Home Buying in New York>Question Details

Brian Requar…, Home Buyer in Outside U.S.

Good neighborhoods to buy an apartment in NYC to rent out to execs

Asked by Brian Requarth, Outside U.S. Sat Jun 2, 2012

What are thr best neighborhoods for buying an apartment that can rented out to executives for short stays? What is the best way to find someone to manage this for me? My goal is not cash flow, but to own something in NYC and furnish it.

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Truett Hankerson’s answer
Midtown East. Executives more than likely want to be near where they are going to have to be working and Midtown, and downtown(financial District) is most preferable. I am a licensed Real Estate agent who handles short terms. I would not mind handling this in every way. Because cash flow may not be something you are looking for but if done correctly and managed properly cash flow is something you can have. So call/text or email me. I would be happy to manage it for you, as well as find the place for you and handle every other aspect. Truett Hankerson. I work for Gold Star Properties. Remember exec's want to pay minimum prices with maximum results so don't buy anything over a one bedroom. If you can rent for $3000 that would be the best as you would be constantly booked year round.

Gold Star Properties
Truett Hankerson (347)633-1299
Truett@gspny.com
0 votes Thank Flag Link Mon Jun 4, 2012
BEST ANSWER
Brian,
There is have been major changes in the ability to rent out an apt. for short-term stays. Our mayor has been firm about this, as the hotel industry had concerns about this sort of thing taking away from their business, so please do not assume you can do this. A co-op would never allow it, as a co-op must be owner-occupied with strict subletting rules. Condos allow subletting, but generally for one year leases. Most condos do requre board approval of a sublet these days and the board applications for subletting is getting as involved as for purchase.

If, as you say, your goal is not cash flow, but to own something in NYC, your best bet is to buy a condo and rent it out in the usual way, a year at a time. The vacancy rate is less than one percent. I just rented out a condo that one of my buyers bought in one hour at the first open house right after he closed.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
0 votes Thank Flag Link Sat Jun 2, 2012
I have some beautiful apartment buildings that you may be interested in buying. Please contact me. My name is Kevin and I can be reached at 212-714-1027. Thank you and good luck.
0 votes Thank Flag Link Mon Jun 4, 2012
Columbus Circle Area is very popular and close to Midtown Business District...You have to look with your attorney on short term renting restirictions, both city/state-wide regulations and also a specific building's requirements, plus to make sure you understand about a hotel tax, etc.

There is a good articles summarizing all the issues for those who are considering investing in short term rentals
http://www.deadlinenews.com/2011/12/23/short-term-rentals-ev…
0 votes Thank Flag Link Sun Jun 3, 2012
Renting for less than 1 month is not a workable plan, as explained in the attached article from Frommers. You'll run afoul of New York State law at a minimum.

Be careful. You need a good NYC lawyer for any real estate transaction here, I have a list of them, just ask, as you need expert advice. Watch out that someone eager to sell--such as an owner working without a real estate agent--doesn't mislead you about what you can and cannot legally do in a particular building.

Sounds like you want a pied-a-terre that you rent out a week here, a week there, so you can stay in the pied-a-terre from time to time in between the rentals. That's a difficult plan to make work here. Most condos won't allow such renting, and I can't imagine any co-op that would even talk to you about that.

Maybe where you live in a place where people sneak around the law? But here if the neighbors complain, and we NYers are good complainers, you'll need to hire a very good, very expensive, lawyer.

Manhattan does have a few, timeshares. That might possibly make sense for you.

Otherwise you could just buy a studio pied-a-terre and enjoy it whenever you can. Apartments in top NYC neighborhoods are the blue chip stocks of real estate. Since you're not overly concerned with cash flow, you could focus on choosing an apartment with good appreciation potential.

I can help analyze any such investments, so let me know.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
kharby@crrnyc.com
212-688-1000x146
Web Reference: http://tinyurl.com/7yto6ud
0 votes Thank Flag Link Sun Jun 3, 2012
Thanks for everyone's response. This is very helpful as we narrow down our options.
0 votes Thank Flag Link Sat Jun 2, 2012
Hi Brian,

There are many options as far as neighborhoods and a condo is the way to go. However not every condo allows short term stays. So ask questions and be very careful that you don't end up purchasing an apartment that will not allow short-term stays.

if I can be of any help, feel free to contact me.

Ross Ellis
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
Halstead Property
212.317.7828 direct
770 Lexington Avenue, 10th Floor
New York, NY 10065
rellis@halstead.com
0 votes Thank Flag Link Sat Jun 2, 2012
Brian,
Central Midtown is the best option for you. You don't want to be too far east or west, around Columbus Circle is very desirable. You could probably get anywhere from $75 to $125 per sq ft depending on the building. Please be aware and check the buildings sublet policy when you purchase.
Please let me know if I can be any assistance to you.
Regards,
Parish
Parish.pradhan@kwnyc.com
0 votes Thank Flag Link Sat Jun 2, 2012
Hi Brain, when I saw this thread I had to reply. I am a broker and specialize in investment properties. The best neighborhood hands down is the Financial District and the best building is Cipriani. It comes already furnished, linens, forks and etc...It's a full service building with no subletting rules, no board package, nada. And you can buy a studio with renter already in place. I just sold one for $599K and the renter is paying $3600. Can't beat that. If you are interested in something like this feel free to call or email me anytime. 917-254-9769 or lana@nyishome.com
0 votes Thank Flag Link Sat Jun 2, 2012
Morning. Mable makes sense in her analysis of good investments for renting. The market is desperately in need of furnished rentals often short term. I would recommend some excellent condos that are favorites of busy execs and welcome corporate leases
Please contact me at rkbraines@lgfairmont.com
Regards
Robin. Raines
Svp
Lg fairmont group
9143302241
0 votes Thank Flag Link Sat Jun 2, 2012
Dear Brian,

I work with a alot of executives. Many of them would like to be centrally located, where they can have easy access to their business meetings. Midtown West is a great location. Also, for financiers, the Financial District is also a super option, too.

If I can be of assistance to you as you seek to find the right investment option and ROI, please don't hesitate to call on me.

All my Very Best,
Mable

Mable Ivory
Senior Licensed Sales Associate
Luxor Homes & Investment Realty
129 West 72nd Street, #2F
New York, NY 10023
Dir Ph: 917-648-1192
Email: mable@luxornyc.com
0 votes Thank Flag Link Sat Jun 2, 2012
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