visit us at www.dwellworksdirect.com . NIGHTLIFE Feeling adventurous? Here are some recommendations from our local destination consultants.

© 2019 Dwellworks, LLC

New York, NY Market Focus Report