Tag Archives: foreigner buy Manhattan condos

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: 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.

Where Foreign Investors Want to Buy?

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Where Foreign Investors Want to Buy
New York is expected to be the favorite city for foreign real estate investments in the U.S. and globally in 2011, according to an annual survey of members of the Association of Foreign Investors in Real Estate. Washington, D.C., came in No. 2 both within the U.S. and global markets for cities where foreign investors most want to invest in the new year.

More than 72 percent of the association members say they plan to invest more money in U.S. real estate this year than in 2010.

“As the fear of a double-dip recession has faded, investors are becoming more enthusiastic about the prospects for the U.S. economy and are taking aim at real estate investment opportunities,” says James Fetgatter, AFIRE executive director. “However their strategy is more akin to a rifle than a shotgun. Except for multi-family housing, they are not scattering their interest throughout the U.S., but rather narrowly targeting it to New York City and Washington, D.C., to an even greater extent than in previous years.”

The top U.S. city picks among foreign real estate investors in 2011 are:
1. New York
2. Washington, D.C.
3. Boston
4. San Francisco
5. Los Angeles

International students’ parents buy Manhattan NYC Condos

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International students’ parents buy Manhattan NYC Condos

Many of our foreign buyers are parents of International students from Europe, Asia, Canada, Latin America and other countries. Other than many career and investment opportunities, Manhattan New York has many distinguish universities and colleges that offers many international students undergraduate and graduate degrees. We helped many parents of international students from New York university, Parsons school of Art and Design, School of Visual Arts (SVA), Columbia University, the Jillard school, Cooper Union and other academic institutions.

Here are some options for international students and the parents to consider:
School dormitory: If the student is very young and new to New York, the first year or first 6 months they usually stay in the dormitory so they can familiarize themselves with the city. This option is usually more expensive than renting an non-dorm apartment in the school surrounding areas.

Renting an non-dorm apartment: This option costs slightly less than dormitory, although as an International student or foreigner, majority landlords requires extra security deposit sometimes up to 6 months of rent upfront to 12 months rent to establish relationship and security. If the student or parents do not have United States social security number, nor US credit history, the parents usually have to pay for one year upfront to obtain an rental apartment.

Buying a Manhattan New York condo or building: This is often the option for most of the international parents chose. In today’s market, there are well priced Manhattan New York condos for international students and parents to choose from.  The important thing is to establish the location, the price range and the time frame to maximize the Manhattan New York condo search.
Call us directly at (917)837-8869 to discuss your specific purchase as an international student or parents.

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 and a knowledgeable Manhattan Real Estate attorney.)

  • 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.

Looking to buy a condo for your son or daughter? Fill out the form below and we will contact you promptly to help you out.

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You can also call us directly at (917)837-8869.


Other helpful information in buying NYC condos:


Can a Foreign National Buyers and Investors buy a Manhattan New York co-op?

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Facts about True Foreigners invest in Manhattan New York Real Estate.

We work with many Foreign National buyers and investors from different parts of the world, we often have to explain to the buyers about the Manhattan New York  Housing Product (Condo or Co-Op). Often, we encounter the question….

“Can a Foreign National Buyers and Investors buy a Manhattan New York co-op?”

Co-ops are 90% or more of New York Real Estate. Co-op buildings are governed by Co-op Boards, the co-op board makes esseential decision about the building and set building house rules and policies. Among those decisions, Co-Op board of directors approve and interview every potential purchaser.

Foreign National Buyers or Investors to buy an apartment in a co-op building are not easy for several reasons:

  1. Co-op purchaser approval takes weeks — if not months — and is a rigorous and notoriously difficult process. The majority of co-ops only approve buyers with New York employment, US income tax and excellent credit history in the US. The law doesn’t require a co-op to even provide an explanation for a potential buyer’s rejection.
  2. There are often restrictions on how much financing a buyer can use (for example, no more than a certain percentage of the unit price).
  3. Almost all co-ops restrict the right to sublet your apartment, which makes it unattractive to investors. Usually, co-op apartments cannot be rented out at all or can be rented out for 1 or 2 years after a certain number of years of owner occupancy.
  4. Co-ops regulate your use of the apartment in many other ways… including having guests or performing renovations.
  5. When selling (or renting it out when allowed) a co-op, your buyer will be subject to co-op approval as well, which reduces the number of qualified buyers and therefore reduces the price of your investment.
  6. There are often additional “flip taxes” on the resale of a co-op to discourage speculators.

All these measures are intended to protect interests of other co-op shareholders and make sure that a new buyer is financially stable, and will always be able to pay for monthly maintenance, improvements and expenses of the building. In addition, often residents of co-op buildings often view their building as exclusive clubs and want to make sure that the building attracts only a certain type of people who use it in a certain way that makes all the residents comfortable.

The purchase price of most co-ops is 10-20% lower than that of condos. Monthly expenses (maintenance), on the contrary, are usually slightly higher and include utilities, maintenance expenses, real estate taxes, and the corresponding share in the mortgage indebtedness of the building… if the building has a mortgage loan. In addition to the mortgage interest on their own loan, co-op shareholders can deduct their portion of the corporation’s real estate tax from their taxable income.

Still, co-ops can be attractive for those who would like to use the apartment as a primary residence or as a pied-a-terre in Manhattan . For the most part, co-ops are older (prewar) buildings with beautiful authentic features, fireplaces, high ceilings, moldings… and sometimes even their own gardens.

To Read More on Foreign Nationals buying Manhattan New York city Real Estate Click below links:

If you are looking for a Real Estate Professional who understands Foreign Nationals buying in Manhattan New York city Real Estate and are looking for the right investmentment, or are selling your property contact Eileen Hsu or Morgan Evans at (917)837-8869 or Email us, we will reply promptly.

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8 Union Square South-a popular Union Square NY Condo

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8 Union Square South-a popular Union Square NY Condo

This Union Square NY condo was built in 2007, and selling very quickly, this 14 story boutique condominium is located at 14th and University Place. Built by the Claremont Group, 8 Union Square South is a full service luxury doorman building. There is an on-site gym, exclusive membership to Quintessentially for all of your concierge needs.

8 Union Square South is located at the crossroads of Union Square and Greenwich Village you have all of the best restaurants at your fingertips with views of Union Square Park.

The condominium apartments at 8 Union Square South have Valcucine kitchens with Sub-Zero refrigerators, Miele cook tops, separate wall oven, and dishwasher. Bathrooms feature limestone floors and Waterworks fixtures. Floor to ceiling windows and 10 foot ceilings with most of the apartments having open views to Union Square Park.

  • Prices start for the 2 bedrooms at $2.5 million
  • Prices start for the 3 Bedrooms at $4.5 million

Call us today at (917)837-8869 for updated and specific pricing of your Union Square condo.

For other Union Square location condos information, click on links below:

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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Foreign National Buyers and Investors buying Manhattan NY Condos

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Foreign National buyers and investors buying Manhattan New York Condos are majority of our clientele, we often have to explain to the buyers about the Manhattan housing market, which consist of Condominiums and Co-Ops. Often, we encounter the question….”Can a Foreign National Buyers and Investors buy a property in a co-op?”

Co-op buildings are governed by Co-op Boards, which make every important decision about the building and set building house rules and policies. Among those decisions, Co-Op board of directors approve every potential purchaser.

Foreign National Buyers or Investors to buy an apartment in a co-op building are not easy for several reasons:

  1. Co-op purchaser approval takes weeks — if not months — and is a rigorous and notoriously difficult process. The majority of co-ops only approve buyers with New York employment, US income tax and excellent credit history in the US. The law doesn’t require a co-op to even provide an explanation for a potential buyer’s rejection.
  2. There are often restrictions on how much financing a buyer can use (for example, no more than a certain percentage of the unit price).
  3. Almost all co-ops restrict the right to sublet your apartment, which makes it unattractive to investors. Usually, co-op apartments cannot be rented out at all or can be rented out for 1 or 2 years after a certain number of years of owner occupancy.
  4. Co-ops regulate your use of the apartment in many other ways… including having guests or performing renovations.
  5. When selling (or renting it out when allowed) a co-op, your buyer will be subject to co-op approval as well, which reduces the number of qualified buyers and therefore reduces the price of your investment.
  6. There are often additional “flip taxes” on the resale of a co-op to discourage speculators.

 

Here are few considering factors for Foreign National Buyers and investors buying Manhattan condos must consider before investing in Manhattan New York Real Estate:

  • Why do you want to buy in Manhattan New York? Is it because of the currency conversion rate that makes the purchase to be an attractive investment?
  • Are you aware of the purchase process? In Manhattan New York, until there is a signed contract by both buyers and sellers, there is no deal. Verbal offer acceptance can change any time.
  • How much do you want to ‘disclose’ about yourself? In Manhattan New York, unless you are buying a new construction from a developer/sponsor, there will be a condo application where you will have to disclose your financial information. The condo board package is must for all of the resale condo units/apartments.
  • Do you know the difference between Co-op, condop and condo? Co-Op is an unique products that is very common here in Manhattan New York housing market. Co-Op is 85% or more of the market here and it is not investor friendly as Condomiums (condos).
  • How much financing do you plan to obtain if any? In today’s market, foreign nationals have some limited financing options, individual foreign nationals must discuss their specific status and financial picture with our financing experts to see if they are able to obtain a loan.

As experts in working with Foreign National buyers and out of town buyers, we are constantly educating the buyers and addressing the misinformation and false assumptions that client bring from his/her home town/country, and culture in order to explain the options, alternatives, and their consequences.

Elegant Prewar condo: 25 Fifth Avenue-Lower Fifth Avenue Condo

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Located in this prime Greenwich Village location at the corner of 9th Street and Fifth Avenue, 25 Fifth Ave is a rare pre-war Condominium building in distinguished and desirable “Gold Coast” of Fifth Ave.

This Union Square condo is a handsome, brown-brick, pre-war apartment building has a prime Greenwich Village location at 25 Fifth Avenue on the northeast corner at 9th Street.

25 Fifth Avenue is a 14-story, pre-war building was converted into condominiums in 2000. The conversion was thoughtfully completed blending today’s contemporary amenities while showcasing the style of Greenwich Village’s pre-war heritage.

The condominium apartments for sale at 25 Fifth Ave have wood-burning fireplaces, high ceilings, ornate and high relief moldings and casements, many apartments with windowed kitchens and baths and modern appliances in the kitchens.  A 24 hour doorman, fitness center, laundry facility, bicycle room and storage spaces complete the amenity package in the building

At 25 Fifth Ave this Union Square condo, you have at your doorstep everything that Greenwich Village has to offer with the convenience of living in a newly updated building.

  • One Bedrooms start around $1,000,000
  • Two Bedrooms start around $1,600,000
  • Three Bedrooms start around $2,900,000
  • Four and Five Bedrooms price upon request

For other Fifth Avenue or Union Square location condos information, click on links below:

Call us directly at (917)837-8869 or email us to find your perfect Manhattan New York Condo today.

International Love Affair with Manhattan New York Condos

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Foreign Buyers Love Manhattan New York condos–We are Manhattan Real Estate professionals, we work with many savvy international foreigners wanting to invest in Manhattan Real Estate. In addition to educate international foreign buyers and investors  about the unique-ness 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 to your specific case, contact us directly at (917)837-8869.

Can Foreign Nationals buy a Manhattan Property without having Social Security Number or US residency?
Yes, they can legally, but have to meet the condominium/coop 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?
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: (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).

If you are a foreign national and would like to better understand how to purchase and invest in Manhattan Real Estate, it is a good idea to discuss the situation in precise manner. Contact us today at (917)837-8869 or email us at EileenHsuNYC(@)gmail.com.