Manhattan New Launch Condo Investment For Foreigner
Posted by Wei Min Tan on July 26, 2019
Investing in Manhattan new launch project for foreigner, brief case study
We are pleased to have closed on a one bedroom condo at 200 E 21 St last week on behalf of our foreign investor client from Asia. Currently preparing the property for the rental market. This condo is a new launch project and was purchased pre-construction about 2 years ago. Located in highly desirable Gramercy.
Building: 200 E 21 St, York, NY 10010 (Condominium)
Price: $1,380,000
Common charges: $688
Property taxes: $1,292
Rental return: We are expecting rent of $5,500 per month, rental return of 3 percent based on purchase price. Very high by Manhattan standards.
Property type: Freehold
Size: 713 square feet, one bedroom
Contact: tan@castle-avenue.com
Investing decision
The investing decision was based on analyzing the market demand for high end condo rentals in Gramercy. Demand was strong and there was not much high end supply in the area.
200 E 21 St in Gramercy. Located on tree-lined street on 21St and Third Avenue, this is a green building targeting LEED Gold certification. Designed by BKSK Architects and developed by Alfa Development.
Poliform kitchen designed by Champalimaud with top of the line Miele appliances.
A high end marble bathroom is another key mark of a luxury condo and this translates into higher rent per square foot. Bathroom comes with Dornbracht fixtures and bathtub by Kohler.
We will be listing the apartment for rent next week.
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
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