![]() So if you are going to buy that $15 mm townhouse, have your real estate broker do an analysis to make sure that it is worth the offering price. It has been well documented that the luxury market is experiencing a glut. As sales prices go down, rents normally rise. So if the resale value decreases on your recent purchase then you can rent it out. Condos on the other hand allow for unlimited subletting. After that, you will need to move back or sell. Typically, Manhattan co-ops will allow you to rent for 2 of 5 years. ![]() If you are leaving NYC in 2 years due to anticipated job transfer, purchase if you like, but best to stay away form a co-op due to the restrictions in renting. Whether you decide to purchase, rent near Riverside Park or just pass through, there’s always plenty to do…Ĭertainly with all of the news of late about the slowing of the real estate market, what do you do if you are about to purchase a Manhattan apartment right now? I think it is wise to take a look at a number of factors within your personal situation.ġ- How long will you stay in the apartment?Ģ- Will you be able to rent it out if you have an opportunity/need to move away due to work etc?ģ- Will the additional monthly payment offset by tax advantages be more affordable than continuing to rent? Prices are around $1500 per sqft in this pet friendly development which has several buildings and while not as fancy as it’s neighbors to the west, it is more centrally located, a full two avenues closer to Broadway including Zabar’s and the express subway stop. A 3 bedroom is for sale for $2.295 million with a monthly maintenance under $2500 per month. Around the corner at 1 West end avenue, you can find interesting offerings at around $2000 per sqft and this building comes with a 20 year tax abatement.īeyond the glitzy new condos in this section of Lincoln Square, you can find the more affordable Lincoln Towers, a postwar co-op on West end avenue. One of the best buildings is the newest addition- One Riverside Park where a 3 bed/3.5 of around 2000 sqft (185m2) can be had for under $5 million or rented for under $10k per month. Many of the buildings have roof decks, and swimming pools among the amenities. There are a range of apartments from studios to family size apartments. One of the best places to live is in one of the many full service buildings on Riverside boulevard. So which came first? Is there really a Whole Foods effect on real estate values or is it that Whole Foods chooses areas where values are on the rise and it continues to be that way. Below 125 street, you will spend another $500k to $1 million to find that dream brownstone. 4 years ago, $2 million would have bought a nice townhouse in the West 130’s and now you are probably looking at a fixer upper in that range now and need to spend close to $3 million to get something move in ready. Prices have appreciated substantially in Central Harlem in the last several years since the store was announced. The new store may also attract more retail tenants as well. According to real estate brokers in the area, landlords are already gearing up to raise residential rents in the area as a result. The store will carry local vendors products including from Sylvia’s Restaurant. ![]() ![]() Early next year, Whole Foods will open their much anticipated store at 125th street and Lenox avenue. ![]()
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