Category Archives: Manhattan NY Apartments Infos

Manhattan NY Condos FAQ: How long does it take to close on a Manhattan NY Condo?

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We specialize in Manhattan New York condo market and well verse in all neighborhoods of Manhattan New York. As experienced Manhattan condo Real Estate agents, we compiled many other Manhattan NY Condos Frequent Asked Questions you can read here: (https://manhattannycondosforsale.com/tag/manhattan-ny-condos-faq/). These frequent asked questions will help educate buyers the buying process and the Manhattan New York Market.

One of the frequent questions we receive is “How long does it take to close on a Manhattan NY Condo?”

***To be specific, this question pertains to Condominium sales in Manhattan, NOT co-op sales.  The closing process for a co-op is very different than a condominium sales.***

How quickly you can close on your Manhattan NY Condominium purchase depends on a couple of different things.

  • Is it a New Construction condo or Resale Manhattan New York condo?
  • Are you buying it ALL CASH or FINANCING?

What kind of building you are purchasing in?

If you are buying a new construction condominium that has their certificate of occupancy and is completed enough that you can move in, then you could probably close within a couple of weeks once the contracts are signed, if you are paying cash for the property.  There is no condo application to submit or condo board waiver needed.  Your closing will depend on how quickly the attorneys can schedule the closing.

If you are buying a resale condominium all cash, then you will have to submit a condominium purchase application, a credit check will be completed, and the condominium board typically has a first right of refusal for the apartment and they must issue a waiver for you to be able to schedule a closing for the apartment.  So in this case the closing depends on how quickly you can submit the application (here is blog post we wrote about condo sales applications).  Often sales applications require some financial documentation, maybe reference letters, documents to be notarized, etc.  The longer it takes for the application to be submitted the longer it takes you to close on the Manhattan NY Condo.  Once the application is submitted the first thing the management company usually does are the credit and background checks.  Each management company works at a different pace, often they will say they have 5-7 business days, to complete the checks, which in reality can turn into 2 weeks.  Then they give the board the application.  Each building is different, but each building will have a certain amount of time they are allowed to review the application, often 3-4 weeks. The board might not take the full 3-4 weeks, sometimes they might issue the waiver in a week, but sometimes it could be the full amount of time.  Once the board issues the waiver for you to purchase then a closing can be scheduled. All in, you are probably looking at approximately 30 days-60 days once the contracts are signed until you can move into the apartment in a resale condominium.

How are you purchasing the Manhattan NY Condo? (All Cash vs. Financing)

An all cash purchase is always the fastest way to close on a Manhattan New York. This means you have all the funds for closing in the bank account, and/or the funds are in an account that can be wired/transfer to a New York bank account to issue the check.

If you are financing the purchase that is probably going to double the amount of time it can take compared to the cash option.  One of the big realities of getting financing for a Manhattan NY condominium in today’s lending environment is that the bank will not only be qualifying you as a borrower but they will also be looking at the building if they want to do a loan in the building.  The qualification of the building is going to be different for every bank.  One bank might be okay with doing a loan in the particular condo building and another may not, even though the banks are using the same information about the building to determine their desire to give you a loan for that building.

Qualifying the Manhattan Condo building is a process that will add time to the closing.  We have seen certain banks able to qualify the building and the buyer, do the appraisal, issue the commitment letter and have underwriting give a clear to close in 45 days from the time of contract signing, but we have also experienced when it takes more than 5 months for the bank to finally give the clear to close.

What also adds time to the closing when you are financing is that in a re-sale condominium building, the purchase application will often require the purchaser to submit the committment letter from the bank within the application.  As we have already discussed, once the application is in the hands of the board in can easily take 30 days to get the board’s approval.  Once the board issues the waiver that the buyer can purchase, then the bank will have the underwriters look at the buyer’s information again before they issue a clear to close.

As you can probably easily see, the process can become arduous and consuming very quickly because there are so many integral steps that have to be done one at a time when financing your purchase.

Conclusion:

Every buyer’s situation will be different and there is no one step by step map for every purchase.  Depending on what you are buying, how you are buying (all cash vs financing), and the building you are purchasing in will determine the approximate amount of time it will take to close.

If you want to know more about what to expect for your OWN situation, contact us today and we will talk to you about how long it will take for you to close on your Manhattan NY condominium. We can be reached at (917) 837-8869. Email us your specific questions or requirements here: https://manhattannycondosforsale.com/contact/

Other Manhattan New York Frequent Asked Questions:

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

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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?

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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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West Village New York Condos- Village Pointe Condominium

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WEST VILLAGE CONDOMINIUMS- Village Pointe Condominiums Located at the corner of 14th and 9th Avenue, the Village Pointe Condominium is one of the most ideal locations to experience everything the Meat Packing District and West Village have to offer.

This West Village boutique elevator condominium building has a live-in super and centralized laundry facilities. Made up of mainly studio’s and 1 bedroom apartments, with a few two bedrooms this is an ideal location as you are steps away from the shopping and nightlife of the Meatpacking District, dining possibilities at the Chelsea Market, close by to the Highline Park and all the West Village has to offer.

Very low carrying charges and a flexible sublet policy make this building an ideal investment and also a smart purchase for those looking to live in the apartment. Transportation will never be a problem as you have multiple subway lines and bus lines nearby including the A/C/E/L/1/2/3 within minutes of the front door.

Studio apartments are priced starting at $495,000 1 Bedroom Apartments are priced starting at $595,000 Penthouses and 2 Bedrooms are priced starting at $995,000-$1,250,000

Look for your own West Village Condo? Email us your specific requirement and we will get back to you promptly.

Other Manhattan New York condos must read:

  1. TriBeCa New York – A vibrant Manhattan New York neighborhood
  2. HOW TO MAKE AN OFFER in Manhattan New York Condominium Market?
  3. What is Common Charge in Manhattan New York Condominium Market?
  4. Who can fix my Manhattan New York condo if something breaks?

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.

TriBeCa – Manhattan New York

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Tribeca was one of the first Manhattan neighborhood’s named after the area that it is located in.

The Triangle Below Canal Street is located between the Hudson River and Lafayette Street and running approximately from North of Battery Park City up to Canal Street it’s northern border.   The neighborhood was historically known for it’s light manufacturing and warehousing businesses.

Much like Soho, it’s very well known and desirable because these former industrial buildings were converted into residential apartments, most notably the loft apartments.  Behind the facade of these historical buildings are tremendous voluminous spaces with great ceiling heights, over sized windows and typically luxuriously appointed.  The unique nature of these lofts creates an open and airy feel that has been and will continue to be in high demand.   Desired not for just it’s architecture but Tribeca has a wealth of neighborhood amenities.  Popular shopping, restaurants, cafes are found throughout the area.

New condominium development such as One York, 200 Chambers, 101 Warren, Pearline Soap Factory, among others have been a draw for this neighborhood. With it’s general proximity to many other downtown neighborhoods along with the individual characteristics have made the neighborhood a very popular Manhattan residential neighborhood.

Other Fantastic Manhattan Neighborhoods:

Call us today at (917)837-8869 to find your perfect TriBeCa New York condo.

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West Village-Meat Packing District Condo for rent

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Meat packing district West Village Condos for rent immediately located at 350 West 14th Street New York NY 10014. Available Immediately. $3,000 per month.

Heart of West Village New York. This is a Southern facing one Bedroom condo with stainless steel appliances kitchen in Meat packing district part of West Village neighborhood of Downtown Manhattan New York.

350 West 14th Street is an elevator building with central laundry.

This is a must see if you are seeking a condo in West village and Meat Packing district.

CALL 917 837 8869 TODAY.

OTHER MANHATTAN NEW YORK CONDO RELATED BLOGS:

CALL MORGAN EVANS at 917 837 8869 TODAY to discuss your specific questions.


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

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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 help me rent out and manage the condo once I own it?

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We are Manhattan New York condo specialists, we work with many out of town and oversea investors often asked about Manhattan New York condos. 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.

One of the common asked question by our out of town investor buyers: Who can help me rent out and manage the condo once I own it? This is a good question, we work with many out of town and oversea investor buyers that also asked the similar question because they are not Manhattan New York based and would like a full range of service. We as Manhattan New York condo specialists, we not only assist our clients sell, buy, invest their Manhattan New York condos, we also facilitate in securing a qualified tenant for their investment property. Once the condo is closed and owned by our buyers, we begin to market the condo as a rental property, answer to rental requests and appointment, qualifying the perspective tenant to ensure they are financially qualified and suitable for the condo. The fee for this service will be case on case basis. Manhattan New York rental brokerage marketing fee is 15% of the first year rent, though depending on the location of the condo, rental price and other key factors, we can discuss in details.

Managing the Manhattan New York condo, depending on clients needs, there are different options. Option one would be the owners manage the tenant and the condo by themselves, this is easy to do especially with Manhattan New York condo, there is a building staff and maintenance department a phone call or email away. Option two, we will be able to handle the property management in terms of being client’s contact person here in Manhattan New York, we will be collecting rent from the tenants, handling questions and inquiries and etc. There will be a fee in involved in this, as based on each clients’ need, we can discuss different packages we offer.

DO YOU HAVE A QUESTION IN REGARD TO MANHATTAN NEW YORK CONDOS? Email us!

EMAIL US TODAY: https://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: Who can fix my condo if something breaks in my Manhattan NY condo?

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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: https://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?

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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?

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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.

Foreigner Buy NYC Condos-FAQ

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We as Manhattan Real Estate professionals, we work with many international foreigners wanting to invest in Manhattan Real Estate. In addition to educate foreign buyers about the maze of Manhattan Real Estate market, our specialty is facilitate the purchase to ensure the transaction is smooth and successful. Below are some frequent asked questions by our foreign buyers, the answers are formulated by our team of professionals (tax accountants and attorneys who also specialized in foreigners purchase in Manhattan New York.) These answers are general and not case specific.  To best address your specific needs, contact us directly by email or call (917)837-8869.


Can Foreign Nationals buy a NYC condo without having Social Security Number or US residency?
Yes, they can legally, but have to meet the NYC Condo board’s requirements for approval. At the sale of the real property, Non-resident aliens are subject to federal withholding tax at 10% of the gross sales price, and to a 8.97% New York State estimate income tax on the net sales proceeds (gains).

Can Foreign Nationals with work visa or student visa buy Manhattan Properties?
Yes, they can legally, but have to meet the condominium/coop board’s requirements for approval.  If they remain non-resident aliens at the time of the sale of the real property, they will be subject to the same taxes at the time of sale, as above.

If not, what kind of documents should a foreign nationals prepare to be able to buy?
In order for a Foreigner to buy NYC condo, they need to have  a valid passport and/or other official photo ID for identification purpose.

What are the Options for Foreign Nationals (non-residents aliens) to hold title for NYC condos: (these answers are information only, we are Real Estate professionals, therefore, before you make a specific decision, we recommend you to discuss with our team of attorneys and tax accountants for your specific case.)

  • Individual: Individual may be exposed to unlimited personal liability, and to estate issues, for instance, inheritance,  will probate and estate administration, when the individual owner dies.
  • LLC: Limited Liability Corporation provides insulation for members from personal liability, but will incur maintenance costs, such as  filing fees for its formation, annual franchise tax  and is subject to higher formation costs (higher than a corporation).
  • Trust: Trust is an unincorporated entity, cannot hold title by itself; title must be reqistered in the  individual trustee’s name.;  the individual trustee may be exposed to unlimited personal liability.
  • S Corporation: S Corporation is a legal entity, insulates shareholders for from personal liability, does not pay income tax itself, the income tax liability is attributed to the shareholders.  It is subject to filing fees for incorporation, annual franchise tax, etc.
  • C Corporation:  C Corporation is a full fledged legal entity.  It provides shareholders insulation from personal liabilities.  It is a taxable entity for corporate income tax.  Any distribution of after tax profit to shareholders in the form of dividends will be subject to income tax for the shareholder.  It incurs maintenance costs, such as filing fees for incorporation, annual franchise tax, etc.  Its filing fees are less than that for the LLC.
  • Limited Partnership: the limited partner’s liability is limited to his/her capital interest in the limited partnership, whereas the general partner will be subject to unlimited personal liability.  Limited partnership, like general partnership does not pay income tax.  The income tax liabilities are attributed to the individual partners. A limited partnership need to file the partnership agreement with the government.

*These answers are general and not case specific. To best address to your specific case, contact us directly at (917)837-8869 or Email at EileenHsuNYC(@)gmail.com and we can set up a confidential consultation.

If both husband and wife have green cards, will they pay tax similarly as above options?
Resident individuals owning real property pay the same taxes, but not subject to the gross 10% federal withholding tax and the 8.97% New York State estimate income tax on the gains at the sale of the real property.

Can the Foreigners avoid United States taxes?
The taxes cannot be avoided.  The non-resident investor must pay the above taxes at the time of closing of the sale, without the tax payments, the deed will not be accepted for recording.  After having paid the taxes, the non-resident investor may, but need not, keep the proceeds in the U.S. without additional tax (except income tax on the interest payment on such proceeds).

Are you a foreigner/international buyer and would like to invest in Manhattan New York Condos? Complete the contact form below, we will reply your questions today.

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