Three Finance Bros Unite To Afford Lower East Side Luxury Penthouse – Is Splitting $15,000 Rent The New Norm?

Rents in New York City's Lower East Side can be high, but there are options for those willing to share.

Take the luxury penthouse duplex at 109 Norfolk St., known as the Switch Building. The penthouse was recently on the market for a $15,500-per-month rental, which might seem out of reach for many. But when split by three people, the cost becomes more manageable.

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The decision was clear for three friends working in finance: Forego the small, cramped studios they could afford and opt for a luxurious penthouse with ample outdoor space in a vibrant neighborhood. Sharing the cost made the dream of living in a desirable location a reality.

In a survey conducted last year by U.S. News & World Report, 51% of respondents moved back in with family or got a roommate to ease the impact of inflation and cost-of-living increases, and 87% know at least one person who had moved in with family or gotten a roommate. 

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The roommates, who declined to be named because of their employers' policies, are all in their mid-20s, work in finance and have a combined annual salary of more than $1 million, their broker Steven Ke of Nest Seekers International told the New York Post. Ke said the roommates had attempted to rent the penthouse independently but were unsuccessful, prompting him to intervene.

"It's an incredible apartment. It has everything," said Ke, who helped them get approval by writing a letter to the owner "and presenting them in a better light."

"I used myself as a reference as well as prior landlord references for one of the tenants, who I previously worked with," Ke said. "I also broke down their financials, which was not just their annual salary. It included retention bonuses and more. In other words, brokers know what owners look for, and brokers know how to properly present an application."

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The roommates now reside in a luxurious seven-story building with five units, constructed in 2005. The building features four full-floor apartments and the penthouse duplex.

A private elevator leads to the penthouse, a renovated loft-style home boasting three bedrooms and 2.5 bathrooms. The modern, renovated residence spans approximately 1,900 square feet and features an open chef's kitchen with a double oven, a subzero refrigerator and a wine fridge. Additional design elements include a decorative fireplace, custom built-ins and wall-to-wall windows.

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The penthouse has three bedrooms, two of which share a balcony and a full bathroom.

The primary bedroom suite is on the second floor, accessible via a suspended staircase. It includes a spacious walk-in closet, an en suite bathroom with heated floors and a soaking tub, and a private 900-square-foot rooftop terrace complete with an outdoor kitchen, an outdoor shower, and views of downtown Manhattan.

Carlos Jacinto of Serhant was the listing broker.

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