Best Manhattan Property Agents
Posted by Wei Min Tan on November 28, 2020
Wei Min Tan focuses on foreign investors buying Manhattan, New York property for investment. He is among the best Manhattan property agents in this category. Wei Min has appeared on CNBC, CNN, Wall Street Journal and New York Times on the topic of investing in Manhattan property. He is also one of Manhattan’s most interviewed property agents.
Wei Min on CNBC and Bloomberg
Contact: tan@castle-avenue.com
Read Weimin’s articles, Manhattan Property Investment Performance and How Recessions Impact Manhattan Property.
Manhattan property type
Wei Min’s expertise is in representing foreign investor buyers of Manhattan, New York residential condominium apartments. Condominiums are about 10 percent of the housing inventory in Manhattan, with the other 70 percent being all-rental buildings and 20 percent being Cooperatives.
Condominiums are what investors buy. Wei Min’s clients mostly rent out the apartments after purchase although some use their property as vacation homes. Wei Min and team manage the entire process for clients.
Weimin’s article, How to invest in Manhattan property, profit and repeat
Approach
As a buyer’s broker, Wei Min recommends good buys to clients based on appreciation potential, rental yield and market demand. After the purchase transaction is completed, Wei Min and his team rent out the apartments and screen potential tenant applicants. They are the point of contact for tenants on any issues.
Wei Min coordinates the whole buying and selling process and works closely with his team who comprise two lawyers, a few mortgage brokers and bankers, two handymen, a real estate colleague, three insurance agents and an accountant.
He has represented clients from countries including Singapore, Taiwan, Israel, Hong Kong, Argentina, China, the United Kingdom, Indonesia, Saudi Arabia and France. Clients find him by referral and through his articles / media interviews. According to Wei Min, he has not met some of his closest and best clients in person. But has communicated extensively with them through online video or WhatsApp.
Weimin’s article, Foreigner Buying Property in New York, 8 Questions That Matter
Where he comes from
Before becoming a Manhattan property agent, Wei Min was a Vice President level banker at Citigroup, where he managed a $500 million credit cards portfolio in the Consumer Banking division. He was also a Director at American Express. Wei Min has an MBA from the University of Illinois and a BA from Marshall University. Wei Min is a member of FIABCI, the International Real Estate Federation and REBNY, the Real Estate Board of New York.
In addition to English, he speaks Malay/Indonesian, Cantonese Chinese and conversational Mandarin Chinese. He says 95 percent of his clients speak English anyway, so the other languages are seldom used.
Why I do this
“I have the luxury of only working with people who I like, unlike in the corporate world where that is not possible. My reward is in earning my client’s trust and being involved in the client’s financial planning process, which is extremely important for the client.
Having developed trusting relationships, I enjoy meeting for lunch or doing memorable activities with clients such as a hardcore workout at Church Street Boxing Gym or running by the Hudson River or Central Park. These are what make my role so rewarding.
The reward is not in getting the commission check because after all that we go through for each transaction, the closing table and check become just part of the process.”
Deal Examples
1) 305 E 51 St, Halcyon, in Midtown East. Represented multiple buyer clients for both investment (to rent out) and self use at prices between $1.7 million to $5 million. Clients reserved property at pre-construction stage with 20 percent down. Balance was due at closing 2 years later. For investor client, apartment has been rented at premium rents since then. Excellent location close to the United Nations, Citigroup Center, Blackstone, Blackrock, Chase Bank.
Read about How to buy new launch property in Manhattan and Risks of new launch condo projects.
2) The Sutton. Toll Brother’s development with only 10 percent down at reservation. Recommended clients to this development because of the location, classic style windows and quality interior finishings. As expected, investor clients’ condos rented out immediately. A key criterion is forecasting whether tenants would like the apartment. Ease to rent minimizes vacancy period which translates to improved rental yield.
3) 88 Greenwich, 35th floor waterview one bedroom apartment facing south. Building is one block south of New York’s largest development, the World Trade Center. The buy decision was driven by this location factor, by the building’s luxury amenities and the attractive price per square foot, which makes it a value buy.
Weimin’s article, Investing in Manhattan condo with tenant in place.
Notes:
This article was updated Nov 28, 2020
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