Can a Foreign National Buyer or Investor buy a property in a co-op?

English: Manhattan, New York City

English: Manhattan, New York City (Photo credit: Wikipedia)

We are Manhattan New York Real Estate agents that have extensive experience and knowledge in working with foreign international buyers. More than 90% of our buyers are foreign internationals, our buyers are from all over the world: China, Hong Kong, Taiwan, United Kingdom, Australia, Italy, Singapore, France and many other fine countries around the world.

We often have to explain to the International buyers about the Manhattan housing market, which consist of Condominiums and Co-Ops.  Often, we encounter the question….”Can a Foreign National Buyers and Investors buy a property in a co-op?”

Cooperative (short for Co-Op) buildings are governed by Co-op Boards, which make every important decision about the building and set building house rules and policies. Among those decisions, Co-Op board of directors approve every potential purchaser.

Foreign National Buyers or Investors to buy an Co-Op apartment are not easy for several reasons:

Co-op purchaser review is a rigorous and notoriously difficult process. Time frame of the review process is usually weeks to months with no definitive time line. Many New York co-ops only approve buyers with New York employment, file United State Federal tax returns and excellent credit history in the US. Should the potential buyer is rejected by the board, The law does not require the co-op board to provide a reason of rejection.

Each Co-ops restrict the right to rent the apartment, this is unattractive to investors.
Many of Co-op apartments cannot be rented out at all or can be rented out for 1 or 2 years after a certain number of years of owner occupancy. The potential renters will also have to go through board interview process which turn away many potential renters.

Co-ops regulate the use of the apartment in many other ways… including having guests or performing renovations.
When selling (or renting it out when allowed) a co-op, the potential buyer of your apartment will be subject to co-op approval as well, which reduces the number of qualified buyers and therefore reduces the price of your investment.

99% of our foreign international buyers opt to purchase Manhattan New York condos instead of cooperatives because many international buyers purchase condo for their son or daughter, and also as long term investment and prefer to have a qualified tenant to stay in the apartment on the long term basis. Therefore, Manhattan New York Condos will be a much ideal housing product for foreign international buyers.

In this website, you will find many informative articles about Foreign International Buyers purchasing New York city condos. We encourage you to contact us directly by email outline your goal and scenario, we will reply to you promptly and create a plan for you in finding the right New York city investment.

How much down payment does Foreign Buyer need to buy One Bedroom condo in Manhattan New York?

How much down payment does Foreign Buyer need to buy One Bedroom condo in Manhattan New York?

What down payment amount does a Foreign Buyer need to buy a One Bedroom Condo?

There is no defined amount that is needed for a down payment as a foreign buyer.

We are very experienced in dealing with Foreign Buyers and have had great success with them. Because of our experience and success we can provide you with many scenarios to help you prepare for financing or obtaining a mortgage in the United States.

If you are a foreign national considering buying in Manhattan and would like to obtain financing through a US bank, there are a few documents you will need to obtain as well as a substantial down payment in order to satisfy the bank’s requirements.

Foreign International Buyer down payment requirement is different and it is important to know before starting the search.

Foreign International Buyer down payment requirement is different and it is important to know before starting the search.

You may find through researching various Manhattan Condominium properties that they require only a 10% down payment. Please keep in mind that the aforementioned 10% is what is required of each condo, but the banks requirements will be much higher depending on your current financial situation.

Below are listed various factors that can determine the down payment required:

  • For what amount is the loan? (Amount you wish to borrow from the bank)
  • Different types of loans
  •  Your financial profile (you may be asked to provide your home countries’ bank information so that the US Bank will be able to verify your current assets or they may required to open a US bank account.
  • The property you are interested in (the US bank will have to evaluate each property and decide if they are willing to lend in that condo building.)

It has been our experience that unless a loan application process has begun, the bank will not commonly be able to openly provide you with their estimates for the down payment. Usually, the down payment will be approximately 30% of the purchase price.

The majority of our foreign international buyers place a down payment of 30% but many cases up to 50% down. It depends entirely on the factors discussed above.

If you are considering purchasing a $1,000,000 condominium in Manhattan New York, your minimum approximate down payment will be $300,000. (Please keep in mind this amount does not include other closing costs)

Many foreign international buyers are not well versed in the process of buying in Manhattan New York. We are here to help them through the process and provide them with the necessary tools to know about the market and how it works here. If you are considering purchasing a Manhattan condo, call us today at 917-837-8869, or email us so that we can work with you and assist you in preparing for your condo search in NYC.

International Parents Buy NYC condo for Children Must Read

English: The main building of the School of Vi...

English: The main building of the School of Visual Arts on East 23rd Street in Manhattan, New York City. (Photo credit: Wikipedia)

International Parents Buy NYC condo for Children Must Read

The majority of our foreign buyers are typically parents of international students who come from Europe, Asia, Canada, Latin America and other countries. Other than other career investment opportunities, Manhattan New York has many highly distinguished universities and colleges that can offer international undergraduate and graduate degrees. We have helped a number of parents from New York University, Parsons School of Design, the School of Visual Arts, Columbia University, the Julliard school, Cooper Union and other highly ranked academic institutions

Here are a few options for the parents of international students to consider:

School Dormitory: If the student is quite young and very new to New York, the first 6 months to a year, the student will typically stay in the dormitory so that they can have the opportunity to familiarize themselves with the city. This is an option that can usually cost more than renting a non-dorm apartment in the schools’ surrounding areas.

Renting a non-dorm apartment: This is a slightly less expensive option than a dormitory, although as an international student, the majority of landlords require an extra security deposit or sometimes 6-12 months’ rent upfront to establish a good relationship as well as security. If that student or parents do not have a Social Security number issued by the United States, nor US credit history, the parents are usually asked to pay for one year upfront to secure a rental property.

Buying a Manhattan New York condo or building: This is often the best option for most of the international parents. In today’s market, there are quite a few well priced Manhattan New York condos that International students and their families can choose from. The most important thing to do is to establish a primary location, the price range and the time frame that the client chooses to move. Determining these factors early on can really maximize the Manhattan New York condo search.

Call us directly at (917)837-8869 to discuss the specifics of your purchase as an international student or parents. When you are a parent buying a Manhattan New York Condo for your child, you should definitely plan ahead, speak with all involved parties ( specifically with the right mortgage consultant/banker, accountant and a knowledgeable Manhattan Real Estate attorney.)

–        Mortgage consultant: If you are planning to pay for the condo in cash, it’s a more desireable factor when presenting offers to condo sellers. You should keep in mind that you should make sure that there is enough equity present in the event of an increase in the monthly carrying charge, or other miscellaneous mishaps. If you are planning ahead to finance this investment, you should be sure to speak with a reputable Manhattan lender that is well-versed with the market, lending rules and the mortgage products that will be found to be suitable for yourself and your family.

–        Accountant:  If your plans are to purchase this condo along with your child, be sure to discuss the issue of taxes with your accountant. Having this conversation ahead of time with your accountant can be extremely beneficial.

–        Manhattan Real Estate Attorney: Additionally, speaking to a local Real Estate attorney will be extremely helpful because the local Manhattan Real Estate can also give you advise as to what is the best way to structure your purchase and to think about the logistics of who should hold/handle the title and the deed to the property.

What neighborhood in New York city is good to invest?

Statue of Liberty National Monument, Ellis Isl...

Statue of Liberty National Monument, Ellis Island and Liberty Island, Manhattan, in New York County (Photo credit: Wikipedia)

What neighborhood in New York city is good to invest? Our international buyers often asks us this question.

Many of our international foreign buyers love this great city and love to invest in Real Estate in NYC. Manhattan New York is a very dynamic city with many vibrant neighborhoods. We are approached by international foreign buyers because many like to own a piece of Manhattan New York,  as many of the world travelers either have been in this city before or have family in New York right now and would like to diversify their investment portfolio and include a NYC condo in it.

With this great question“What Neighborhood in Manhattan New York is good to invest”, there is not a simple one answer that works for everyone.

Before we can answer this question or for the buyer to determine, they have to consider several points as outline below:

Price Range: How much would you like to invest? We work with buyers that have spent $850,000 USD price range on a one bedroom condo and that can be rented anywhere from $3,575-$4,000 USD per month unfurnished depending building neighborhood and season of the year. We also have work with international foreign buyers that invested $3,500,000,000 USD sales price and rented the three bedroom condo for $17,500 USD per monthly rental. Therefore, this really depending on price range then we can narrow down the neighborhood.


Lifestyle: 
Would you like to stay at this condo at all when you visit New York city? Perhaps are you planning to live there one day in the near future? Or this purchase is investment purpose? If you plan on living in the condo, then it is best to explore in neighborhoods that you like and socialize when you are in New York.

Building amenities: Many of our international buyers prefer to have five star services in the building or full service staff in the building. Do you prefer a condo with a pool? Or a condo with fitness center and spa? Or you do not have any preference?
New York city Buildings with lots of amenities sometimes are newer buildings, these buildings are usually built after 1980s or some older building have added the amenities to suit residents interest.

Many other factors to determine which neighborhood is best suited for individual buyer preference. We specialize in working with foreign international buyers and buyers looking for condo investment in Manhattan New York, we have in-depth conversation with our buyers first so we understand their needs in order to provide the best solution and recommendation to them. The best neighborhood answer will vary depend on each buyers’ needs as each person is unique and different.

Contact us today at (917)837-8869 to discuss directly on how we can work together.

Buyer Agent Representation for International Foreign Buyers

Central Park - Manhattan, New York

Central Park – Manhattan, New York (Photo credit: Dougtone)

As an International or foreign buyer, Manhattan New York Purchase process is very unique and very different than the rest of the world.

Each step of the condo and process is an important aspect of the process.
Such as how the offer are communicated (price and terms), contract details,
and final closing coordination and all the details, we have many years of experiences to ensure no mistakes is made and it goes smoothly.

Manhattan New York Condo International foreign Buyer agent representation. In the state of New York, there is NO COST for you to use our services as your exclusive Manhattan New York Condo Buyer’s agent. As common practice in New York city, Manhattan New York sellers pay for both sellers’ and buyers’ agent brokerage fee. Although there is no actual fee apply to you as a international buyer to work with us, we appreciate your exclusive working relationship with us, and allow us to be your exclusive buyer’s agent through out your NYC purchase.

Since each Manhattan New York Real Estate market is unique and very special, we will first have a confidential consultation discuss what you are looking for, the current market condition and specific penthouse availability.

We are Manhattan New York Real Estate agents that worked with many international foreign buyers. 

When we are working international buyers, we tour our buyers through different neighborhoods and city blocks. By looking through different condo units with us, you will be guided and advised on each property we see together. You as an international foreign buyer will get an overall feel for available condo inventory on the market in Manhattan New York, this way you can then make an educated decision on which Manhattan New York property is going to work best for you and your lifestyle.

Once we find the property you are looking for, we can recommend you other important and competent people that will help you complete your purchase.

We have a team of Real Estate attorneys, accountants, financial advisers, mortgage consultant or private lenders that specialized in International foreign buyers buy NYC condos. These are the market experts that can help an international buyer purchase New York city condos in a seamless manner.

There are lots of other agents who may have only sold one unit to International foreign buyers condos in their Real Estate career, but that does not mean they have the most experiences or intimate knowledge of this ever changing dynamic Real Estate market.

You can read through our list of testimonials and recommendations from our previous international buyers who enjoy working with us. (https://foreignerbuynyccondos.wordpress.com/testimonials/)Work with the market expert like ourselves who have worked many international foreign buyers invest their money in Manhattan Real Estate, let us be your buyer’s agents and guides. We will oversee the entire process and ensure your purchase is smooth and stress free.

Call today at (917)837-8869 or Email us at EHSU@elliman.com to work with an experienced team that specialized in working with international foreign buyers.

Upper East Side Manhattan New York

STAIRWAY TO CARL SCHURZ PARK, BETWEEN EAST END...

STAIRWAY TO CARL SCHURZ PARK, BETWEEN EAST END AVENUE AND THE EAST RIVER IN MANHATTAN’S UPPER EAST SIDE. THE PARK… – NARA – 551712 (Photo credit: Wikipedia)

The Upper East Side is easily recognized as one of the most prestigious neighborhoods in all New York City. Much like its Upper West Side counterpart, the Upper East Side is located from 59th Street to 96th St and between Fifth Avenue to the East River. Home to two of the most prestigious addresses in all of the entire world, Fifth Avenue and Park Avenue. The Upper East Side also includes a lot of condominium and co-operative buildings at all levels of price points.

The Upper East Side definitely can be characterized as having neighborhoods within neighborhoods. From Fifth Avenue to Park Avenue, is home to some of the most classic and prestigious buildings in all of New York City.  Having access to world class shopping along Madison Avenue, hotels such as The Carlyle and The Mark, Michelin starred restaurants, and Central Park are all right outside your front door.

The Upper East Side has a variety of condominium and cooperative residences stretching from Lexington all the way to East End Avenue along the East River.  Price points very almost every budget.  The Upper East Side real estate market has an option for everyone.

West Village Manhattan New York

Once a part of the Greenwich Village neighborhood, the West Village has created it’s own identy as one of the most essential downtown neighborhoods. A day in the life of the West Village is much of a reflection of the history of the neighborhood.  Tree lined and cobblestone streets laid out in what feels like a maze, creates a more laid back atmosphere compared to the frenetic pace of much of NYC.  Described as European-esque, the West Village runs from 14th Street to Houston Street and 7th Avenue all the way to the Hudson River.

Essentially a residential neighborhood made up of pre-war apartment buildings, with the occasional new construction condominium dotting the landscape.  Almost entirely made up of boutique shopping, the hottest new restaurants, cafes, you will see very few “big box” stores in the West village.  Originally known as “Little Bohemia” the name is well deserved.

When you move to the West Village you will have to at first bring a map with you to find your way around.  The West Village is “off the grid.” Origianlly laid out in an 18t Century Pattern, the streets wind around, creating at times confusion but giving the West Village it’s unique appeal.

Apartments for sale in the West Village are a reflection of the neighborhood.  Often found in older buildings, with limited amounts of space.  Apartments tend to be smaller and because of the lack of supply, priced at a premium.  The real estate for sale in in the West Village is some of the highest and most stable in Manhattan.

Upper West Side Manhattan New York

One of the classic Manhattan neighborhoods, the Upper West Side continues to be one of the most attractive locations to live in all of New York City.  One of the largest neighborhoods running from 59th Street to 110th Street from Central Park to the Hudson River. The UWS could be characterized as having smaller neighborhoods within it, including Columbus Circle, Lincoln Center, Central Park West, Riverside Drive and Morningside Heights

One of the most notable landmarks in the Upper West Side is the Lincoln Center for the Performing Arts.  Located at approximately 65th and Broadway, this is the largest performing arts center in the entire Unites States and home to the New York Philharmonic, the Metropolitan Opera, and The Juilliard School.

There is something for everybody when it comes to real estate for sale in the Upper West Side.  Luxury high rises including the Time Warner Center or the Millennium Towers at 101 West 67th Street, all the way to the famous Central Park West co-operative buildings.  If you are looking for entry level studio’s or an apartment in a 19th Century brownstone, they are all available in the Upper West Side.

Greenwich Village Manhattan New York

The Greenwich Village neighborhood is one of the very most prime Downtown areas in Manhattan.  When location is everything, Greenwich Village is hard to beat.  The heart of downtown Manhattan, with a northern boundary of 14th Street and running south until Houston St, pronounced(How-stun, not like the city in Texas) and from approximately Broadway to Seventh Avenue.
Greenwich Village
Why is the Greenwich Village neighborhood so popular? So many reasons, however you can’t mistake the the charming  feel of the neighborhood.  Tree-lined streets, architecture from the 19th Century, pre-war buildings with their wood burning fireplaces, the Gold Coast along  lower Fifth Avenue, the outdoor farmer’s market at Union Square, and an abundance of cafes, restaurants and shopping all at your fingertips.
By foreignerbuynyccondos