Tag Archives: foreigner buy Manhattan condos

Foreign Nationals Financing in New York city

If you are an international buyer, foreign national looking to purchase investment condo or property in New York city, now there may be financing option available to you. The borrower should meet the following requirement in order to qualify. This is offer (updated on October, 2011) through Douglas Elliman Capital Mortgage company.

Below are basic requirements, each borrower will have very specific list based on individual:

  • $450,000 minimum loan amount, $3,000,000+ maximum loan amount 40% minimum down payment
  • 18-60 months post closing reserves are required, depending on loan amount
  • Borrower must establish an escrow account equal to 9 months PITI
  • Borrower must establish a second account designated for automatic loan payments
  • Income documentation required
  • Eligible property types include co-ops, condos, single family homes
  • Title may be held in the name of a corporation
  • 75 day rate lock
This means the minimum sales price of the property will be about $750,000 or more. Most of the Manhattan New York housing products are eligible for this program, and as many of our Foreign international buyers, they prefer to held title in limited liability corporation (LLC) which this is possible too.

**WE ARE NOT MORTGAGE BROKERS**, we are Real Estate agents that are have successful experiences working with foreign international buyers in Manhattan New York. We work with mortgage professionals that can provide financing for you if you are seeking financing. Call us today (917)837-8869 to discuss your Manhattan New York Real Estate purchase.


Here are more helpful articles for Foreign nationals buying in Manhattan New York:

  1. Can Foreign international buyer buy a Manhattan NYC condo?
  2. Foreign Buyer Frequent Asked Questions
  3. Use Local Expert for you Manhattan New York condo purchase
  4. How to determine a good Manhattan New York condo investment

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Use Local Experts for your Manhattan New York condo purchase

Manhattan New York is an international city, we work with both buyers and sellers are from another state or country. In a typical Manhattan Real Estate transaction, there are many parties involved in a transaction: 2 or more attorneys, 2 Real Estate agents, Buyers and sellers, Title company, Mortgage professionals, and etc. At the closing table, often there are almost 10 people attending one closing.

In many occasions, our sellers or buyers often have previous work or business contacts that they prefer to use from another part of the world, country or even state (sometimes, it is a family relative, friend, or someone referred by someone they know.)

CAUTION! Every local Real Estate market has its own rules, laws and policies, by using the local experts, it will benefit you as the buyer or seller to have the most smooth transaction without stress or unexpected obstacles.

In a Real Estate transaction in Manhattan New York, below two are the key experts that you absolutely should use an local expert.

  • Attorney PLEASE use a Manhattan New York based REAL ESTATE attorney (this means not just any attorney can do the job, Real Estate attorney that is currently practice in New York is a must) that is familiarize with the type of property you are purchasing. Whether is condo or co-op or townhouse, be sure they have a stellar reputation and track record in representing clients. Many buyers use the amount of fee the attorney charge as a way to chose the attorney, it is good to be frugal, but their track record should be the most important thing and not the fee they charge. A good attorney can minimize your risk in the transaction, protect you from many unknown.
  • Mortgage Consultants – Buying in Manhattan New York is unique and very different than buying in any other state, county, or country. Mortgage consultants who has experiences working in Manhattan New York market will know how to navigate through the co-op or condo management to obtain the information they need in order to push your application through. They will also have a keen sense of the deadline in the contract and work with the Real Estate agents to get the coop or condo board package together.
  • Real Estate agents – As Active and full time Real Estate agents, we pride ourselves in working efficiently with our buyers and sellers to maximize their Manhattan investment. When working with buyers, we discuss the overall goals and timeframe, explaining the different housing inventory and expected price range, recommend appropriate mortgage consultant, accountant, attorneys(if needed), select the best suited property, negotiate essential terms for the buyer, facilitate the contract signing, working on condo/coop application, final walk through checklist, and eventual success sale. When working with sellers, our interest is always to maximize the seller’s profit in the most current market, set the price ahead of the market, creative and aggressively market the property, qualify buyers and negotiate favorable terms for the seller and facilitate the sale to closing table. To benefit your purchase or sale of your property, call us at 917 837 8869 so we can discuss strategies in detail.
Call us today (917)837-8869 to find your perfect Manhattan New York investment.
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How to Rent an Apartment in Manhattan New York (CHECKLIST)

We work with many international and out of town clients who often prefers to rent before they purchase so they can understand and familiarize themselves with the neighborhood better before making a purchase commitment. To rent an apartment in Manhattan, the application process can be longer and different than the rest of the country or world, so please follow our step by step guide to better prepare yourself.

Here is the check list before you start searching for the apartment:

  1. Organize and prepare the necessary documents to bring with you, including:
    • Letter of employment and salary verification (include start date if not yet employed)
    • Bank account numbers (checking and savings), credit card numbers
    • Names, addresses and phone numbers of previous landlords
    • Names, addresses and phone numbers of accountant and attorney, if applicable
    • Names, addresses and phone numbers of personal and business references
    • Tax returns- previous three years will be ideal
    • Pay stubs
    • Expected bonus (verification from employer)
    • Additional sources of income with verification
    • Personal identification with photograph – driver’s license or passport
  2. If relocating, prepare the necessary funds before coming to New York. Landlords will not accept personal or out-of-state checks. They require certified funds. Anyone renting or relocating must:
    • Establish a New York bank account before you begin your search. If this is not possible, bring the necessary funds with you.
    • Bring enough traveler’s checks to cover the cost of two (2) month’s rent (which must be converted into CERTIFIED CHECKS). This comprises the first month’s rent and one (1) month’s security deposit.
    • Bring funds to cover the broker’s fees if your company is not paying covering that expense. Majority of the time, Brokerage fees are paid by the tenant in New York City. These fees are due upon signing of the lease unless your employer is paying the real estate commission for which they will be billed directly.
    • Bring funds to cover a Credit Check: $50-$100+, can be credit card, it varies.
    • Bring funds to cover possible move-in/move-out fees (See Co-op/Condo Funds Needed).
  3. Contact us (917)837-8869 to discuss what your criteria is and your availability. The rental apartments turn over is very fast, so having a good plan is the key to secure the apartment you want.
  4. When you have made your apartment selection, you will be asked to fill out a rental application and one or more miscellaneous documents. We will negotiate price and lease terms for you. Upon acceptance, a credit report will be done, and your references will be checked.
  5. Leases will be signed and checks presented.

Read our other helpful blogs:

Contact us today at (917)837-8869 to find your perfect apartment. Or email us for a quick response.

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445 Fifth Avenue Fifth Avenue Condo

445 Fifth Ave is one of the most established condominium buildings in the lower midtown Fifth Avenue corridor.  Built in 1986, this 34 story approximately 180 unit apartment building is located at 39th St and Fifth Avenue.

A common feature of many of the spacious apartments in the building are the impressive views of the Empire State building and Midtown Manhattan skyline. Amenities include a health club, 24 doorman, sundeck, bicycle and storage spaces. The convenient location make this a highly desirable 5th Avenue location.

When you first see 445 Avenue Tower you will see that the lower floors of the building are made up of retail space. The retail space has a dramatic arched architecture that sets it apart from neighboring buildings.

Living at 445 Avenue will provide one of the most convenient Manhattan condominium locations.  Literally just a few minutes away from Bryant Park, the New York Public Library, transportation at Grand Central and many office buildings.  Across the street from the famous shopping of Lord and Taylor and close to Fifth Avenue shopping is a highly desirable feature.

Condominiums for Sale at 445 Fifth Avenue:

  • 1 Bedrooms are priced starting at $700,000
  • 2 Bedrooms are priced starting at $1,200,000
  • Duplexes and Penthouses start around $1,100,000 and go up to $3,000,000

Call us (917)837-8869 to discuss what will work for you.

Other Manhattan New York condo helpful information:

Foreign Buyer Specialists for Manhattan New York Real Estate

Here are some very useful information about buying Manhattan New York condos:

Other Manhattan New York Frequent Asked Questions:

If you do not see your question being answer in any of our blog articles, call us directly (917)837-8869 or email us (http://manhattannycondosforsale.com/contact/) and we will reply promptly.

Greenwich Village Apartments for Sale – Part 1 What does $500,000 Buy Me?

Greenwich Village Apartments for Sale –  Part 1 What does $500,000 Buy Me?

Are you looking at Greenwich Village Apartments for Sale with a budget of around $500,000? Well if you are, you have come to the right place. Greenwich Village Apartments under $500,000 is a very competitive market.  Let’s look at what is available.

According to Streeteasy.com, as of today there are 45 Greenwich Village Apartments for Sale.  All of these properties are Greenwich Village Co-ops, none of them are condominiums.  To buy a Greenwich Village Condominium the price point starts at approximately $550,000.00 for a studio.

The median price is $399,000. The median size is 400 sq ft and the median price per sq ft is $967.00

At the higher end of the $500,000 price range for Greenwich Village Apartments for Sale, you are going to find a certain number of characteristics in common.  The full service doorman buildings, higher floors with better exposures, larger layouts-alcove studios, some junior 1 bedrooms, and often renovated kitchens and baths.

There are 18 Greenwich Village Apartments In-Contract right now. The median size is 500 sq ft and the median price is $437,000.00.  As I look at the specific properties I see that a common characteristic that the larger more renovated apartments are the ones that are selling the quickest as there is more demand for these types of apartments.

If you are looking for a Greenwich Village Apartments for Sale under $500,000.00 and would like to contact me, call me at (917) 837-8869 or email us. (http://manhattannycondosforsale.com/contact/)

Manhattan NY Condos FAQ: How can I buy NYC condo as First Time Investor?

Learn How to Buy a Manhattan New York Condo as first time investor. We are Manhattan Condo Specialists, we help finding suitable condos for first time investors, first time home buyers, parent buying for children and foreigner buying in Manhattan New York.

Buying a Manhattan New York Condo as first time investor you should have a clear goal of what you plan to achieve in this investment. Is this a 5 year Real Estate plan or 10 year Real Estate plan? Why do you feel is the time to invest? Are you going to have a tenant in place the entire duration or only part of the time. Have you discuss this with your accountant to understand how to structure this transaction to recieve the most tax benefits or possible tax complications?

Buying a Manhattan New York Condo as first time investor, you should ‘play it safe’, do not over leverage yourself. If you are planning to buy the condo all cash, that is always desirable when presenting offers to condo sellers. Keep in mind that you should have enough equity in case there is an increase in monthly carrying charge for this condo or other misc mishappens. If you are planning on financing this investment, be sure to speak to alocal Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you. We can recommend you a reliable and knowledgeable Manhattan mortgage consultant or You may have a bank that you are currently banking at, you can ask them to refer you a Manhattan branch mortgage banker as well. As an investor, the mortgage interest rate will be slightly higher than others, it is important to keep that in mind when figuring out your monthly expenses.

Buying a Manhattan New York Condo as first time investor, team up with us, the experienced Manhattan Condo specialists that can guide you through this process and navigate through the Manhattan Real Estate maze. Whether you are a first time Real Estate investor, or an investor that have bought and sold multiple properties in other parts of United States or country, we can help.  Understanding the local market with the market expert can maximize your investment and avoid any possible problems down the rule. Many of our past clients are first time investors, they have bought many Manhattan condos under our guidance and continue to do so because we have developed a Real Estate plan for them. If this is something you are interested in, contact us now at (917)837-8869.

Or contact us:

http://manhattannycondosforsale.com/contact/

Manhattan New York condo buyers frequent asked questions:

Checklist for Manhattan New York Condo Buyers

We are Manhattan New York Condo specialists, we work with many out of town first time investors and buyers that would like to acquire a Manhattan New York condo as part of their investment portfolio.

We often have a check list of basic steps to educate the buyers as to how to get started. Here is a good check list:

  • Consult with a reputable lender or mortgage consultant to see how much can you finance in today’s market. In today’s market, lending guidelines are changing by the day, it is in your best interest to see what will it take to qualify for a loan.
  • Do speak to your banker if you have money in bonds and money market. Find out how many days will it take to liquidate your funds so you know once we have a verbally accepted offer. Often in Manhattan New York market place, the seller seeks 10% of the sales price as downpayment at the time of signing contract. With that being said, if you are buying $1M Manhattan condo, you will need $100,000. at contract signing.
  • Do your homework on finding an Real Estate agent to work with. What is it that you are looking to buy? You want to find an agent that is familiar with the product that you are interest in buying. We are very well versed in Manhattan New York market, we have sold many Manhattan New York condos to first time home buyer, first time investors, foreign internationals, parents buying for children and many serious and motivated buyers. A Condo or Co-Op? Uptown or Downtown? Do you speak specific language that you preferred the agent speaks your mother tongue? Do you need an agent that work specifically with foreigners? Go on a search engine such as Google, try type in what you are looking for, and see if any agent shows up on the search result.
  • Do Have a realistic budget of what you are looking for. Manhattan New York condo is approximately $1,000 per square foot, so unless you are looking for a 500 SF one bedroom, you will need more than $500K to buy a one bedroom condo. (the price will also depend on the building amenities, such as fitness center, residents lounge, roof deck, basketball court, swimming pools and etc.)
  • Do speak to an accountant to see if you need to structure the purchase in a specific way to enjoy the tax deductible benefits of buying a Manhattan Real Estate. If you are a first time home buyer, is it beneficial to co-purchase the condo unit with your parents or alone; If you are an foreigner, is it better to buy it under your own name or start an LLC?; If you are an out of town investor, is this purchase going to be an investment property or?
  • Do have a Manhattan New York Real Estate attorney ready. Manhattan Real Estate transaction requires each buyer and seller to have an attorney representing them in drafting and finalizing the contract. A good attorney can save you headachs, money and risks, ask your agent to refer you (3) attorneys so you can call and interview. Explain to the attorney what you are planning to do, and see which attorney you feel most comfortable to work with.

If you would like to find out more information or learn about more Manhattan New York investment opportunities, please contact me today.  Email us today (http://manhattannycondosforsale.com/contact/) call (646)644-6929 or (917)837-8869.

Manhattan New York condo buyers frequent asked questions:

Parents Buying for Children Manhattan New York condo MUST READ

We are Manhattan Condo Specialists, in our How to Buy a Manhattan New York Condo series, we talked about Know the Housing Product, Understand the Buying Power, Financial Report of the Manhattan Condo or Coop building, NYC Apartment Terminology, and this section we will talk about how parents can buy for children. We know the Manhattan Condo market and the specific needs of each type of buyers.

Buying a Manhattan New York Condo as parents buying for children, you should understand your budget and time frame to start. We work with many parents who are buying for their son/daughter that goes to New York University, Parsons school of design, School of Visual Arts, Columbia University, Jillards music school and other well known schools here in Manhattan New York.


Is this for your son or daughter that is currently working in Manhattan? Do they have a job stability or financial freedom? Are they currently renting and lease may be expiring soon or month to month arrangement? It is important for us to know the reason and timeframe so we can narrow down the search for you.

Buying a Manhattan New York Condo as parents buying for children, you should PLAN AHEAD, and speak with all the parties involved (not you and your child but rather the right mortgage consultant/banker, accountant, a knowledgeable Manhattan Real Estate attorney, but first, you should contact us (917)837-8869 to start the conversation early.)

  • If Buying all cash, and you are buying a condominium, the quickest we can close would be 45 days. If it is a cooperative, then it can be 90 or more days subject to condo board approval. If it is new construction condo, it can be two weeks up to unknown period of time depending on construction stage.
  • Mortgage consultant: If you are planning to buy the condo all cash, that is always desirable when presenting offers to condo sellers. Keep in mind that you should have enough equity in case there is an increase in monthly carrying charge for this condo or other misc mishappens. If you are planning on financing this investment, be sure to speak to a local Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you and your son/daughter.
  • Accountant: If you are planning to co-purchase the condo with your child, be sure to discuss the possible tax complication you may have with your accountant. Speak to your accountant prior to your purchase can be very helpful.
  • Manhattan Real Estate Attorney: In addition, speak to a local Real Estate attorney will be helpful as well since the local Manhattan Real Estate can also advise you what is the best way to structure the purchase and think about who/how should take the title of the deed.

Buying a Manhattan New York Condo as parents buying for children, the experienced Manhattan Condo specialists that can guide you through this process and navigate through the Manhattan Real Estate maze. Whether you are a first time buyer, or an investor that have bought and sold multiple properties in other parts of United States or country, we can help.  Understanding the local market with the market expert can maximize your investment and avoid any possible problems down the rule. Many of our past clients are first time investors, they have bought many Manhattan condos under our guidance and continue to do so because we have developed a Real Estate plan for them. If this is something you are interested in, contact us now at (917)837-8869.

Here are some very useful information about buying Manhattan New York condos:

Other Manhattan New York Frequent Asked Questions:

If you do not see your question being answer in any of our blog articles, call us directly (917)837-8869 or email us (http://manhattannycondosforsale.com/contact/) and we will reply promptly.

Gramercy Starck Condo Spring 2011 Report

Gramercy Starck Spring 2011 Report-340 East 23rd Street New York NY 10010

Gramercy Starck Condominium located at 340 East 23rd Street has been very active in the sales and rental market so far in 2011.  If you are interested in Gramercy Starck,  looking to purchase or sell a Gramercy Starck Condo than this report will be very informative.

At the time of the publishing of this report there are 15 active condos for sale at Gramercy Starck. The range of the apartments is everything from a studio apartment for $540,000 up to a possible combined Sky House duplex for $5,100,000.  You have studio’s, one bedrooms, two and three bedrooms, skyhouse duplexes and a couple of penthouse condos for sale at Gramercy Starck.

  • Right now there are Three (3) studio condos in Gramercy Starck for sale ranging in price from $540,000 to $580,000.
  • The last Gramercy Starck studio to sell was a 16th floor South facing studio for $575,000
  • There are Five (5) one bedroom condos for sale in Gramercy Starck ranging in price from $799,000 to $975,000.
  • The last one bedroom to sell was a north facing 5th floor for $787,500.
  • There are two and three bedroom apartments starting at $1,595,000 up to $2,000,000.

If you are looking for one of the highly desirable Starck Penthouse or Sky House (duplex) apartments the pricing starts at $2,500,000 for the larger 2 bedroom sky houses and penthouses.  Contact us if you are interested in receiving the most up to date condos for sale in Gramercy Starck.

We are Gramercy Starck condo specialists, if you are a buyer looking to purchase a condo for sale at Gramercy Starck contact us today to receive an in depth analysis of what is available, what has sold, and when a new available condo unit comes on the market. Email us or Call us 917 837 8869, tell us your specific needs and we will put you on list and you will be notify if a unit becomes available that is suitable to you.

If you are an owner at Gramercy Starck and would like to sell, lease or buy another unit in the building, we can help. Contact us as we have successfully sold and lease multiple units for several owners in the building with our aggressive and creative marketing plan. Call us at 917 837 8869 or email us today.

To read more about Gramercy Starck Rentals and Sales:

  1. Gramercy Starck : January 2010 Report
  2. Gramercy Starck Rental and Sales Expert
  3. http://www.GramercyStarckRentals.com

Manhattan NY Condos FAQ: Does this Manhattan NY Condo have a Garage in it?

We are Manhattan New York condo specialists, we sell many Manhattan Condos to international and out of town buyers, a common Manhattan NY Condo question that always comes up is, “Does this Condo have a Garage in it?”


The answer is that not all Condominium buildings will have a garage, most will not. If  the Manhattan New York condo has a garage often the garage will be owned and operated by a separate company or vendor independent of the condo association. So if you own or rent an Manhattan New York apartment in the building, it DOES NOT automatically come with a parking spot.

In some Manhattan New York New construction buildings that have built in garages where you have had the opportunity to purchase your own parking spot.  When you buy a parking spot it will often be like purchasing any other “real property.” You will have monthly or yearly operating expenses to own it.  You could rent it out to other people just like an apartment depending on the rules of the garage.

Often what we find extremely useful is if you can gain access to the garage from within the building.  This is where we see some real utility of having a garage in the building.  Those days when you are dropping off groceries, luggage and you can go directly from the car to the condominium elevators and up to your apartment is a terrific convenience amenity to have at your disposal.

If there is a garage in your building but it is operated independently of the condominium association people ask if they get a discount for parking there. That answer depends on the arrangement the building has with the garage.  We would lean towards saying that probably not.  You will rent the space like anybody else, but the benefit is that being able to use a garage that is right next to or within your building will be very valuable especially on those cold rainy winter days when you are coming back from the airport or when your car is loaded with groceries.

How much will a parking spot cost? That is a very typical question and it really depends on the location and demand for a garage in the particular area you are looking in.  The price typically has a strong correlation to the pricing of apartments in the area.  Typically areas with a high demand for apartments will have an equally high demand for parking and therefore the price will reflect that high demand.  I have seen parking spaces be as high as $1000/month and sometimes as low as $200/month in certain parts of Manhattan.  The best way to find out is to just ask and you will quickly see what the pricing for your neighborhood will be.

Other Manhattan New York Frequent Asked Questions:

If you have a specific question about Manhattan New York condos, email us directly on the form below or call us today at (917)837-8869.

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Vanderbilt Condominium-235 East 40th Street New York NY 10016

Vanderbilt Condominium-235 East 40th Street New York NY 10016 Midtown East Condo.

The Vanderbilt Condominium at 235 East 40th Street is a long established Midtown East condos building.  Built in 1986 this 41 story 365+ apartment building has one of the best amenitypackages for all Midtown condos for sale.

235 East 40th Street has a health club called The Vanderbilt Club is the amenity floor found in the building.  There is a 75 foot long pool, sauna, jacuzzi, health club, basketball/racquetball court, both mens/womens locker rooms, table tennis and all attended by building staff.

The Vanderbilt Condominium is a full service building, with 24 hour hour attended lobby with doorman and concierge, attended package room and live-in super.  There is a full size laundry room and garage that can be accessed from within the building.

The Vanderbilt Condominium is one of the most desirable condo buildings in the Murray Hill neighborhood for a number of reasons.  The location near both Grand Central Station and the United Nations makes this highly valuable for the owners in the building  Located at 235 E 40th Street, this is one of the premiere Grand Central Station Condo buildings.

At the Vanderbilt Condo you have a variety of condos for sale.  There are studios for sale at Vanderbilt Condominium that start in the low to mid $400,000 range.  One bedrooms for sale at Vanderbilt Condominium start in the low $600,000 range for the smaller lower floor apartments and can go upwards of $900,000 for the higher floor with expansive Midtown East condominium views.  Two Bedrooms for sale in this Midtown East Condos location start around $1,300,000 and go up.  For a comprehensive and up to date list of the condos for sale at 235 East 40th St contact us today.

Vanderbilt Condos at 235 East 40th Street is one of the most desired Grand Central Station condos buildings. Whether you are looking to invest, rent, or live Vanderbilt Condos could be the location for you. Contact us (917)837-8869 today to see the building.

EMAIL US HERE: http://manhattannycondosforsale.com/contact/