Manhattan freehold condo, high rental return, close to MRT

Posted by Wei Min Tan on June 9, 2019

Overview

Manhattan freehold condo with high rental return and close to MRT, United Nations, Citigroup Center, Blackstone, Blackrock headquarters.

Property:  959 First Avenue, Apt 23E, New York, NY 10022 (Condominium)

Price:  $1,830,000

Common charges:  $1,400

Property taxes:  $160

Rental return:  At rent of $6,000 per month, rental return of 2.9 percent based on asking price.  This is very high by Manhattan standards.

Size:  907 square feet / 84.3 square meters

 

Apt 23E’s wall of windows from living room to bedroom (facing East)

 

Large 907 sqft luxury One Bedroom condo on the 23rd floor with East River views.  Wall-of-Windows from living room to bedroom.  421A tax abatement in place.  Apartment features High Ceilings, Large Casement Windows, Hardwood Floors, Open Kitchen with Gaggenau appliances and island, Wash/Dryer, Bathroom with Calacatta marble walls.

The Sutton, developed by Toll Brothers, is a Full Service building with Concierge, Fitness Center, Residents’ Lounge, Children’s Playroom, Garden.

 

Freehold Condo in CBD

Apt 23E is a freehold condominium in Midtown East, Manhattan, New York’s Central Business District (CBD).  Close to United Nations, Citigroup Center, Blackstone, Blackrock.  Restaurants in the area include Ethos, Deux Amis, The Smith, Hillstone.

 

Apt 23E’s high ceilings.  Casement windows are a wow factor attracting top quality renters

 

Rental Return

Investor buyers can rent out at $6,000 per month.  After deducting common charges and property taxes, this luxury condo provides an all cash rental return of 2.9 percent.

2.9 percent is very high by Manhattan standards where the average rental return is less than 2.5 percent for unfurnished rentals.  Unfurnished is the normal rental situation and represents 95 percent of the rental market.  This is because tenants will have their own furniture.

Rental return will be higher if rented furnished.  Keep in mind that furnished rentals are a very small segment of the market.  Renters who want furnished condos are usually short term (less than 1 year).  Most condo buildings do not allow short term rentals.

 

MRT stations

Close to E/M/6 MRT subway train lines.

 

Living room and view of kitchen with island.

 

Kitchen with top end appliances from Gaggenau

 

Bathroom with marble tiles

 

Bedroom, notice the windows which extended from living room to bedroom

 

Floorplan of 959 First Avenue, Apt 23E

 

Exclusive sale listing of Castle Avenue Team at R New York

Wei Min Tan, New York Associate Real Estate Broker, tan@castle-avenue.com, +1.212.380.6134

 

What We Do

We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale

 

Wei Min’s media interviews by CNBC, CNN, New York Times on the subject of investing in Manhattan property

 

 

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New property projects in Manhattan, how we pick winners

About Wei Min

  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

Contact Wei Min

641 Lexington Avenue,
22nd floor,
New York, NY 10022



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About Wei Min


  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

Work With Wei Min

CONTACT US