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Old 11-05-2009, 08:42 AM
 
2 posts, read 2,624 times
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Hi everyone,
I'm a European businessman and I constantly have to go to New York City for work. For 3 years I have been considering to buy an apartment in Manhattan - I've read a lot about the real estate downturn and even though I know now is not the best time to buy, for the nature of my job I don't want to wait any longer.

I am looking for a "safer" area (investment-wise) to buy a 1 or 2 bedroom. As far as I am aware the best picks would be Soho, Greenwich Village, Upper West Side and Upper East Side. Do you agree? Do you suggest any other neighborhood with a similar profile (for an investment)?

My estimates are that a decent but not high-end luxury one bedroom in these neighborhoods will cost about $750K and a similar two bedroom $1.5M.
Do my estimates sound reasonable to you?
And how would you rank these neighborhoods in terms of price?

Thank you very much for your opinion!
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Old 11-05-2009, 08:46 AM
 
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Soho and Greenwich Village are probably the most costly areas on your list, followed by the UWS and UES. They're all actually nice - although I think Soho is an acquired taste. Some people like Chelsea, also a costly area, which is DEFINITELY an acquired taste. But I happen to thing you've nailed it.
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Old 11-05-2009, 08:53 AM
 
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Are my price estimates accurate?
And just by curiosity, how much less would should I expect to pay in other "stable" areas of Manhattan?
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Old 11-05-2009, 03:16 PM
 
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Prices vary too widely to say, other than to say that you certainly could achieve what you are looking for at those price levels. Prices, and monthly charges, also will vary with amenities, quality and neighborhoods. You might add Tribeca to your list; also very expensive. It is not that easy to make generalized price comparisons. An apartment with great light, renovations, features in a "cheaper" neighborhood could easily cost much more than a similarly sized place in a prime neighborhood. On the UES or UWS, an apartment on or closer to central park will cost much more than the exact same apartment further from the park.

Neighborhoods are very different, and their suitability for you depends on your tastes, needs and desires. Are you working midtown? Do you want to be near work? Vibrant or quiet? High rise? Doorman? If you are traveling into/out of JFK airport, you could be 30 minutes further away on the UWS. Do you care? You might want to focus on condos, because coop boards (who must approve a coop purchase), particularly on UES, do not like absentee owners.
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Old 11-05-2009, 03:16 PM
 
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For 1.5M you can get a nice 2BR in Gramercy.
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