I am looking to purchase a condo in Manhatten, near civic centre on Broadway. Is this a good area to rent it out before moving from Australia. Help!

Asked by Notsosure, 10038 Tue Feb 8, 2011

Could anyone give me some adivce regarding popular areas to buy in Manhatten below 14th Street. I am not a local so I would appreciate any help. Thank you

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Sun Sep 21, 2014
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Hector De La…, Agent, Morris Township, NJ
Mon Oct 21, 2013
If you're still on the hunt give me a call and I would prefer to show you what your money would get you.
Hector De La Cruz
Realtor Associate NY and NJ
Manhattan • LIC • Brooklyn • Miami • Hamptons • International
415 Madison Avenue
Ny, Ny 10017
O + 212.252.8772
C + 973.986.3903
F + 212.252.9347
0 votes
Alex Fernand…, Agent, Rego Park, NY
Sun Aug 18, 2013

As a local (view my profile) and Licensed Real Estate Person I will be able to help you find the right place for you. Contact me and we can discuss the different areas Downtown in greater detail, budget, what you are looking for and how you plan to purchase, cash or loan. I have a few condos in mind that are great. Contact me for a list.

Alex Fernandez
Licensed Real Estate Licensed Sales Person
New Vista Horizons, Inc.
(646) 234-2231
0 votes
Victoria Che…, Agent, New York, NY
Wed Jul 24, 2013
Hi there,

The vacancy rate being extremely low in Manhattan, especially the downtown area, you can only win from renting out an apartment as source of income. New York belongs to one of the top cities in the world and it is not about to decrease in demand.
If you would like more information on the local sales and rentals, do not hesitate to contact me. I specialize in this specific neighborhood.
Thank you,
0 votes
Lorna Sherla…, Agent, Newburgh, NY
Thu Feb 10, 2011
Absolutely. Since many still cant afford to buy and the area is desirable, you would have no problem renting.
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Andrey Yanoff, , 10017
Wed Feb 9, 2011
Hello there,
The area is not too bad, if you are thinking about renting your unit out, depending on the purchase price, RE tax and common monthly charges. But it is too busy and too noisy especially if eventually you are planning to live there. Good luck to you.
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Timothy Basc…, Agent, NY,
Wed Feb 9, 2011
Why would anyone want to leave Australia? Have you tried Sydney? Loved it! #1 was right ,the market here for rentals is very strong however, you should only consider a condo if your goal is to have a rental in NYC. I specialize in the downtown market and would be glad to help. My wife lived in NZ and we have lots of friends in Australia, but really why move? bascomre@aol.com
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Mudar Humaim…, Agent, NY,
Wed Feb 9, 2011
Hi, There are many factors to consider:
1. how long are you staying in the states?
2. what is your budget?
3. If you purchase a property here, do you intend to keep it after you move back home? for rental income?
4. Are you financing or is this a cash deal?

These are some of the things to consider when purchasing a property. The interest rates are historically low, but for a foreign buyer they might not be so favorable. BTW I have an excellent person to refer you to who specializes in financing foreign buyers. It is definitely a buyers market especially if you're offering a large down payment i.e.: 50%. And with the right agent/broker you might be able to negotiate a sweet deal.

As far as renting goes, it might not be a bad idea especially if this is your first time living in Manhattan. Although an island, Manhattan offers very unique diversity and many neighborhoods to choose from. I am afraid if you purchase a property downtown you might grow out of it and want to move out.

It is difficult to advise you before I know more about your situation. Feel free to shoot me an email with more information and I'll be happy to provide my opinion.
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Peter Howard, , New York, NY
Wed Feb 9, 2011
Dear Notsosure,

I hope you are well. Manhattan has about a 1% vacancy rate amongst rental units, so virtually all of if is good for rentals. However, if you are talking about renting a unit you buy, before you move in, then there are huge differences between buying a condominium and a Co-op. Long story short,(a local saying), Co-op's can be highly restrictive, to the point of not allowing rentals.

Regarding the Civic Center; I believe you are refering to the City Hall area. I personally feel it is one of the best areas. The area to the West of City Hall is called Tribeca, (Triangle below Canal), which stretches to the North and South of City Hall. This was a warehouse and Manufacturing District into the 1950s and 1960's, serviceing long ago removed shipping docks. The buildings are generally smaller and beautifull. There are also some dramatic per war office buildings,( pre World War II), which are mostly converted to residential. The area,bounded by Canal, Broadway, the Hudson River and the World TradeCenter, is mostly landmarked and has Zoning restrictions which limit height., (which limits supply of buildings). This is a quaint area. Additionally, there are many parks and recreational activities. Also, all subway lines have stops on Chanbers Street, (the Nrothern Street of the Civic center), so there is easy access to the rest of the city and it's bouroghs. This area tends to rent and sell higher than to the East and South East of City Hall. Which also have many of the same logistacle advantages of Tribeca and is called the Seaport and the Finacial Districts. These are also great areas; however, as the zoning is much more liberal, and the areas have less landmarking; so there is much more supply and the prices tend to be lower.

iIn any case, if you are looking for professional help, I have over 20 years of NYC Brokerage experience and I would be happy to be of service.


Peter Howard, Associate Broker
Charles Rutenberg, LLC
127 East 56th Street
New York NY, 10022
917 414 5093

0 votes
Veena Prakash, Agent, NY,
Wed Feb 9, 2011
Dear Notsosure,

The best way to get help is to speak to a couple of Agents and pick one that you feel comfortable with. They should also follow thru after the conversation not just make you feel comfortable. The areas downtown below 14th street are all very desirable for both purchase as well as rental so it depends on your budget to find you the most suitable condos to choose from. Its an exciting process and I would love to help you through it. As you may already be aware, that when you work with a Buyers Brokers we are vested and committed to your interests solely and yet obtain our Commission from the Seller. Yes you should keep in mind that most buildings allow a years rental lease term only.

Please feel free to contact for any help.

Veena Prakash
Associate Broker
Rutenberg Realty
0 votes
Fern Hamberg…, Agent, New York, NY
Wed Feb 9, 2011
Hello Notsure,
MY advise to you is if you are NOTSOSURE, then your best bet is to sublet.
I am a Senior Associate Broker with Citi-Habitats Relocation and Corporate headquartes, and I am a hybrid agent, do both, lease and buy/sell. I can help you explore all possibilities. I work with a lot of foreigners and natioanl as well as native New Yorkers. And I place many people in New York. I also work with my husband Michael who know every nook and cranny here in Manhattan. Please feel free to contact me at least to chat over your background and your requirements. YOu can contact me via e-mail or phone number, I can call around the world. So please "Notsosure" I would like you to make Sure you are making the right decision.
Fern Hamberger
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Jenet Levy, Agent, New York, NY
Tue Feb 8, 2011

Below 14th St. would be the Financial District, Battery Park City, Chinatown, Little Italy, NoLita, the Lower East Side, the East Village, the West Village, TriBeCa, SoHo and Gramercy. If you need to rent it out, you are correct to be considering condos vs. co-ops. In choosing a neighborhood, there are many factors to consider, among them your price range, what type of building you are looking for, the amenities you are interested in, and more. Also important in renting it out prior to moving here is the time frame you will have in mind. Less than a year would present a problem both in terms of the lease and most likely the building's sublet policy. You really need to work with a skilled, knowledgeable agent who knows these neighbohoods very, very well, because there are subtle differences and nuances to be considered. Your agent should also be someone who is a skilled negotiator and who knows how to get you a great buy, whether in a new development or an established condo - there are subtleties in the art of negotiating in one vs. the other as well. You need someone who can streamline your search, negotiate a great deal, and take you through each step of the buying process. I would suggest you click on "Find a Pro" above to get yourself one of the top-rated agents.

Jenet Levy
Halstead Property, LLC
212 381-4268
0 votes
Tommy James, , New York, NY
Tue Feb 8, 2011
Hi Not so Sure from Australia,
There are a few really great areas that I can recommend below 14th Street, but in order to advise you better I would need to know more information about the purchase. If you would like to email
me, I can get all the pertinent information so I can help you through
every step of your real estate transaction.

Best regards,

Tommy James
Licensed Real Estate Agent
Key New York Real Estate

0 votes
Eugene Kopman, , New York, NY
Tue Feb 8, 2011
Dear Notsosure,

There are a lot of desired areas in Manhattan. Near the Civic Center, you're looking at Mostly Tribeca, Nolita, Financial District and Lower East Side. These are all popular areas. As far as renting them out before you relocate, it is not a bad idea so you don't lose money, but keep in mind most building do not allow sublets for less then 6 months. Usually it is minimum 1 year,

I will be happy to assist you in buying a home in Manhattan. Having an experienced real estate agent is a good way to have somene look out for your best interests. I can also rent the unit for you if/when needed.


Eugene Kopman
Associate Broker
BOND New York
Direct: 646-39-RE-NYC (646-397-3692)
eFax: 646-217-3737
E-mail: Eugene@BondNewYork.com
Twitter: REIronHorseNYC
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