Home Buying in New York>Question Details

Cshaw39, Home Buyer in New York, NY

I am living and working in Philadelphia, am here on 5 year working visa and am interested in investment apartment in manhatten. I have a number of

Asked by Cshaw39, New York, NY Sat Feb 18, 2012

1. What are the costs incurred in buying a property in manhatten or where can u get this information? 2. How dies short term furnished rent compare with long term rent as far as ROI goes? What areas offer the best oppportunity for short term rent with max ROI? I

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Hello! The costs of buying a property in Manhattan depend on the area (location, location, location!), type of property, the type of building (new, pre-war, highrise, etc.) , level of amenities and level of finishes - there is a wide variety in each category. If you'd like I could provide you some example and averages in certain areas.

Rentals are always in demand in Manhattan though most buildings do not welcome short term rentals. You can make around 5-7% annual operation income, provided it is a good property at location in demand, though your returns will also depend on if you are buying for cash or borrowing, etc. Properties in Manhattan really appreciate in value over the time and the right holding time should be at least 5 years - upon sale at the right time and at a right price you should be able to get a major portion of your overall ROI. I would be happy to discuss with you what is available, what locations to look at, proformas, etc. Elena 646 593 7207
0 votes Thank Flag Link Fri Feb 24, 2012
Hello, I work with investors on a regular basis. I also own rental properties so I have experience from an investor's perspective.

You must hire an attorney/lawyer to purchase in the New York City area. But the attorney becomes involved after you have chosen an investment and you have a deal with the seller.

Before that point, you need help finding properties and evaluating them as investments, and this is what real estate professionals do for a living. When I analyze potential investment properties, I consider the prevailing rents in the building and neighborhood, carrying costs and future projections, and talk to the broker on the seller side. I also have access to proprietary databases that can be extremely useful.

What's more, this expertise is offered at no cost to you, because in NYC the seller pays the brokerage service fee when and if a property is sold, not the buyer (with rare exceptions).

If you have at least $300,000 to invest (as cash or as a mix of cash and loans, with a lender who knows you are an investor with a work visa), please contact me, I'd be happy to help you. This is a complex subject and rushing into an investment without adequate research could result in a disappointing outcome.

Karla Harby
Lic RE Salesperson
Charles Rutenberg LLC
127 East 56th St
New York, NY 10022
kharby@crrnyc.com
0 votes Thank Flag Link Thu Feb 23, 2012
Cshaw39,

You are right to ask professional advice (though, as a veteran real estate lawyer in Manhattan, I think its better to consult with a lawyer rather than a broker). I offer one-hour consults to discuss.
Feel free to contact me.

Lynne Figman
0 votes Thank Flag Link Wed Feb 22, 2012
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