Introduction to a New Chapter
Though a native of Chicago, Faith Pennick considers herself a New Yorker. She lived in the city on and off for two decades, renting in different Brooklyn neighborhoods.
Background and Motivation
“I was unable to purchase an apartment in Brooklyn during the 1990s,” said Ms. Pennick, 56, who had student loan debt after earning degrees from the University of Michigan and New York University. “If I had done that, I would be sitting pretty right now. I know I have to get over that, but I probably never will.”
Career and Current Life
Ms. Pennick, who is a filmmaker and writer — her book about the R&B star D’Angelo’s album “Voodoo” came out in 2020 — refers to herself as a “quasi-starving artist.” She currently works as an advertising copywriter in SoHo.
Pandemic and Relocation
Unemployed at the start of the pandemic, Ms. Pennick returned to Chicago and lived with her mother. She landed a job and saved diligently for a down payment, always planning to return to New York. “This city is the place where I can be my authentic self,” she said. “Plus, my friends and church home are here. I am of the ‘New York or nowhere’ ilk.”
Home Hunting
She knew she couldn’t hunt from afar. “The way something looks on Zoom and FaceTime is not the same as being in the space and opening up the cabinet doors and all that,” she said.
So she’d fly in from Chicago for months at a time, staying with good friends — a couple from her church in Fort Greene, Brooklyn — who had an extra bedroom. In her price range of $200,000 to $300,000, she wanted a one-bedroom co-op, though a large studio would do. Ideally, she’d find a move-in-ready place with a dishwasher and decent closet space, in a building with a live-in super and a laundry room.
Considering Locations
She considered the Bronx, but couldn’t find a suitable place close to a subway station, which was a priority. Anyway, the Bronx was far from friends, church and work. So she focused on central Brooklyn, which had more subway options.
Financial Considerations
Ms. Pennick couldn’t afford to put more than 10 percent down, which she knew limited her options. (And she wasn’t eligible for first-time homebuyer programs, which she called “ridiculously rigid and unrealistic with their income cutoffs.”) She was referred to Natalie McCormack Richards, an independent broker, who steered her away from co-ops requiring 20 percent.
Conclusion
Faith Pennick’s journey back to Brooklyn with $300,000 and a dream is a testament to perseverance and the allure of New York City. Despite the challenges she faced, including financial constraints and the competitive housing market, she remained determined to find her ideal home.
FAQs
Q: What motivated Faith Pennick to return to New York after the pandemic?
A: Faith Pennick returned to New York because it is the place where she can be her authentic self, and it is close to her friends, church, and work.
Q: What was Faith Pennick’s budget for her new home?
A: Faith Pennick’s budget for her new home was between $200,000 and $300,000.
Q: What type of home was Faith Pennick looking for?
A: Faith Pennick was looking for a one-bedroom co-op or a large studio with a dishwasher, decent closet space, and a building with a live-in super and a laundry room.
