New Launch Condo Projects in Manhattan
Posted by Wei Min Tan on April 25, 2023
Buying new launch condo projects in Manhattan, New York is a strategy we focus on with investor clients from all over the world who are seeking Manhattan property as a form of asset diversification. Since Manhattan is land-locked, the supply of new launch property is small relative to overall property inventory. Prices of new launch condo projects are higher than resale condos but the new launch condo strategy is very viable.
In Manhattan, new launch condo projects are marketed about 2 years before the property is ready to be occupied. The buyer visits a sales office (usually a multi-million investment in itself), and looks at models of the kitchen, bathroom and living room. The key is to evaluate the condo project’s viability, market demand, location, quality of materials, amenities etc. To book a unit, the buyer puts down between 15 to 20 percent of the purchase price. The balance is only due at closing in 2 years’ time when the condominium is ready to be occupied.
Depending on market timing, building and location, the discount to completed product is between 10 to 15 percent. This booking discount is a key reason why buyers get into new launch condominiums. New launch condos have higher price per square foot but rent per square foot is also higher. The end result is that the rental yield is higher than Resale property.
The entire Manhattan property inventory is public information and can be accessed through websites such as Streeteasy.com. We are happy to schedule time to discuss on how we can help identify the right investment, negotiate and guide you through the entire buying process as a Buyer’s Broker.
Weimin’s article, Pros and Cons of New Launch Condos in Manhattan
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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