Buy in New York.
Why buy in New York?
“New York is one of the first cities where people from around the world are investing” The reason? “Even when the economy is bad in the world, it feels less in New York.” Some “boroughs” of the megalopolis are even booming, with, top the list, Brooklyn, where “the market is exploding” or Harlem.
In addition, rents, constantly rise and low interest rates encourage more individuals to take the step of purchase. The acquisition of an apartment in New York is the assurance of a safe investment and a certain profitability.
I arrived 25 years ago in the Big Apple, “I know so many popular areas like Soho, Greenwich Village and the Upper West Side that neighborhoods booming like Harlem, Midtown West and Greenpoint in Brooklyn.”
Specialized in European clientele, I put my expertise to the personal service as businesses, for rental and purchase. “I help customers both for renting a studio to buy a luxury apartment.”
I myself live in Brooklyn, so I know the area well, “Park Slope, Williamsburg and downtown Brooklyn in general are neighborhoods that attract because of their provincial and European character.”
But my knowledge of the city is far from my only asset. “I help buyers / tenants in all administrative procedures from A to Z”. That is, you can count on me to find your lawyer, a mason to redo your apartment, architect or even a moving company. Finally, the extent of my database is a valuable resource, “I have access to all the listings market.”
Co-op or condo?
Buying a co-op requires the approval of the Real Estate Association, the Co-op Board, that procedure can be long and difficult. In addition to an interview with the Co-op board, a credit history is required. “More flexible, condominiums, or” condos “are more suited to foreign investors.” The condos allow the student to acquire a property in “real property”, with higher costs but no prior agreement is required.
Finally be aware that as an owner, you must perform several types of taxes. In Manhattan, a tax of 1% is applied for purchases exceeding 1 million and the Transfer Tax is 1.8% for new programs. Tax on rental income can reach 30%, but can be significantly reduced with the help of your lawyer.
