Buying a small apartment in Manhattan

Discussion in 'The Pub' started by JohnSykes, Jan 2, 2017.

  1. JohnSykes

    JohnSykes Member

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    Hi guys. Im a long time forum user, but i dont think i ever posted on this section.

    So my father and i have been discussing buying a small apartment in NY. Im not from USA but i do have european citizenship, but not going into all the legal details (YET), just looking for some real state information.
    Basically our idea was buying something in the 300k range, that we could rent for all the year but a month or something like that, so we could go there as well and enjoy christmas for example.

    Like i said, im going blind here, i dont really know anything about NY real state market, prices or how "real" the situation would be (i mean the whole renting it for the year).

    Anyway thanks, i appreciate.
     
    Last edited: Jan 2, 2017
  2. FFOGG

    FFOGG Fat Frustated Old Guy w/ Gut Gold Supporting Member

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    I'm not an expert since it's been over 30 years since I lived there but your looking at a minimum of 700 to 800 K one bedroom in Harlem ...800 k for a studio in Manhatten try looking in New Jersey or Brooklyn
     
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  3. alexanderplatz

    alexanderplatz Member

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    Last edited: Jan 2, 2017
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  4. Staggerlee

    Staggerlee Member

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    $300K in Manhattan?

    Hahahahahahahbahahahababababbabababhahahahahahahhahahahahhahahahhahahahha

    Now on a serious note, you cannot possibly rent out an apartment for 11 months out of the year and expect that the tenant will move out for a month so you can get to enjoy your apartment. The renter rights in NYC are very strict and all leases are usualy 1 year. Best of luck, but I gurantee you you won't find an apartment in that range unless it is in the ghetto.
     
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  5. Guitar Josh

    Guitar Josh Resident Curmudgeon

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    If you want to buy an apartment in Manhattan for 300k you are going to need a time machine or a delorean.
     
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  6. aram

    aram Member

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    I worked in real estate in NYC for 10 years. With what you want to do (renting it out most of the year) you'll need to buy a condo, but unfortunately most of the Manhattan/NYC market consists of Coops, which don't allow this type of renting.
    Also, your budget is really too low, even for a studio. On Streeteasy.com, no condos in this price range show up in Manhattan, and the ones in Brooklyn are pretty far away.
     
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  7. aram

    aram Member

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    It IS possible in parts of upper Manhattan if you're buying a COOP. But you can't really buy those as investment properties.
     
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  8. (Something)

    (Something) Supporting Member

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    If I could've bought a livable apartment in Manhattan for $300,000, I never would've left. That money doesn't go very far, my friend.
     
  9. JohnSykes

    JohnSykes Member

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    Awesome advice here guys.

    Like i said, going blind on this, but you all already been helpful. So around 800k for a studio in Manhattan then.

    Anything in NY would work i guess, we really fell in love with that city so thats how it all started. Any websites where i could do some research?
     
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  10. CharAznable

    CharAznable Member

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    HAHAHAHA

    For $300k you might get a roach infested closet somewhere in Jersey. If you're lucky, there will be a bathroom that you can share with a few crack addicts.

    You want to spend Christmas in Manhattan? AirBnB
     
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  11. JohnSykes

    JohnSykes Member

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    Really looking to buy something, the whole idea of renting it was just for some extra income.

    BTW doing my best with my english lol
     
  12. Guitar Josh

    Guitar Josh Resident Curmudgeon

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    I suppose if you want to do the 11 month thing you can airbnb it, not that i
    ever would.
     
  13. nsureit

    nsureit Old Guy...but not too old Silver Supporting Member

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    My father, who grew up in Brooklyn, wanted to buy an apartment in Manhattan to visit family (from his parent's generation) while they were still living. That was about 15 years ago. His budget was low seven figures, and he had trouble finding a decent place at that price. He sold it a couple of years ago for 2.5 times original cost.
     
  14. Staggerlee

    Staggerlee Member

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    Honestly, buying a landlord is no easy job especially if you plan to be an absentee landlord. You will need to hire people to do occasional repairs, such as HVAC and plumbing. Renters can easily not pay for months on end and there is little recourse for you to kick them out and get your money's worth. I would study all the different NYC laws as they pertain to renters rights and landlord responsibilities.

    You may have a better chance making the apartment into AirBNB but as I understand NYc legislators may be blocking AirBNB altogether.
     
  15. aram

    aram Member

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    Shoot an email to my friend Eirik Gislason. I worked with him for 5 years. Extremely knowledgable broker and a genuinely great human being, two things that are extremely rare in the world of NYC real estate:

    https://www.yelp.com/biz/eirik-gislason-halstead-property-new-york

    Tell him all you want and be forthright: there's a world of difference between a $300K budget and an $800K budget.
     
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  16. circle_o_5ths

    circle_o_5ths Member

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    Go onto www.zillow.com to see what is for sale. You wouldn't want to stay in or own anything that is only worth 300k in Manhattan.
     
  17. JohnSykes

    JohnSykes Member

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    Awesome. The 300k budget was to start really. I dont think 800k would be viable for us, but 500k maybe.

    I appreciate the advice, thanks so much.
     
  18. aram

    aram Member

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    Zillow is REALLY inaccurate for Manhattan, and NYC in general.
     
  19. dB

    dB Member

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    I'd bet you could use AirBnB to keep an apartment rented for much of the year, while keeping the flexibility of having it at your disposal whenever you wanted. Stay away from buying into a COOP.

    As has been already said, 300k won't get you anything in NYC. If you can triple your budget, I'd be looking for something in the west village, although your money will go further in the east village. Up around Chelsea. would be another good place to look. Can't go wrong with adjacency to the high line.
     
  20. LDS22

    LDS22 LFC Silver Supporting Member

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    and the delorean would need to be packed tight with powder to make up the balance of the purchase if only starting with $300k

    we rented a decent 1 bedroom (probably 600sf) last week through AirBnB around 35th & 3rd (east) for $160/night. i can't imagine what it would cost to purchase
     

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