New York hotel for sale in prime Canal Street / Lafayette Street

For Sale:  
28-Room Hotel with Significant Retail in top Manhattan, New York location.  Canal Street / Lafayette St in Chinatown/Soho neighborhood.  $29 million, 7% cap rate.

The Hunt: Chinatown with Wei Min Tan, Open House NYC

Weimin Tan brings client to view 2 bedroom condos in Tribeca and Financial District.  Weimin is a specialist with international / foreign investors looking to invest in Manhattan apartments and buildings.  He speaks Cantonese Chinese, Malay and Mandarin Chinese.

New York City 2010 Facts

This recession, NYC lost 4.8% of jobs, less than US avg of 7.3%

Wall Street Profits

NYSE member firms achieved record profits in 2009 after posting $50B in losses during the past 2 years.

Why buy Manhattan Property with a Broker

1.  Commission:
The commission is a pre-negotiated amount paid by the seller.  If a buyer has a broker, it's split 50/50 between the seller's and buyer's brokers.  Else, the seller's broker keeps it all.  There is no "discount" by going directly.

Manhattan vs US property market

Manhattan outperforms US housing market - WSJ article
Home Market:  Lots of Looking (link to Wall Street Journal article)


1.  New York City outperforms rest of the US housing market this summer.  Prices rising, employment grows.