$1M NYC Tour Pt.1-For savvy investors, now is the time!

The Manhattan market is saturated with the mundane. There’s a surplus of average inventory on the sales and rental end these days. Quality is at a premium and as such, so is the price.

With the start of the peak rental season upon us, a virtual feeding frenzy is beginning in the real estate market here. Rental vacancy rates below 1% always equate to an uber-competitive rental market. At the mid to higher end price points for rent here (4000+/mth), the question of making a purchase comes to mind for many families sure to be here for 5 years.

After all, with rates being so low and the out of pocket so high to rent here, doesn’t making that much cash translate to equity make sense? Many times I have seen a client remark, “With all the recession talk, THIS is all I can get for 1M these days?”. This is because entry level for studios in most luxury new development downtown is $650,000. It makes one wonder “what does $1M get you in NYC these days?”

So since New York City is really five boroughs, I have picked out the five best values within the budget, in residential homes, co-op/condo apts, retail and/or mixed use properties. This is aimed to educate you on the different levels of investing here. Today’s entry is for what I like to call Manhattan proper. While Curtis Mayfield made a great song called “Across 110th Street”, the areas that are always in demand and considered solid are below 96th street. I will follow up with Brooklyn, then Queens, the Bronx then lastly Staten Island.

Manhattan: This is a unique market and as such, it is very complex. See my post on Co-ops vs Condos for greater details on the particulars and differences.

Co-Op 950sf JR4 $649,000 Two blocks away from Central Park, this spacious 950+ square foot one bedroom is easily convertible to a fabulous Junior 4. Just put up a wall in the large windowed dining alcove and you’ve created a two bedroom home. The apartment offers a gracious layout including a large entry foyer, huge living room, versatile dining alcove and a tremendous bedroom. This sunlit home has been completely renovated featuring newly installed 5” wide oak plank floors, dental and new baseboard mouldings, gorgeous kitchen with ceramic tiled counters, backsplash and floors. The stunning bathroom has been re-done with floor to ceiling Carrera marble, double clear glass shower doors and a new vanity. Four huge closets including a walk-in, lovely custom drapes. Southern exposure… Additional amenities in this pet friendly luxury building include a concierge, 24 hour doorman and garage.

Click For Photos Click For Floor Plan

Condo 850 sf 1BR $849,000 This is a large one bedroom, in a PRIME Central Village location. There are low monthly costs here even though it is not a new development so this is a true find. The location here at the prestigious Randall House is central to everything the Village has to offer near Union Square, Whole Foods and cinemas, just steps to the N, R And 6 trains. Special features include a windowed renovated kitchen, a large living area, ample closets,  southern exposure for natural light and city-proof windows. This is in a Full-service, 24 Hour Doorman building with garage on premises and laundry in the building. Pet friendly as well!

Click For Photos Click For Floor Plan

These are just two examples of what your dollar gets you in NYC “Manhattan proper” right now. I made sure to give you the absolute best options for investment purposes factoring in lowest possible monthly cost, renovation conditions and most importantly, location. This affects value for both rental and resale.

Stay tuned for more updates on the $1M NYC tour!