amecas
“As America’s largest and more dynamic city, NYC has a constant influx of domestic and international transplants.”
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ften referred to as ‘The Big Apple,’ this fast-paced location is a hub of opportunities and a creative spirit. “As America’s largest and more dynamic city, NYC has a constant influx of domestic and international transplants,” says Craig George and Kevin Brown, both from Sotheby’s International Realty – East Side Manhattan Brokerage. “The vast majority of those new residents are initially looking for rentals, creating a very healthy and lucrative rental market,” they continue. “While carrying costs are higher than other international cities, our historic appreciation over time is where investors will reap the biggest returns. “While Central Park South, Tribeca and the West Village remain very popular, investors are exploring Midtown East as a value play, as well as the Upper East Side, which is now perceived as a more stable neighbourhood, less transient and with fewer tourists. People love visiting New York City for its food scene, culture and architecture, so it’s only natural they would want to own a piece of the Big Apple! “There are no restrictions for foreign buyers in condos or townhouses, but coops may present more challenges due to their higher level of financial and personal scrutiny. The vast majority of coops restrict subletting, so they are less than ideal investments. In a full-service luxury condo, you should expect to pay between $1500 - $2000 per
square foot, or roughly $1,800,000 - $2,400,000 on average for a 1200 square foot two-bedroom apartment. New developments average $2000 - $3000 per square foot, so it’ll likely be $2,400,000 $3,600,000 for a 1200 square foot two-bedroom apartment. “The rental market has been extraordinarily strong for the past nine months, with price increases averaging 30-40% over pre-pandemic levels with no concessions. Recently, the demand has started to cool and prices have stabilised or started to come down. In some cases, small concessions are starting to make a comeback.” Craig and Kevin rave about the countless activities there are in the city…“You could live in New York your entire life and not experience all of the fantastic restaurants, but some standouts include Carbone and Via Carota in the West Village and Le Bernardin in Midtown. Broadway is constantly reinventing itself, and recent hits include Six, Moulin Rouge, and MJ the Musical. One of the great pleasures of New York, however, is just walking the streets and discovering the many boutique shops and historic architecture. “Our last market peak was 2015, and since then we have seen prices decline and stabilise at 2018 levels. We fully expect another market peak in the next 3-4 years, and the longterm prospects for appreciation are certain based on historic trends. If you hold long enough (10-20 years), you have an opportunity to double your investment if you time it right.”
Photos © LIV Sotheby's International Realty / Kris Lewis
New York
Paan Beaux-arts style The James F. D. Lanier House, a landmark mansion built in 1903 and meticulously maintained for well over a century, remains one of the finest residential architectural works in New York City. Located in the quiet neighbourhood of Murray Hill, on 35th St. between Park and Lexington, the 33-foot-wide mansion is appointed with nine-bedrooms, five of which are suites, seven full and three half baths, as well as three bedrooms and two
Craig George
bathrooms for staff. Other features include
Sotheby’s
an elevator, fitness facility, private garden
International Realty
and rooftop.
– East Side
£26.7m / €31.1m / $33m
Manhattan Brokerage
Christie’s International Real Estate www.christiesrealestate.com
Kevin Brown Sotheby’s International Realty – East Side Manhattan Brokerage
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