Rent vs Buy in New York>Question Details

Jessica Nesm…, Other/Just Looking in Brooklyn, AL

Can I rent to own a condo in new York city?

Asked by Jessica Nesmith, Brooklyn, AL Wed Feb 23, 2011

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Answers

13
Michele Portnof’s answer
Jessica,
Rent to own is not a common practice in Manhattan. In the current real estate market there is little inventory and this type of sale would not benefit most sellers. I have been selling real estate in Manhattan for a decade and have only seen this once. Sorry I can not give you a more positive answer.
Michele Portnof
SVP/Associate Broker
Rutenberg Realty
mportnof@crrnyc.com
0 votes Thank Flag Link Mon May 27, 2013
Jessica,
This is a very good question. By the way, how interesting that you are from Brooklyn, AL - I didn't know there was a Brooklyn there, so hello from one Brooklynite to another.
There was a time when sales were slow during our downturn when some of the new developments were willing to do "rent to own". These days, our market is brisk again and they are much less common. The Financial District in Manhattan is where these were particularly being done. Those buildings however are largely sold and not needing to do this now. On resales, this is something that can always be presented to a seller's agent, though in most cases sellers want to be free and clear of the property.

Hope this helps.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
1 vote Thank Flag Link Wed Feb 23, 2011
Jessica,
Rent to own is not a common practice in Manhattan. In the current real estate market there is little inventory and this type of sale would not benefit most sellers. I have been selling real estate in Manhattan for a decade and have only seen this once. Sorry I can not give you a more positive answer.
Michele Portnof
SVP/Associate Broker
Rutenberg Realty
mportnof@crrnyc.com
0 votes Thank Flag Link Mon May 27, 2013
yes you can its easy just type in rent to own homes in new york.
0 votes Thank Flag Link Tue May 15, 2012
Yes, you can, and I'd be more than happy to assist you in doing so, Jessica!

Best,
Meagen
0 votes Thank Flag Link Sun Nov 27, 2011
are you in ny?
Flag Wed Oct 8, 2014
Yes, however it can be difficult to find a developer offering that option.
0 votes Thank Flag Link Tue Nov 22, 2011
Yes, and it is called a lease.
0 votes Thank Flag Link Thu Feb 24, 2011
Hello Jessica
Yes you can, but you have to find such a unit. It is difficult
Good luck
0 votes Thank Flag Link Thu Feb 24, 2011
The short answer to your question is yes. There are really two options that you could look for - either a landlord that's willing to enter into a rent with the option to buy lease or even to hold the mortgage. Much would depend on your particular situation. If you are not currently working with agent and you're looking to purchase either in Brooklyn, Queens, or Long Island, I would be happy to assist you. Good luck!

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Proprties
631-467-0009
ralph.windschuh@century21.com
0 votes Thank Flag Link Thu Feb 24, 2011
Yes. If the apt is advertised as such. I work with a sponsor offering a rent to own on one of their developments in the financial district. Let me know if you would like more information.
0 votes Thank Flag Link Wed Feb 23, 2011
Do you have any property rent to own in Manhattan?
Flag Wed Oct 8, 2014
In this area, most sellers prefer to sell outright rather than be bothered with a rent to own scenario, therefore such a situation is rare. If you haven't done so yet, consider visiting with any qualified loan officer(s), --after reviewing your overall financials, credit, debt, etc., he/she can make a determination as to qualification--if you don't yet qualify, your loan officer may offer great suggestions as to what needs to be done in order to qualify in the very near future...
0 votes Thank Flag Link Wed Feb 23, 2011
Jessica,
I get asked this all the time. It's definitely not a common occurence here in Manhattan though you will come across it from time to time. Where I've had more success with this is when I'm helping a buyer search for an apartment and I come across an apartment that's on the market for both sale and rent. Usually the seller is covering their losses just in case they can't move their apartment so they may be more open to these kind of offers.

There's also the issue of the type of building you could do this in. A condominium would most likely be more open to this kind of sale than a co-op would.

Other than that your two other options are:
1. Basically any apartment you'd be interested in you'd have to basically ask.
2. Be open to some of the other boroughs that are not faring as well as Manhattan is. Queens is probably on the top of that list considering they've had a considerable amount of foreclosures but you may find some options in Brooklyn as well.

Please feel free to contact me with any questions or advice!

Regards,
Mark
Mark Cisneros
Bona Tierra Realty
212-421-6408
mark@bonatierra.com
0 votes Thank Flag Link Wed Feb 23, 2011
If there is a willing Seller you certainly can sign a lease with an option to buy. The question is determining a price as nobody can be certain of the market in the future.

Scott Eisenberg
917-306-6618
RealEstateAttrny@gmail.com
0 votes Thank Flag Link Wed Feb 23, 2011
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