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Apartments and flats in New York

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Apartments for sale in New York, USA

When a foreigner is going to buy an apartment in New York, the first thing he needs to know is what types of property from developers and agencies exist here. When it comes to buying houses in New York, then everything is extremely simple: you buy a flat in New York and automatically become the owner of the land on which it is built. The situation is different with and flats.

There are two main categories of property in New York: a condominium and a cooperative. People buy apartments and flats in New York and unite into a legal entity, which owns the building itself and the land on which it is located.

There are some differences between a condominium and a cooperative. Condominiums or «condos» most often include new apartment buildings. Despite the fact that the organization owns the property, the flats for sale in New York in the house are separate housing units that are assigned to their owners. In a cooperative, the ownership right is reserved for a legal entity – the owner of the land plot. From the point of view of legislation, a condominium is one unit of property in New York.

The cooperative has its own board, the board of tenants, which has a great influence on what can be done in the house and what cannot. For example, before buying apartments in New York, a potential owner needs to be interviewed by the board;

The conclusion of a deal with a new owner may be delayed due to a long decision-making by the board of tenants, including, therefore, the cost of apartments in New York in cooperatives is lower than in condominiums.

Apartment prices in New York

Most often, businessmen and investors choose apartments in condominiums as an object for investment. Prices for this category of housing are as follows:

  • The cost of studios starts from 650,000 $ (4,121,000 ¥);
  • The cost of a 1-bedroom apartment varies from 800,000 to 2 000 000 $ (5 072 000 – 12 680 000 ¥)
  • 2-bedroom up to 5 000 000 $ (31 700 000 ¥)
  • 3- bedroom apartments start from 3 500 000 $ (22 190 000 ¥);
  • The average price of an apartment in New York, in the city center - $ 9,791 (62,311 ¥) per 1 square meter;
  • The average cost of an object on the outskirts of the city is $ 5,118 (32,571 ¥) per 1 square meter.

Lifestyle in New York

It is often described as a concrete jungle, but this is not quite true. There are a lot of green spaces in New York. Local officials are committed to maintaining and improving green spaces throughout New York City. There are more than 1,700 parks, playgrounds and recreation areas in five districts.

The lifestyle in New York is vibrant, dynamic and constantly changing. There are a lot of places where you can have fun, be in good company and just relax. There are a lot of restaurants, nightclubs, shops in the city, cultural events and festivals are often held. In The Big Apple everyone will find a hobby to their taste. 

One of the places that is definitely worth a visit is Fifth Avenue. You can also look at Madison Avenue with Chanel and Prada branded boutiques. The cobbled streets of Soho also have plenty of posh shops. Nightlife in New York is as eclectic as the city itself.

Mortgage for foreigners

Most foreign clients can get mortgage loans for the purchase of real estate. The standard fee at the conclusion of the loan is 10-20%. In some banks, the rate is higher and reaches 40%.

To get a mortgage as a foreign citizen, you also need supporting documents:

  • Passport and visa;
  • Confirmation of employment;
  • At least four credit certificates from financial specialists;
  • Confirmation of payment of rent or mortgage for the year and the ability to provide sufficient funds to cover expenses.

Investment apartments in New York

New York housing has always attracted investors from all over the world. Few cities offer such a dynamic, stable and liquid real estate market, as well as such an open and friendly attitude towards foreigners. Apartments in New York are the most attractive asset for investment, because they are always in demand and steadily growing in price. That is why buying an apartment in New York will allow you to live in the thick of the events of the most respectable city in the world and, if desired, receive passive income

Investing in apartments property in New York, especially in Manhattan, is a smart decision made by successful people as part of planning a reliable investment portfolio.  For expats, flats investments in New York are seen as a safe haven for assets. Investors are more likely to rent out investment properties in condominiums. In Manhattan, about 75% of residents are tenants, while only 25% are owners. by the owners. Therefore, being an owner means having a large pool of tenants.

Apartments in New York for investment and permanent residence, depending on the area, on average bring about 5.08% – 5.83% of annual net profit.

Buy apartments in New York

The website New-York.Realestate contains the best real estate agencies in New York with a verified database of properties. The catalog contains current offers at prices in dollar and euros in popular areas of the city, including the Bronx, Brooklyn, Manhattan and Queens.