Home Buying in New York>Question Details

Isabel, Home Buyer in Buenos Aires

I am planning to invest in an apt in NYC. I spend summers there with my husband and kids.

Asked by Isabel, Buenos Aires Wed Aug 27, 2008

We had a loft in Tribeca, but we sold it several years ago. Now we can only afford a 3 bedroom apt in Harlem or Williambsburg, or a 1 bedroom in Manhattan. I love the idea of having a place to call home when I go to the city, but it has to make sense financially. I am planning to rent it temporary, furnished, from august to june. Do you think that it might be a good investment in the long term? Which neighborhood will be easier to rent this way, Williamsburg or West Harlem? And in Harlem, will it be better in Marcus Garvey Pk or in CP North or around Columbia? Is it dangerous there? Should I wait till december? Thanks!

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Hi, Isabel.
My office is in Manhattan and I own a townhouse in Brooklyn. I sell in both boroughs. There are many fabulous neighborhoods in Brooklyn other than Williamsburg and there are a slew of fabulous new condo developments in Park Slope, Cobble Hill, Carroll Gardens, Boerum Hill, Brooklyn Heights, downtown, DUMBO, Fort Greene and Clinton Hill that are every bit as nice as anything you will find in Manhattan, with as many amenities and fabulous community amenities (amazing restaurants, shops, etc). There are also other parts of Manhattan where a lot of development is happening other than Harlem, neighborhoods on the rise such as the East Village and the Lower East side. You have MANY options. And no, the parts of Manhattan you mention, near Marcus Garvey Park and near Columbia are not dangerous. They are very much in demand and therefore have gotten quite pricey. Feel free to contact me about these neighborhoods and the developments in any of them. And of course for your purposes, you would want to go condo rather than co-op.
0 votes Thank Flag Link Sat Sep 13, 2008
I work and live in Brooklyn and can still tell you that nothing compares to Manhattan (no matter how much we want to deny it.) I also agree with the below reviews that Harlem is a great place to buy. You're also 15 minutes from Midtown and the West Village and its just an amazing experience overall. Don't wait until December (nothing will change until then). Might as well go forward now.
0 votes Thank Flag Link Fri Sep 5, 2008
Hi Isabel, You have great questions and I've read some of the answers (which are all great and informative) I also agree that Harlem is a good investment. I am however more partial to the 110th Street area due to you wanting to rent it out (sorry is that from August to June or June to August) It makes a difference if its in the summer. You can get great rental income from CPW or North. And yes NOW is the time. I can also be available to you if you need my assistance.
0 votes Thank Flag Link Fri Sep 5, 2008
Hi Isabel,

Great questions! I would say if you can invest in Manhattan as opposed to Brooklyn, then go for Manhattan. The more the apartment is on the fringe, the more it is susceptible to market fluctuations. So, it is my opinion to go with Harlem - I am actually an expert in Harlem. And East Harlem (aka Spanish Harlem) has some amazing new developments that offer even 5% down!! There are about 10 developments that I could recommend. Central and West Harlem have become pricier over the years. But still great deals to be had compared to Manhattan below 96th Street. And when you ask about danger - that is in the eye of the beholder. In my opinion, I think all of the areas I have discussed are fine, but you need to discover what works for you when you see places.
I would say waiting until December might be a little too late. My gut is telling me after the elections on November 5th, the psychology of the market could move in a more positive light - meaning prices could start inching up. But of course, no one has a crystal ball! I would love to speak with you. My bio and contact information is below!
Stephanie Davis joined Mark David because of the INTEGRITY and FRESH APPROACH it brings to the real estate market. Mark David puts the customer first and genuinely cares for their clients. It is authentic customer service at its best. Stephanie has over 7 years of sales experience in the Manhattan real estate market and has SOLD OVER 30 APARTMENTS in Manhattan. She first discovered her love for real estate while working with a broker to find an apartment. After graduating from school, she moved forward with that hunger by working for a boutique brokerage firm in Murray Hill in 2001. There she excelled as the TOP rental agent for her entire stay there CLOSING OVER 200 RENTALS. Stephanie Davis then joined a top residential brokerage firm in Manhattan, Halstead Property. There she worked under one of the top-producing brokers where she later "graduated" to working on her own. She has sold a variety of apartments, anywhere from MULTI-MILLION DOLLAR PROPERTIES TO STUDIOS IN MANHATTAN, as well as working directly with buyers and sellers. She also became an expert in putting together sale and rental Co-op Board Packages as well as prepping clients for board interviews. She has NEVER had a board turndown. Throughout her real estate career she found an affinity for the east side of Manhattan. She is a MARKET EXPERT from 42nd Street and below; as well as the Upper East Side. On a personal note, Stephanie Davis has an extensive background in not-for-profit work. She is most noted for founding, creating, and managing a successful Downtown theatre company which has been in existence for over five years.

Stephanie Davis
Senior Associate Broker/Director of Client Relations & Business Development
Mark David & Company Soho Office 560 Broadway, Loft 201
c/ 917405 0236 p/ 212 775 6100 f/ 212 334 5444
0 votes Thank Flag Link Fri Sep 5, 2008
I will always tell apartment buyers and owners to buy in Harlem. This is the next big community that will change the Manhattan skyline in the next two decades. People from all over the world from all walks of life enjoy the rich culture and vibrant progress that Harlem continues to give back to its investors. Harlem is a safe and strong investment. Hope I was able to help- Your NYC Agent Jonathan Varela Coldwell Banker
0 votes Thank Flag Link Wed Aug 27, 2008
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