Gold Star Properties
Truett Hankerson (347)633-1299
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.
Halstead Property, LLC
There is a good articles summarizing all the issues for those who are considering investing in short term rentals
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.
Licensed Real Estate Salesperson
New York, NY
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.
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
770 Lexington Avenue, 10th Floor
New York, NY 10065
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.
Please contact me at firstname.lastname@example.org
Lg fairmont group
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,
Senior Licensed Sales Associate
Luxor Homes & Investment Realty
129 West 72nd Street, #2F
New York, NY 10023
Dir Ph: 917-648-1192