I am thinking of investing in a NY apt. Now I live abroad but 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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Antolin Du B…, Other Pro, New York, NY
Fri Oct 3, 2008
Nice plan, I think it will work in the right area, with the right unit- a condo without any crazy board that tries to restrict rentals within their building, which some think that they can do.

But you need to buy in Harlem, not Williamsburg. Harlem has the Columbia current students who need to be near the school, Williamsburg has the graduates who want to be near other graduates.

My friend rents out half of his apartment for 3/4 the maintenance. He went to the graduate housing department at Columbia, and beginning about mid-August his phone starts ringing off the hook with students who NEED housing the best position to be in! But try to stay within about 1/2 mile, somewhere around around 116th and Lenox would be good, since there is also a subway line there.

Buenas Suerte.
0 votes
c, , New York
Fri Oct 3, 2008
Hello Isabel,

It is always a good idea to invest in New York! When sales are low (good for you buyer) the rentals are high!
My company is specialized in furnished short term rentals, I would be very happy to help you find the right place to buy, then rent it out furnished for the time you are not in the apartment. Check my website for this matter. http://www.creny.com
Web Reference:  http://www.creny.com
0 votes
Patrick, Home Seller, united kingdom
Fri Sep 26, 2008
Hi

I am english and have returned to the United Kingdom, i have an apt of which i rent and have done successfully for 4 years. Although now i wish to sell.( process of purchasing another ) I would purchase in an area which has a history of stability both in terms of price and rental and be aware of areas which maybe only short term. As you are maybe aware there are certain areas which are running on the back of more established areas.
0 votes
Alen Moshkov…, Agent, New York, NY
Fri Sep 26, 2008
Hi Isabel.

Interesting what the other broker said about condo rules and renting out units. Maybe I'm wrong but this is the reason why Foreing Nationals purchase into Condo apartments for the simple fact that they can rent out these units as they please. I'm sure some condo buildings have stricter rules, but for the most part I havent come across that ever being an issue. When it comes to a coop, I woul agree 100%.
Between me and you Isabel, I would consider Williamsburg or even Long Island City. LIC is 7 minutes by trian from midtown and the views of the city are spectacular. It's unfortunate to hear that you sold your loft in Tribeca, it was recently rated by forbes as one of the most expensive neighberhoods in America with an average sale price being $2.6 Million.
You may also want to consider Fort Greene in Brooklyn and Cobble Hill, close ot the city, close to transportation and are very hot right now, depending on how much you have to spend, you may even want to consider Park Slope which has many new developments coming on the market.

If you ever need specific information, shoot me an email or you can always give me a call, all of my information is on my page.


Best of Luck
~Alen
0 votes
Isabel, Home Buyer, Buenos Aires
Thu Aug 28, 2008
Thanks Glen. I am paying cash. It is very helpful what you say about condo rental laws. One assumes that if it's a condo you can do whatever you want. I am thinking of renting to Columbia teachers or students for the school year and use it only in summer.
0 votes
Glenn Minnick, , Upper West Side, New York, NY
Thu Aug 28, 2008
It's not as easy as you may think to rent out a furnished apartment short term. You need to be sure that the building allows it, most condominiums only allow 6 month or 1 year leases as part of the bylaws to keep transient tenants out. I handle a lot of upscale rentals, and 95% of tenants don't want other peoples things, they want to bring their own. That being said, West Harlem is hot right now but there are still some deals to be had. Be sure you have your financing in place before you start to look...banks are being extremely difficult now with foreign investors, asking for 50% or more down and puttiing restrictions on subletting for the first two years.
Web Reference:  http://www.elliman.com/gjm
0 votes
Isabel, Home Buyer, Buenos Aires
Thu Aug 28, 2008
Hi Jolie,

thanks for your answer! I was thinking that the prices might go down a bit, that's why I asked about december...
0 votes
Jolie Muss, , Upper West Side, New York, NY
Wed Aug 27, 2008
Isabel,
I would think that because of the current popularity of Williamsburg, it might be easier to rent that way. On the other hand Harlem is very accessible to the students at Columbia and Fordham, so it's really pretty equal. Since you will be staying there in the summers, it's really important that it's located where you feel most comfortable...In addition it would probably have to be a condo, as most coops have restrictions on renting. Why do you ask about waiting until December? Let me know..
In any case let me know if I can help you find a summer home in Manhattan or refer you to someone in Brooklyn!
Jolie
Jolie Muss
Licensed Real Estate Broker
331 Columbus Avenue
New York, NY 10023
Office: 212 721-3301
Email: jolie@joliemuss.com
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Real Estate Blog: http://www.myspace.com/nycexpert
Web Reference:  http://www.joliemuss.com
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