One in Four New Luxury Apartments in Manhattan Are Unsold

Summary of the New York Times article that reports one in four luxury new apartments in Manhattan are unsold.  This amounts to about 4,000 units out of the 16,000 new condo units built since 2013.  The major oversupply areas are Billionaire's Row and Hudson Yards.

Property investment in New York

Property investment in New York is a recent article I wrote about why New York is the #1 ranked city globally for foreign investment.  The article references the Wealth Report and summarizes price points of different apartment sizes in New York, the pricing correction of 2017 to 2019, where to find property listings and why New York is good for investor buyers.

Rules for foreigners buying New York property

Rules for foreigners investing in New York property summarizes the key points for potential foreign investors.  

Points covered include FIRPTA withholding tax, whether there is extra stamp duty and estate tax.  A great overview before doing the deep dive.
  

How to Invest in Manhattan Property

How to invest in Manhattan property for foreign buyers.  

Article covers whether foreigners can buy Manhattan property, transparency of property inventory, prices and a brief comparison of new development vs resale.  

Manhattan Q2 Condo Prices

According to the Miller Samuel/Elliman Report, Q2 sales volume of Manhattan condos increased by 26 percent, the highest increase in three years.

Median price of a Manhattan condo at $1.70 million was up 3 percent.  It was the first year over year increase in seven quarters.

Price per square foot was $2,077, down 1.8 percent from a year ago.  Average price was $2.83 million, down 4.5 percent vs year ago.

Read full article:  Manhattan Q2 Condo Prices

Closed on foreign client's new launch condo in Gramercy

We just closed on our foreign client's new launch condo last week.  Booked at pre-construction stage about two years ago.  The building, 200 E 21 St, is targeting LEED Gold certification.  Luxury finishings, hardwood floors, marble bathroom.  

Read about it at:  Manhattan New Launch Condo Investment For Foreign Client.

Foreign Buyers' Guide to Investing in Manhattan Condos

Our foreign buyer's guide to investing in Manhattan condos.  Includes an overview, how the process works, financing options and even deal examples.  This has been a top ranked page on Google since I wrote it many years ago.  

Read article:  Foreign Buyer's Guide to Investing in Manhattan Condos 

Buying new property launches in Manhattan, pros and cons

My article about the pros and cons of buying new property launches in Manhattan. Includes examples of our clients' deals.

Read article:  Pros and Cons of New Property Launches in Manhattan

Best New York property agents

Bio overview in pictures on my experience and life as a New York property agent focusing on investors.

Read article:  Best New York property agents

Buying New Condo in Manhattan, Tips for the Foreign Buyer

Buying new condos in Manhattan is a strategy that many of our foreign clients pursue.  The objectives are either for rental return or for use as vacation home.   By the time a foreign investor client reaches out to me, he would have researched extensively online and have a strong understanding of the Manhattan market.

In addition, the client would have read a lot of my articles on the subject of investing in Manhattan condos.  Still, there are many questions.  Understandably, buying a condo in a different country is a major undertaking.

Here are some tips for foreign investors:

Read article:  Buying New Condo in Manhattan

Manhattan luxury freehold condo close to MRT, $1.83 million

Manhattan freehold condo with high rental return and close to MRT, United Nations, Citigroup Center, Blackstone, Blackrock headquarters.

Property:  959 First Avenue, Apt 23E, New York, NY 10022 (Condominium)

Price:  $1,830,000

Common charges:  $1,400

Property taxes:  $160

Rental return:  At rent of $6,000 per month, rental return of 2.9 percent based on asking price.  This is very high by Manhattan standards.

Size:  907 square feet

Learn more:  Manhattan freehold condo close to MRT, $1.83 million

Foreigners buying Manhattan property, the questions that matter

Here are the top 8 questions foreign clients ask when thinking about buying property in Manhattan.

#1:  Can a foreigner buy property in New York?

#2:  What type of property can a foreigner buy in New York?

Read the full article:  

Foreigner Buying Property in New York, 8 Questions That Matter

Best Condos in Manhattan, New York

Which is the best condo building in Manhattan?  The answer depends on the purpose of the client.  For example, buying to rent out has different criteria vs buying as vacation home or buying merely to park money.  

This article talks about several condos and why they are "the best" in their respective categories.

Read article:  Best Condos in Manhattan

The art of picking new property projects in Manhattan

Buyers are constantly overwhelmed with ads for new property projects, whether here in the US or even abroad.  With so many projects and corresponding beautiful photos, I can imagine how overwhelmed a buyer would be. 

Investing in new property projects is one of our focus niches when representing buyer clients from all over the world. 

We pick projects with good appreciation potential.  Client books the property and wait two years for completion.  The advantage is the price discount given to buyers who buy pre-construction (before the building is built).

Factors we look at include demand for the type of property, wow factor and competition from other buildings. 

Check out the full article I wrote about How We Pick New Property Projects In Manhattan. 

Best areas to invest in Manhattan

Article I wrote about one of the most popular questions clients ask, "Whats the best area to invest in Manhattan?"  

There is no one best area, it's all about evaluating the upsides and downsides relative to your objectives.

This article gives examples of some of the most popular neighborhoods and their respective upsides/downsides.

Read article:  Best areas to invest in Manhattan