I am keen on an investment property in Manhattan that would deliver a decent yield. I would also like to use

Asked by Eyedoc11, Ireland, WV Sun Mar 9, 2008

it for personal use on occasion implying that it would be useful if the apartment could also be used for short term rentals. Lastly, it would further enhance the investment if it had the potential for better than average capital appreciation. My research has led me to the Financial District. Am I way off target? It's not the first area that I would have thought of.

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Aileen-Manha…, , New York, NY
Sun Mar 9, 2008
The Financial District is a good option at $834. per sf. but Hells Kitchen (Midtown West), Harlem, Washington Heights, and Inwood cost less per sf. also. Each area has its own benefits and "vibe". Why not come over and conduct a neighborhood search, on foot?
2 votes
Fred, Home Buyer, New York, NY
Thu Apr 3, 2008
let me clarify that by real yield i mean your cash on cost, excluding long term appreciation. so if you are looking for the rental income to make you money, you need to look at multi family buildings, not individual units.
0 votes
Fred, Home Buyer, New York, NY
Thu Apr 3, 2008
real yields on manhattan residential are negative. you are buying all upside and this assumes you rent it fulltime.
0 votes
Adina Greenb…, , New York, NY
Thu Apr 3, 2008
What kind of short term rentals do you have in mind? Short as for tourists staying one or two weeks? Or short as in 6 to 8 weeks for student exchange programms. If you want to rent out to tourists, you probably get the highest return. You should then look for an area where tourists like to stay, Midtown East and West, lower upper East and West, Chelsea, Greenwhich Village, East Village and such.
If you opt to rent short term to students, I suggest you stay around Columbia University or NYU.
0 votes
Ronnie Shuma…, Agent, New York, NY
Mon Mar 31, 2008

The area is the ideal location for what you seem to be looking for. The properties there are still at a good price per square foot. I have been previewing some prime examples of what timing will get you in the area recently. Try to make sure that there is good natural light, subway access and also what amenities are offered in the building.
I hope that this helps!
0 votes
Diary Of A R…, , New York, NY
Mon Mar 10, 2008
If you have $1.995 million, I have a 2-bedroom, 2-bath condo in SoHo for you . . . it is a good investment story because our property is at $1,200 a square foot, and the property next door is going up at 150% of that . . .
plus it is an absolutely beautiful pied-a-terre with great light, a fireplace, a chef's kitchen . ..
check out our firm's website for more details.

Alison Rogers
Licensed Salesperson
DG Neary Reatly
Web Reference:  http://www.dgneary.com
0 votes
M, , Florida
Sun Mar 9, 2008
I would most strongly recommend that you contact Michael Rossi at rossi_michael@msn.com. His cell is 914-954-1695. We don't do work in Manhattan, however if we did, I would only go to Michael. He really knows the market from an investment view point.
If you ever looking for investment property in the southeast, please consider us. Visit our website at http://www.marianschafferrealty.com
Good luck and please tell Michael to give you a great deal and he can share the referral check with you!
Marian Schaffer
The Schaffer Realty Group
0 votes
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