luxury condos in manhattan... questions! (New York, York: sales, apartments, coops)

[welcome2nyc]

Some people told me that many luxury condos in NYC are often filled with people who travel a lot or have multiple homes, in which up to 50-70% units are usually unoccupied at any given time. Some people are mere investors who counting on property appreciation, or perhaps are wealthy executives who are just in town a few weeks of the year.

...Does this mean that my condo building will be a rather lonely empty place to live? Does anybody have any personal experience with the overall atmosphere of a luxury condo in manhattan? Does anybody live in one of these empty "investor" condo buildings. Does everyone pretty much keep to themselves? Or is it easy to meet new people, around the buildings recreational facilities? ...I'm so confused/surprised

[gvillager]

Originally Posted by welcome2nyc

Some people told me that many luxury condos in NYC are often filled with people who travel a lot or have multiple homes, in which up to 50-70% units are usually unoccupied at any given time. Some people are mere investors who counting on property appreciation, or perhaps are wealthy executives who are just in town a few weeks of the year.

...Does this mean that my condo building will be a rather lonely empty place to live? Does anybody have any personal experience with the overall atmosphere of a luxury condo in manhattan? Does anybody live in one of these empty "investor" condo buildings. Does everyone pretty much keep to themselves? Or is it easy to meet new people, around the buildings recreational facilities? ...I'm so confused/surprised

I wouldn't say it's as high as 50-70%, it's more like 10-25 percent.

I've got a few friends that live in new luxury condo buildings. Most of the residents keep to themselves but are friendly if you speak to them.

I met my GF in the elevator of a friends building.

[taydev]

I was wondering this myself about luxuary condos. Also, do these building have boards where they interview you and accept you as a tennant or not? If they dont allow you to reside there do they at least give you a reason?

[melissa809]

Believe me, you want the tenants NOT to live there...lol....I'm in a condo.....not luxury, by any means, and the noise from my upstairs neighbor...(.no carpeting...heard her having sex on Friday night!!!!)...is disheartening. Granted, I'm pretty sure a luxury condo building in Manhattan is going to be built with concrete decks.....wish my building was

[tpk-nyc]

New Yorkers tend to keep to themselves in general, especially in an apartment building. If you want to meet people, join a club or go out to a bar, etc.

[crescent22]

If it's a condo, then there's no interview. Cooperatives (co-ops) have board interviews. The larger the building, generally, the easier the interview.

[taydev]

I'm sorry if i seem ignorant but I have no idea what the difference between a condo, co-op, and apartment is lol. I'm not from a city but I want to move to NYC within a couple years.

[crescent22]

Condo- You buy title to your apartment, your specific unit. Same as a house purchase.

Cooperative (co-op)- You buy shares of a corporation that owns the building and often the land the building sits on. Your percentage ownership of the building is usually proportional to the size of your unit vs everyone else's. Corporation has a board (some of the residents) that must approve share transfers (i.e. sales) and as an independent entity can basically do whatever they want. Price per square foot in sales is lower for coops than condos due to the illiquidity (risk of rejected sales by the board) but maintenance (common charges + property taxes \) is higher as the corporation often owns a mortgage on the whole building or the underlying land. New buildings are condos in NYC, old ones are coops.

[taydev]

Thanks! That was very informative. I was thinking it had something to do with the physical aspects of the building itself because they all look like apartments to me.lol!

[G.Costanza]

Originally Posted by welcome2nyc

Or is it easy to meet new people, around the buildings recreational facilities? ...I'm so confused/surprised

It's certainly possible and always nice (to make new friends in your building), but I wouldn't bank on it. Think about the common areas and the dynamic of each (assuming your fellow residents are working professionals and not vacationers). Lobby: say hi to the doorman, walk straight through, pick up your mail and any dry cleaning and/or packages. Gym: people busy working out don't like to be disturbed in the middle. Private lounge or screening room: private parties, it's not like people just casually hang out there with fellow residents all that often. Your best bet is the elevator or roof/terrace if there is one.