The objective of investing in ultra luxury buildings is usually to park funds and ride appreciation. Rental income is a low priority. The buyer client wants the best of Manhattan and feels the appreciation will exceed what he/she may get elsewhere. There is a rental market for ultra luxury buildings but since rental price is so much higher, the renter pool is small.
Read the full article here: Strategy: Investing in an ultra luxury building for above market appreciation
About:
Wei Min Tan is a Manhattan, New York property broker focusing on global investors of Manhattan condominiums. Wei Min has been interviewed by CNBC, CNN, Wall Street Journal and New York Times on the Manhattan property market. Wei Min can be reached at tan@castle-avenue.com
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