Posted by Wei Min Tan on September 9, 2022
Condo versus Co-op
Residential property in Manhattan is divided into co-ops, condominiums, and multi-family/mixed-use buildings. Only a Coop/Condominium building allows you to buy an individual apartment. A rental or mixed-use building means that you have to buy the whole building.
In the apartment category, a co-op is not recommended because board approval is required to buy or sell, there are limits on renting, and a co-op board can reject a transaction without providing a reason. The recommended type of property for investors is a condominium. A condominium is an apartment building where each apartment owner owns a land title for the specific apartment. This means the condo owner can buy or sell without needing board approval, rent when they want, and renovate as they please.
Read Wei Min’s article: Co-op versus Condo in Manhattan
Check out Wei Min’s style in Manhattan’s Best Realtors and Role of a buyer’s broker.
The three criteria we evaluate when selecting a condo in Manhattan are location, building, and apartment line.
The first criteria we look at is location, if the location has high demand. It’s also important that the apartment be close to grocery stores, restaurants, and subway lines, since 90% of Manhattan residents don’t own a car. Most of the time, Manhattanites prefer to take the subway because it’s more predictable than taking a Uber or car service.
Second, we look at the building. The building must be in high demand, and one way to easily assess this is to look at the number of units for sale and for rent. A building that is highly sought after will have less available inventory while a building that has a lot of listings for sale and rental means it has low demand.
Finally, we look at the flat line. Since Manhattan’s buildings are all side by side, there’s usually a favorite exhibit. For example, facing north in a building faces the street (the preferred exposure) while facing south looks at the back of the building behind you.
Read Wei Min’s article: Buying property in New York to rent out
What we do
We focus on of global investors buy condos in Manhattan for portfolio diversification and long-term return on investment.
1) Identify the right purchase according to the objectives
2) Manage the buying process
3) Rent the property
4) Manage tenants
5) Market the property during the eventual sale