Mv, Home Buyer in Upper East Side, New...

Hi I would like to invest in a 2 bed room property in the upper east side of manhattan. Its more of an investment. Any advise.?

Asked by Mv, Upper East Side, New York, NY Fri Mar 2, 2012

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Hi, Mv.
Congratulations on your decision ot purchase an investment property on the Upper East Side.
As an investor, you should stick with condos, as you will want to be able to rent it out at will, and co-ops have strict rules about this. Prices are very good on the Upper East Side, as there is considerable more inventory there than many other neighborhoods. Without knowing specifics such as budget, size apt, etc, my advise would be more general. Currently the closer you are to Lexington Ave, the more valuable the apt. The further away, and hence the less convenient to the subway, the less valuable. I have heard two leading appraisers comment recently on the impact of the 2nd Ave. subway. During this construction phase, it is even lowering prices around the construction, further de-valuing these properties due to noise, inconvenience, dust from blasting, etc. In the long run, and we are talking a number of years from now, it will have a significant impact. So the most important question is how long you intend to hold this investment. You can get a bargain now, with a high reward later if you are willing to wait it out.
The most important advice I can give you, however, is to work with a skilled and experience buyer's agent. We streamline your search, negotiate on your behalf, and atake you through all the steps of the buying process. The sellers all have agents and so should you.

Best,
Jenet Levh
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com for all NYC listings
1 vote Thank Flag Link Sat Mar 3, 2012
Hello Mv,

From the looks of it, it would be best for you to look at condos so you can achieve your investment purpose smoothly. Buildings are very specific in sublet rules in Manhattan. Condos will allow you to rent your apartment from day 1. 99% of condos allow 1-year leases. Short term would fall into the category similar to hotels where you have to pay hotel taxes. I have assisted many investors and continue to find them reliable tenants for their investments. Let me know if you have any more specific questions. My contact info is below. I would be more than happy to assist you on your search. Best of luck on a great find!

Warmest regards,

Zita Alvarez Lo
Licensed Associate Real Estate Broker
Bus 212-350-2825
Cell 917-656-8112
Fax 646-497-3968
zlo@elliman.com

PRUDENTIAL DOUGLAS ELLIMAN
205 East 42nd Street, 6th floor
New York, NY 10017
1 vote Thank Flag Link Sat Mar 3, 2012
You will want to invest in a condo unit so you will be able to rent it out-- if this is your goal for your investment.

Here are a couple of articles that will help you get ahead.

Read: How to Buy an Apartment in Manhattan and Get the Best Interest Rate
http://www.buyandsellmanhattan.com/how-to-manhattan-apts/how…

http://www.buyandsellmanhattan.com/how-to-manhattan-apts/the…

http://www.buyandsellmanhattan.com/how-to-manhattan-apts/ste…

You now have the opportunity to search approximately 20,000 exclusive listings, representing the entire database of residential listings available through the membership of the Real Estate Board of New York (REBNY).

These are the most accurate listings you can find in NY because they come from the brokers themselves; there is no bait and switch, no duplicates, and no opens; and are updated every hour. There are photos, floor plans and other pertinent building information there that you will need for an informed purchase.

I am also a licensed Assistant Appraiser for NY State, an Associate Member of the Appraisal Institute and can add extra value to you as a buyer's broker.

If you have any questions, please feel free to reach out to me at your convenience.

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
9172502284
1 vote Thank Flag Link Sat Mar 3, 2012
I have a great property on park avenue priced to move, please email me at Angelan@nestseekers.com or call me at 718.791.5427 for more information.
0 votes Thank Flag Link Sun May 13, 2012
Boy do I have a deal for you! Short Sale Co-Op in Upper East Side... call or email me!

Geri DeWitt Ruby
Broker/Owner
RE/MAX Moniesworth Realty
1933 Route 52
Hopewell Junction, NY 12533
(914) 489-1958
geriruby@msn.com
http://www.RE/MAX-MoniesworthRealty-NY.com
0 votes Thank Flag Link Mon Apr 16, 2012
As a ball-park estimate, Manhattan condos are trading with a going-in cap rate of 2.5% to 4%. Conservatively, they are returning a ten-year IRR of 7% to 8%. While these are not the sexiest returns, they are still better than cash sitting in a bank. To maintain positive returns over the life of the investment, you need to be cautious about buildings that currently benefit from tax-abatements, which may end during your holding period.

Wiliam Hobbs
Director of Sales and Marketing
whobbs@evansnye.com
Web Reference: http://www.evansnye.com
0 votes Thank Flag Link Sat Mar 3, 2012
Hi Mv,

You ask 10 different people, you get 10 different answers. At the end of the day, with all things considered, you being the buyer, positions you to be advised, recommended and educated on all the pros and cons. I'm part of an organization that has an infra structure with it's ear to the ground. Our entire crew will brain storm to bring options that are a perfect fit for you. We actually qualify the sellers too, just to make sure that the options being considered have a healthy history for a solid future.
Everyone here has most of the standard conotations covered, the rest is a matter of matching you with the personality of the building, the space, the aesthitics and the economics. Give me a shout and let the process begin. Cheers.

Angela Fernandes
(Relax! We'll make you feel at home)
Gold Agent - Licensed Realtor
Manhattan Apartments, Inc.
729 Seventh Avenue @ West 49th Street
4th Floor
New York, NY 10019
Cell : (917) 705-3013
Office : (212) 847-0604
E-mail : afernandes@manapts.com
0 votes Thank Flag Link Sat Mar 3, 2012
Dear MV,

A condominium or condop purchase is the logical choice as you will not have rental restricions However, another option is a coop sponsor unit. You can typically buy them and sublet without restrictions as long as you or a family member never live in the apartment.

Your agent should look into the rents that each apartment can likely earn And crunch your income and expenses to see if your investment goal is attainable.

I'm happy to answer any additional questions you may have.

Marilyn Mayers
Lic. Assoc . RE Broker, Sr. VP
Halstead Property LLC
212.381.3211
0 votes Thank Flag Link Sat Mar 3, 2012
Dear MV,

if you plan to buy for investment purposes only, you are much better off to purchase a condo. There are few coops that have unlimited sublet policies in Manhattan. I have worked with a few, however from an investment standpoint I would recommend that you puchase a condo. There are some wonderful condos and condops who have the same sublet policies on the UES.

If you have any questions, please feel free to contact me. I would be happy to advise you.

Good Luck,

Ross Ellis
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
Halstead Property, LLC
212.317.7828 direct
646.472.7875 confidential fax
770 Lexington Avenue, 10th Floor
New York, NY 10065
rellis@halstead.com
0 votes Thank Flag Link Sat Mar 3, 2012
Hey Mv,

I bought a 1 bedroom plus 10x10 dining area now it is a 2 bedroom, and spent about 5k in renovations I paid 625K with carrying charges of 700's and taxes of the mid 300's. I furnished it with Ikea stuff and rented it for 4300.00, it is a condo in Murray hill.
I can show it to you after then tenant leaves in June
Call/email me if you want to work together!

Good Luck!

C. Ann Spreeman
Buyer's Broker
212-842-0659
NYCeREALTY,LLC
91 Central Park West Satellite Office
New York N.Y. 10023
nycerealty@aol.com
0 votes Thank Flag Link Sat Mar 3, 2012
A major event on the Upper East Side right now is the construction of the Second Avenue subway (the T line).

This construction and the ultimate subway are going to have an impact on any investment on the Upper East Side, and as an investor you will want to ask questions about this as you evaluate properties.

I often help investors analyze properties and I regularly work on the Upper East Side. I'd be happy to help you, please contact me.

Karla Harby
Lic RE Salesperson
Charles Rutenberg LLC
kharby@crrnyc.com
212.688.1000 x146
0 votes Thank Flag Link Sat Mar 3, 2012
MV,

If you intend to live in the apartment, then you can look at co-ops but if you plan to sublet shortly after, the building needs to be an fairly flexible board. Your best bet is a condo, especially if you intend to sublet it out immediately.

Feel free to reach out if you have any more questions.

Eugene Kopman
Associate Broker
Warburg Realty
ekopman@warburgrealty.com
0 votes Thank Flag Link Sat Mar 3, 2012
This is a great idea. I would be happy to assist you identify right properties that would work as investment. You can search all NYC exclusive listings on my website (click or copy this link to your browser and follow instructions) https://raki.allaccessnyc.com
Elena Ravich
Rakita Realty
646 593 7207
elena@rakitarealty.com
0 votes Thank Flag Link Sat Mar 3, 2012
Great question. Your best bet is to work with an experienced real estate agent who knows the neighborhood. At the moment there are about 110 two-bedroom condo apartments for sale on the Upper East Side with a median price of $1.25 million.

Please feel free to give me a call, and I'd be happy to help you find the perfect apartment.

Best regards,

Bruno J. Navarro
Licensed Real Estate Salesperson
BOND New York Properties, LLC
1776 Broadway, 19th Floor
New York, NY 10019
212.804.8948 mobile
270.675.9195 fax
http://NYCApartmentAgent.com
0 votes Thank Flag Link Fri Mar 2, 2012
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