Tag Archives: Manhattan NY Condos FAQ

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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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:

Greenwich Village NY Condos buyers MUST READ

Greenwich Village NY Condos buyers MUST READ

Have you been looking for a condominium for sale in the Greenwich Village neighborhood in New York City? If you have been looking for a Greenwich Village NY Condo than you have probably been seeing a couple of market activities happening quite consistently:

1. Multiple Offers on 1 Bedroom Greenwich Village Condos for sale. I have been working with multiple customer’s looking in the 1 Bedroom Condo market. If a newly renovated full time doorman 1 bedroom condo has come on the market for less than $1,000,000, the first open house is packed and multiple offers come in shortly. Most of the offers are cash, or non-mortgage contingent at or near the asking price.  

2. Almost no inventory for Greenwich Village apartments less than $600,000. The studio or alcove studio condominium market in not only Greenwich Village, but in the East Village or the West Village is quite limited. After a couple of afternoons you can see everything that is available. The well priced apartments are selling quickly and the apartments with more aspirational pricing are even getting more interest. This time of year see’s an influx of demand and the low supply creates an atmosphere where the best Greenwich Village condos for sale are moving quickly.

3. Greenwich Village Pre-War condo inventory is scarce. Building’s like 59 West 12th Street, 2 Cornelia Street, 115 Fourth Ave, 45 Christopher St, 299 and 302 West 12th St, The American Felt Building have very little inventory. The Bing and Bing Emery Roth designed pre-war condos are always desired and when priced well sell quickly. The unique apartments, such as duplexes, apartments with open views, recently renovated, don’t sit on the market quickly.

4. Larger Apartments Inventory Limited. In my database I see 12 Two Bedroom Condos for Sale in Greenwich Village right now, 10 Three Bedroom Condos for Sale in Greenwich Village and 4 Four Bedroom Condos or Larger in Greenwich Village. If you are entering this segment of the market, you will probably expand your search to the West Village, parts of the East Village and parts of Chelsea, but you will still have a small number of apartments to view.

Overall, the spring and early summer real estate market for condos for sale in Greenwich Village has been quite robust with multiple offers for apartments priced effectively for their individual part of the market. One Bedroom Condos in Doorman buildings have seen a lot of interest.

For more reading about Greenwich Village Real Estate:

If you are interested in purchasing a Greenwich Village Condo or an apartment in the downtown area contact me today at (917) 837-8869 to discuss your specific needs.

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:

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.

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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Manhattan NY Condos FAQ: Are the Manhattan New York condo Pet Friendly?

Manhattan NY Condos FAQ: Are the Manhattan New York condo Pet Friendly?

One of the most common questions we receive is regarding the pet policy in a condominium building.

The answer is that every building has a different pet policy. Most buildings will allow pets, but will have specific guidelines that outline if they allow both cats and dogs and the size and quantity of each.  Aggressive breeds of dogs are usually prohibited.

In Manhattan New York; if you have larger dogs(50 lbs+) there are only several buildings that will  be available to you. Some buildings do not allow any pets at all, but when you visit the building you will see some unit owners coming in and out of the building with their dogs.

This is typically because those pets had a “grandfather clause” and were already in the building prior to the most recent decision to change the pet policy in the building.

In looking to buy Manhattan New York condos, it’s very important to ask about a building’s pet policy before you start looking at apartments because a pet policy is not something that will be amended to your specific situation.  Unless the pet is a service pet that is required, no matter how much you like an apartment if the building has a strict no pet policy there is not much you can do to change it.

In Manhattan New York, most buildings will require you to use separate elevators and you must notify the building of the type of animal that you are have.  This is typically because of insurance reasons, but depends on building to building.

If you are looking at purchasing a Manhattan condominium and will be bringing your pet to the apartment even if its for just a few days a week, month or year let us know what type of pet and how many you have so that we can make sure the condominiums we will be looking at allow them.

LOOKING FOR YOUR OWN PET FRIEND MANHATTAN NY CONDOS? EMAIL US TODAY.

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Manhattan NY Condos FAQ: What is a sales application for Manhattan NY condos?

We are Manhattan New York condo specialists, often we are asked by our buyers of series of questions that are regards to the unique Manhattan New York condo markets. We will be answering these frequent asked questions and hope to help other buyers who are interested in buying or investing in Manhattan New York condominiums.

In Manhattan New York, over 15% of the housing inventory are condominiums, when a buyer purchase a unit within the condominium community, there are application to be completed. (with the exception of purchasing new development condos from the sponsor prior to condo board formed and in place.) Each building and condo management has different applications and processing fees. Every buyer whether they are buying as primary residence, second home, investment, will need to complete the ‘sales or purchase application’ when purchase Manhattan New York condos. There are processing and application fees along with the applications as well.

Here is example of a Manhattan New York condo purchase application from a condominium unit that we sold recently.

There will be reference letters required from the buyer, two years of W-2 forms & tax returns, and bank verification letters along with other documents. The sales application must be completed according to instruction or the sales can not move forward. In case of oversea buyers, there may not be tax returns or W2 forms, we can then discuss in details with condo management to find other items or documents to suffice that request.

Other than providing all the paperwork documents, please take note that there are a list of checks that must be submitted in order to process the application.  Each condo building has different list of fees but this serves as a sample for your record.

Each Manhattan New York condos has different sales or purchase application. We are familiar with the sales application process. If you or someone you know would like to buy or sell Manhattan New York condominiums, please call us directly today at (917) 837- 8869 or (646) 644- 6929. We specialize in Manhattan New York condominium market and have experiences selling Manhattan New York condos in different neighborhoods, do not hesitate to call or email us to see if we can be of help to you.

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Manhattan NY Condos FAQ: Who can fix my condo if something breaks in my Manhattan NY condo?

We are Manhattan New York condo specialists, often we are asked by our buyers of series of questions that are regards to the unique Manhattan New York condo markets. We will be answering these frequent asked questions and hope to help other buyers who are interested in buying or investing in Manhattan New York condominiums.

Working with many Manhattan New York condo buyers who are from out of town who are more familiar with single family house, we are often asked “Who can fix my condo if something breaks in my Manhattan NY condo?. Many of our buyers purchase their Manhattan New York condo as second home, investment or for their son/daughter who goes to school or works in Manhattan New York. Maintaining the condo in good shape is on top of their list. (photo courtesy of http://www.life.com/image/98450283)

Owning a Manhattan New York condominium is different than owning your own single family house. When you own a Manhattan New York condo, you are an owner of a special community. This community often consist of other condo owner residents, building staff (doorman, porters, handyman and superintendent) and building management. When and if something breaks in the property, you can contact either the building management or superintendent to have a look to see if they can help you fix it. Depending on what the repair will be, if it is minor, the building handyman should be able to help you resolve the issue. Issues such as declog the drain, toilet, faucet, to proper running of hot/cold water, heat and cold air. These are items that the building maintenance staff can help you with, if the building staff can not fix the issue, they usually can and will recommend another specialist (plumber, electrician and etc) that will repair or look after the issue.

The condominium community with a maintenance team and support system is most ideal for buyers who has a busy lifestyle or out of town buyers/investors. With a phone call, or email to the management or the condo maintenance department, your toilet or heat can be fix before you get home from work. This is one of the huge benefit in buying in Condominium community.

EMAIL US TODAY for your own questions: http://manhattannycondosforsale.com/contact/

If you or someone you know would like to buy or sell Manhattan New York condominiums, please call us directly today at (917) 837- 8869 or (646) 644- 6929. We specialize in Manhattan New York condominium market and have experiences selling Manhattan New York condos in different neighborhoods, we offer confidential consultation customize to your specific investment needs.

Manhattan NY Condos FAQ: HOW TO MAKE OFFERS in Manhattan New York Condo?

Manhattan New York Real Estate market is an unique market place, we work with many out of town and international buyers who brings their own ideas and previous experiences of Real Estate transaction into this market place and realize that there is a different way to complete a Real Estate transaction in Manhattan New York. Working with us, we will educate you not only the market, we will also educate you through out the entire Manhattan New York condo buying process.

Unlike other parts of the country or world, when a buyer makes an offer on a property here in New York, the offer is made through us, the Real Estate agents and the buyers do not sign any contracts or purchase agreement when making an offer.

Real Estate professionals DO NOT WRITE the contracts here in Manhattan New York. Title companies DO-NOT schedule the closings here either. Manhattan New York is an Real Estate attorney state, therefore all closing arrangements are done through Manhattan New York certified Real Estate attorneys. Both buyer and seller will each need an attorney to represent each party. We work with experienced Real Estate attorneys that we will able to recommend you one that best suited for your purchase.

To make an offer here in Manhattan New York in the case of Manhattan New York condominiums, as a buyer you will need:

  • Proof of funds: if it is all cash, a bank or stock statement demonstrate that there is enough cash to make the purchase (ideally a United States bank or stock statement). If it is financing contingent, pre-approval from a United State bank is a must.
  • Any contingencies: in Manhattan New York, the common contingencies includes financing contingency to ensure bank will lend, funding contingency to ensure bank will fund(wire money) the transaction, and other sale contingency; if there any prior sale need to happen in order to make the new purchase. Manhattan New York Real Estate market usually do not have ‘INSPECTION’ period especially in Manhattan New York market place, most are condominiums or cooperative structure, inspection is often for Townhouses or single houses only, therefore, there is usually NO INSPECTION contingent as other parts of the country. Manhattan New York condominiums are purchased AS IS.
  • Closing date: This will depend on if you are buying a new condo or a resale condo. If it is a new condominium buying from sponsor, and the condo is ready, the closing date can be as soon as one to two weeks. If it is a new condominium and the construction is still on the way, then this time frame varies. If it is a resale condominium, if the owner is ready to move, and the transaction is all cash, then the time frame can be 45 days as soon as condo board approves the condo application. If financing for a resale condo, this time frame can be 60-90 days or more.
  • Personal Financial statement: This is sometimes required depending on the property (or if cooperative) and if there are other multiple bidding scenario. The personal financial statement includes all assets disclosure such as bank statements, 401K, retirement funds, other owned real estate, other mortgage or liabilities and etc. Full disclosure is a must if it is a Manhattan New York cooperative disclosure.

Once the offer is verbally accepted by the owner (seller), then we will have to provide a Real Estate attorney information immediately to start the contract. We work with a team of experienced Real Estate attorneys that we will able to recommend you one that best suited for your purchase.

If you or someone you know would like to buy or sell Manhattan New York condominiums, please call us directly today at (917) 837- 8869 or (646) 644- 6929. We specialize in Manhattan New York condominium market and have experiences selling Manhattan New York condos in different neighborhoods, we offer confidential consultation customize to your specific investment needs.

Manhattan NY Condos FAQ: What is Common Charge in Manhattan New York Condominium Market?

Manhattan NY Condos FAQ: What is Common Charge in Manhattan New York Condominium Market?

Common Charge often is abbreviated as “CC” in many of Manhattan New York property listings. Common charge is also known as Home Owner Association Dues in other parts of the country in United States.

In Manhattan New York condominium market, each owner of the condo unit are responsible for the monthly Common Charge. Depending on each condo buildings policies and rules, these common charges usually includes the salary of the building staff, operational expenses of the condo common space such as hallway, elevator, lobby, amenities(if any), each units water, gas usage, cool and hot air (although this may vary depending on the building).

In the scenario of a Manhattan cooperative(Co-Op), there will be a “Maintenance charge” instead of “common charge”. Please note that there is a difference between Maintenance charge and common charge due to the differences of cooperative and condominiums. “maintenance charge” usually is a total sum of the monthly cost of that particular cooperative unit, which includes the allocated shared building carrying cost, real estate taxes of the cooperative unit, underlying mortgage of the cooperative and etc. Manhattan New York condominiums common charge does not include any Real Estate taxes or underlying building mortgage.

Common Charge usually is billed by the condo management on the monthly basis. If the owners preferred, they can make an arrangement with the condo management to pre-paid the common charge if the owner is not Manhattan local based or will be traveling for a period of time.

If the owner of condominiums uses this Manhattan NY condo as an investment or rental property, then the owner of the condo is responsible to pay for the monthly common charge not the tenant. It is also advisable that the owner stay in charge paying the common charge instead of the perspective tenants, otherwise in case of the default of common charge by the perspective tenant, the owner may be liable for additional penalty cost or other serious consequences enforced by the condo management.

If you or someone you know would like to buy or sell Manhattan New York condominiums, please call us directly today at (917) 837- 8869 or (646) 644- 6929. We specialize in Manhattan New York condominium market and have experiences selling Manhattan New York condos in different neighborhoods, we offer confidential consultation customize to your specific investment needs.