New York condominium broker focusing on investors
Posted by Wei Min Tan on July 30, 2018
Weimin Tan is a New York condominium broker focusing on investor buyers from all over the world. He only represents residential condominium transactions which is a niche segment within the Manhattan property market.
What is a New York condominium broker
In New York City, apartments are divided into cooperatives (co-ops) and condominiums. Co-ops represent the vast majority of apartments in Manhattan and it is an apartment structure where the owner owns shares in the building. With a co-op, there are restrictions on renting out, board approval is needed to buy/sell and board approval is needed for renovations. Co-ops are not deemed “real estate” in the traditional sense, mainly because of the share ownership legal structure.
A condominium is real estate and similar to condominiums in most other countries. The owner of a condominium is free to rent out the property and board approval is not required to buy or sell. Being a New York condominium broker simply means one who is focused on residential condos in Manhattan, New York.
Percentage of apartments that are condos in Manhattan
The majority (about 70 percent) of housing inventory in Manhattan are rental buildings. This refers to big buildings that are owned by REITs or multifamily buildings where a landlord owns the entire building. Only about 30 percent of housing inventory are apartments that are individually owned (where there is separate title to each apartment).
Out of this segment of individually owned housing units, condominiums make up about 19 percent. Co-ops are about 70 percent, Mitchell-Lama 7 percent and townhouses 4 percent.
Are condos more expensive?
Absolutely. On a price per sqft basis, condos are about 50 percent more expensive than co-ops. The appreciation rate of condominiums is also higher than that of co-ops.
Isn’t this a narrow niche?
Yes. Wei Min focuses on the 19 percent of single family property inventory that are condos, hence is an expert on this market. He knows every condo building and within them, the good apartments currently on the market. Being a New York condo broker is a differentiating factor.
So you can’t help us with co-ops?
Short answer is no. Co-op clients are better served by an expert in the Co-op segment. But we are at your service if you’re looking to invest in a Manhattan condominium.