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What do you think would be a better buy/investment with a price range of 400-500k. A 450sq ft coop studio in a great area of NYC with doorman (ie Union Sq/Gramercy/village) or a new 1 bdrm condo in LIC w/amenties?
try a large 1 br in coop village in the LES for $450k.
Also, the condo in LIC has a balcony and is 600sq ft, but is priced around 500k. not sure if this would change anyones mind. thanks in advance for everyones comments.
Coop Village's 1 BRs are 7-800 sq-ft, some with balconies in your price range.
I have been doing a little bit of research on LIC - around the waterfront/Vernon area - which is generally acknowledged as the best residential neighborhood thanks to it's proximity to the 7 train stop and the waterfront.
In LIC, unless you have stupendous views - you will be hard pressed to sublet a place - less than 700 sq ft 1BDR - for more than $2500 per month (high range). I say this because you mentioned "investment" in your posting. I also think 600 sq ft for LIC is very small - perhaps Jr. 1BR. Union Square on the other hand is one of the more desirous places in NYC presently. By no means is this any expert advice though, please Do your research before buying.
Stay in Manhattan.
I haven't seen any listings for 1bdrms in the 400-500k price range. Are you talking about walkup bldgs or highrises?
All, Any thoughts with all the new condos popping up in Park slope 4th ave?
Look at Seward, Hillman, and East River. They are all along Grand Street. It's the cheapest price psf in Manhattan below 136th St.
Take a look at the JR. 1BR for $480,000 at 137 East 36th Street in Murray Hill. Lived in that building (Carlton Regency) in my mid 20's when I first moved to NY. Extremely well run, beautiful coop with a reasonable board.
In a down market I would say that a Manhattan Studio is will better retain its value then LIC 1 BR.
how abt williamsburg waterfront properties?
If you ask me you're talking THE BEST area in Manhattan (Gramercy) to..... Queens??????
Personally I don't even see the comparison.
Not sure what the deal is on this building - But, it has a doorman and some cheaper small units...
If possible I wouldn't rush into anything and I'd visit Gramercy Park and Open houses and get a feel for the area for a while...
oof - I see the maintance stinks for that 399,000 Open house this weekend.
The maint. is too high for the open house apt. Only reason why I would consider other boroughs is bascically what you get for your money. I'm not a big fan of Williamsburg.
Also, I believe that that Sage building has lots o' RULES.
Try the financial district. Best value per square foot right now. Major appreciation potential in 5-7 years.
Agree with Tony.
I would opt for the New condo in LIC... I think that the lower end co-ops in manhattan will sink first when the market falls... Stay near the subway and you will be fine... what building are you looking in?
SSNYC - Don't mistaken lower cost with lower end. Coop Village has lots of green space and private playgrounds. LES has lots much more to offer walking distance than LIC. It's near Orchard and Ludlow Streets at half the price. Lots of shopping and restaurants in a gentrifying neighborhood. Think East Village 15 years ago. If you're considering LIC, a coop in LES is worth a look.
newaccount, I dont thik that I confused the two... I would still take a new condo in lic over these buildings... That area is too far from transport for my taste.... I have been a manhattanitte since the late 80's and I know the city very well and yes there are some options in his pricereange.... Personally I dont like co-ops and now with rising oil prices most of them are popping up with assesments on maintinance to cover additional costs as many are fueled by oil... Personally I would rather be close to the subway, be in a new building and be able to control my own heat.... Than live in the outskirt of manhattan island far from any subway in an old co-op... Mars asked for an opinion and he has gotten mine..... Good luck to you Mars...
SSNYC - You make it sound like LIC is immune to rising fuel prices. Having to control your own heat also means you pay for how much you use with your forced air HVAC, which uses electricity (more expensive and dry). Nice, how they pass the buck over to the owners.
My problem with new construction is that the layouts are crap, especially in the price range Mars is looking at. You get a small apartment with exaggerated sq-ft.
Also, let's talk about the teaser tax rate. Look at BPC as a good example. The maint is sky high after abatements are over and the price psf suffers. Many apts are under $800 psf, but the common charges taxes amount to $1,500/mo. Don't think it won't happen in LIC.
Mars, factor that in when you consider where you want to buy. I'll enjoy my maint and tax bill incl utils at around $500.
New account, NO I do not think that LIC is immune to rising fuel cost... However most new condos are gas and gas is controlled... Yes there are teaser tax rates and if you purchase in a new development you will have lower taxes for about 10 years.... from my own expierience I move about every 5 years so this is not bad for me.... BPC taxs are so high because the entire community is built on LAND LEASE so NO I DO NOT THINK THAT WILL HAPPEN IN LIC...
My goal here is to not Lobby for my point to be heard... Mars asked for MY opnion and he got it...
YOU DONT HAVE TO AGREE
Futhermore there are 2 ways of looking at square footage Gross or net.... 95% of builgings in NYC use gross square footage....
I'm just clarifying your naive statements. No need to shout or get emotional. Turn that frown around and enjoy your new apt.
I wouldn't buy in LIC or Manhattan. The truth is buying anywhere now is just foolish. Why in the world would you buy when 99.9% of the indicators show depressing forcasts for both real estae and the economy. Keep renting and the day will present it's self with a much better investment. If not good luch because you will see you property decrease by 20-30% after you buy.
LIC condo - without a doubt. If you buy new, there's incentives (e.g. taxes) and new everything! Who wants to mess with an old building in Manhattan... that's like buying a used car. Plus, LIC is a less expensive area. You'll save on dry cleaning and dining. Once a grocery store gets in the area you'll save on that too. :)
Newacount, I dont live in LIC, I live in Manhattan...
Good for you and thanks for sharing useless info. There's no need to feel so insecure that you need to mention that.
Newacount I think you are mentally impaired...