New York luxury flats has been growing especially over the past year. One reason is the overvaluation of flat price in Hong Kong and China. Another is the price uptrend of New York flats and investors are looking to ride the up wave of flat price appreciation here in New York.
A recent study found that the US, led by New York and Washington, is the top property investment choice for foreign investors. Flats (called apartments in New York) is the top property category. This is followed by retail, hotel and office. A reason is that investing in luxury residential flats is simple and straightforward for the high net worth investor.
The average price for a luxury flat in Manhattan is about $1500 per square foot. Flats in Manhattan's top buildings trade for $3000 to $4000 per square foot. In terms of rent, an investor looking to rent out the flat for income would expect about a 4-5 percent gross rent (as percentage of purchase price). Compared to Hong Kong and China, this is very attractive.
We focus on serving foreign investors interested in investing in New York flats. This includes identifying the property, negotiating, securing a renter and eventually, selling the property. Visit us at Castle Avenue Partners - New York investment flats to learn more.
New York flat price trend
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