Best downtown new/newish developments?

Looking for a GF ?

Sure, but I wouldn't say that's necessarily a criteria for the apartment. After all, a great apartment is already a good enough lure for potential impressionable young ladies, no?

Indeed, being around a young crowd is a plus, but not a requirement.

bakabakakun- just to give you some info on the buildings in your list-- 290 Mulberry very risky purchase as they have not sold anything yet- you will not be able to get financing- Chelsea Modern was a great idea but the interior construction (contractor work) was terrible, and literally you trip over the heating/cooling units all over the apartments. 101 Warren, if you like large buildings and are in a high floor unit I think is very nice. Modern 23, the only major issue is people can see right in your windows if you are facing 23rd very easily. One York is a very strange location, does not feel "neighborhoody"
There are some great resales in nice buildings that are relatively new that might be better deals. What about recent condo conversions as opposed to brand new construction, would you look at those?

agree that out of that list 101 Warren is the top choice. Whole foods etc on the block.

Recent conversions are fine as well as long as the interiors are up to modern standards. The reason why I'm mostly looking for new developments is because I prefer the more modern style, that, curiously many people here detest. However, if there are compelling reasons to look elsewhere, I am more than willing.

In terms of 101 Warren, is there any reason why the 'townhouse' units cost much lower than its highrise counterparts? It seems like the TH units go for around 1500psf while the higher up units go for 1700~2000psf, yet the TH units have rather generous outdoor space.

Just look in Tribeca and you will have everything you want and several options to choose from.

Also you have a much better view up top at 101 Warren. The TH units are nice and have good outdoor space however they look at nothing. The immediate are around 101 is terrible. I work next door in 7 WTC and would not live right there with a high school and several office buildings. Look in north TriBeCa.

i was offering

jasieg16 is spot on, the difference in pricing at 101 Warren is due to the townhouse style units being on the lower floors, and not having the views. The views from the high floors are pretty amazing, but yes, the block is very busy for Tribeca.
bakabakakun- i don't know that people here detest new development- the problem is, at least here in NYC, there is such a huge spectrum of quality of workmanship.
it seems like you are looking on many different areas- Tribeca, East Village, Midtown West-- have you visited these neighborhoods? I find that once someone spends time in the city they tend to just gravitate towards the area they feel most comfortable in. I would also suggest looking for resales in buildings that are already established, but have modern architecture.
When are you looking to actually make the purchase? The best advice is to, of course, see the buildings/listings in person.

Any specific buildings you guys can suggest that I should look into? With this many new developments, and being literally seas apart, it's hard to determine built quality. In terms of N. tribeca, does anything stand out, or should I look into existing buildings. It looks there are either old buildings in N tribeca, or brand new ones, nothing in between.

@dax I will probably make my purchase somewhere around October/Nov, and I'll make at least one trip in the next two months to do some site visits.

As you said, I'm looking for buildings that fit my criteria first, and select the neighborhood second. All I know is that I don't want to live uptown, which I deem too far from action.

@bubbles Haha, I'm flattered.

Include the Astor Place building (445 Lafayette St.) on your list. You can see some of the current listings here: http://streeteasy.com/nyc/building/astor-place

Astor Place looks great, but isn't $4600 a month for 1680sqft apt too high a price to pay?

If I had your budget and your criteria, I'd bend a little on "new" and buy at the Chelsea Mercantile at 252 Seventh Ave. The kitchens do not have the standard of luxury of the newer kitchens, but you are in a wonderful neighborhood, right on top of a whole foods, and right near the "1" -- the West Side subway. Full-service building. Also when you begin to spend to that point at the Mercantile, the views are spectacular.

If I were working off your list, though, I'd consider One York. On the street are handbag sellers, but you are right at the foot of SoHo, and Chinatown, and steps to the restaurant-y part of Tribeca. The architect is Enrique Norten, who is amazing.

101 Warren is a fine building, but I'm surprised to see it getting as much love here as it is.

You sound like you'd rather do this yourself, but if you need an agent, feel free to contact me:

ali [at] dgneary [dot} com

ali r.
DG Neary Realty

Astor is terrible. Really nothing about it is enjoyable. At your price point and criteria i would just search the 10013 zip. You will find a mix of new dev units, loft conversions, and classic downtown buildings. The Fairchild is my new spot and i have been drinking the coolaid there for a while now. Also 415 Greenwich has nice layouts but some troubles with sales and financials on the remianing units has spooked a few people. My friend has a 3 bed at 415 and he loves it. N. Moore has great buildings and also check out river lofts (house and tower). Too many options to list.

This is the last 4 bed available at The Fairchild:

Has the open feeling of a loft with the useful layout of a classic apartment. Let us know what you think.

http://streeteasy.com/nyc/sale/405576-condo-55-vestry-street-tribeca-new-york

I also couldnt disagree more with Ali R. One York is in the worst location you could ask for in that area. Do you want to deal with constant Tunnel traffic? To the point where you cant even cross the street when walking? Its a mess and the building is somewhat of an eyesore. Older white brick lower, with a glass box upper. The first rule of RE is location location location.

It's hard to make recommendations with so little information. When you say you like modern style, are you talking about fancy interiors and modern conveniences, or modern landmark architecture? Are you concerned about resale value, or is this pure enjoyment? Are you going to entertain at home, or have friends/family visiting, or is this a hot chick magnet? Do you want full service (doormen, valet, parking), or low monthly charges (virtual doorman)?
If the answer is modern landmark, hot chick magnet, full service, I really like 40 Bond, 40 Mercer and 1 Astor place.
For mod. cons., friends and family and virtual doorman, your budget would get you a very large, fully renovated loft in Soho or Tribeca. Look at the listings of Jacques Steinberg, it will give you an idea.

I mean Leonard Steinberg.

I would check into One Jackson Square...

http://streeteasy.com/nyc/building/one-jackson-square

How about Soho Mews?

I think Soho Mews meets all your requirements. It is a new development that was recently completed in the heart of Soho. It is very convenient with the A,C, 1,9 and N, R subway lines very close by and you have some of New York's best restaurants and shops at your doorstep. The common charges are also very reasonable at less than $0.90 per square foot and there are many floorplans available with apartments over 1,850+ sq ft for around $4.5m.

I also have to add that Soho Mews is one of the very few condo buildings in New York with its own parking garage, very handy if you plan to stay in New York for a while and need a car for those weekend trips to the Hamptons. In my opinion, Soho is also very central. It's very close to the Financial District (if you work in finance), and very trendy neighbourhoods like Tribeca, Greenwich Village and West Village only a short walk away.

I'd add Caledonia (next to Chelsea Mkt & Mear Packing) and 100 11th AV--not convenient but spectacular design.

Thanks for the input, guys.

Talk about Soho Mews, does anyone know how much PH B sold for? I've heard both good and bad things about the building, can anyone who has done a site visit comment on the build quality of the apartments? Also, is Wooster St better or the W Broadway side better?

One Jackson Sq seems like a very nice building. However, the listing price seems absurdly high, at 2500~3000psf. What would you guys say is a reasonable psf price in a building like this? Also, I read that this is located on a subway line, anyone knows if this building shakes?

Fairchild seems like a very cool building. Elevator access definitely sounds exclusive. The hotel amenities also sounds very appealing. I'm more interested in the 7fl units than the 4br you posted, since I find having a terrace to be attractive, and that I only need 2brs.

Hi Bakabakakun (nihon jin desuka?)

I just took a client to SoHo Mews, build quality is great. The town houses are the best units there, but a little above your price range. The other units do no have any views - not sure if that is a requirement for you. Also, PHB sold for 4.8 mil (19% off ask), so they are very negotiable. The West Broadway side is more active because of shops, and the Wooster side is more quiet and deserted - so which is better depends on your preferences.

One Jackson is a new high profile building, at the northern edge of the West Village. Apt 2EF is a great deal at 2000 $/sqft, and has a terrace. I have a unit there for rent - I haven't experienced any rumbling from the train line that runs beneath the building, but I do not go there often, so I cannot confirm whether or not that the rumbling is noticeable.

52 East 4th is also a great building with excellent views from the higher floors (wrap around floor to ceiling windows). There is nothing currently for sale there at the moment, but I can contact someone I know there to see if they are interested in selling. You can get a full floor unit (private elev entry) there well within your budget.

If you have any other questions, feel free to email me .

shea [at] cmbrealty [dot] net

Shea T.
CMB Realty

I'm fairly certain One Jackson Square will listen to offers considerably lower, rememeber it is the only new building in the most desirable 'hood with the least investory, its gonna be expensive any way you slice it. 7 or 8 blocks north in Chelsea and the price psft gets cut by 1/3 at least....I have been in the building a few times and never noticed any subway rumble....

PhB sold for $4.8M. The main issue I have with Soho Mews is that it is built on a swamp. The nearest corner, West Broadway and Grand is the nexus of an area that gets flooded at least 2 or 3 times every year. Not nice fresh water, either, but sewer/swampy bottom flooding.
It's a fun area, with late night restaurants and bars, and I personally don't mind the proximity to Canal/holland tunnel, but I would never buy in a flood zone.

Seems like One York and Soho Mews both suffer from the proximity to Canal St. If you had to choose one, what would you choose?

@SheaCMB: 52 East 4th seems pretty nice, but it looks like their largest unit is 1359sq ft, which is smaller than my minimum requirement.

@maly: To answer your previous question, I'm mostly looking for new buildings for the build quality of a modern construction. I'm really afraid of buying into an old building then finding out there are wiring problems, rat problems, leaks, etc that come with aging. Of course, a building/apt that underwent major rennovation can still be considered.

I'm mostly living alone, but would like to have a spare room for visiting friends/relatives. Since I'm living by myself, I'd say I want to be in an convient location in regards to food and travel. In all honesty, I don't think one should get an apt just because it's a chick magnet, I think having a good apt will automatically impress girls. I'm looking for a property to live in, not to flip. When I buy into a building, I want it to steadily appreciate, and not turn into crap or be overrun with renters.

Having parking is a non-issue, as I won't drive. Doorman and terrace are pluses, not necessity.

--

I'm definitely going to use an agent later on this year. I'll post a question on the Broker subforum later on, since I need a person with specialized know-how that pertains with people in my situation. I'll be in NYC for a week later this month, and I'll contact one of you guys for some site visits to get a feel of things. However, do note that any purchase will not happen until the end of the year.

also try 166 Perry in West Village. Think they have 4 units left they're trying to get rid of so willing to negotiate.

If you are single, traveling etc I would highly recommend a doorman building. Nothing to do with security (this isn't NYC of the 1980s) but the difference in convenience is amazing. Consider that Amazon delivered three books while I was away recently. In my old place they would have either not left them or left in the doorway for anyone to steal. Then there are issues of expecting Fresh Direct and getting a last minute Client request that won't have you home until an hour into your delivery window.
Some people are concerned with lack of privacy in a doorman building (and its true I would get embarrassed ordering dinner in three straight nights) but I think the trade off is very worth it especially for someone with an active lifestyle.

Packages / deliveries are big for doorman, absolutely. But I know lots of folks who get in their office, etc. I'll also add in the people behave a little better when a doorman is watching (littering, things like that).

You have to balance it.

And its not just privacy, its having to chit chat every day. Some days I'd pay for them not to be there.

baba,

since you mentioned rats, be aware that just about any new build is going to vulnerable to mice. The reason is simple -- construction workers eat lunch on site, leave debris, and then it's buffet time for our four-footed friends. This is usually something buildings get a handle on pretty quickly, but it's something you should be on the lookout for.

All apartments are a matter of taste, and your criteria are pretty broad (for example, if convenience is an issue, I'd look near the Columbus Circle area -- there are some new towers near there that are pretty interesting, it's near a subway that is key to everything, including many neighborhoods where you're likely to be working, and the restaurants are great.)

To me, the thing about SoHo Mews is that the units aren't as much "loft-seeming" as "apartment seeming." This is one of those things that's hard to convey in pictures -- the experience of walking through a volume of space. So if your target is to live in SoHo to live in a loft, it might not be the right building for you, though they are nice luxury apartments. But maybe you're an apartment person.

To REALLY overgeneralize, Californians tend to like things that feel like houses -- windows facing different directions, what we call "multiple exposures" tend to provide this, as do high ceilings. Brits tend to like things that feel like townhouses, with multiple levels for living.

If you are at a $4.5 mm price range and you don't have to spend your money towards aggregating a large space, then you can focus on things like location, prestige of building, size of building, terraces and views.

As far as getting a building to "steadily appreciate" -- that's very hard to call. I don't think that when 15 Central Park West and the Plaza were both in the floorplan stage, that it was that easy to tell that the former would gain in luster while the latter wouldn't.

ali r.
DG Neary Realty

Hi Bakabakakun

Sorry about that - I spoke to some one at 52e4 a week ago, so I got a little excited and momentarily forgot your square footage requirement.

I mainly work downtown, so I would gladly show you around when the time comes.

But regardless, best of luck in your search.

shea [at] cmbrealty [dot] net

Shea T.
CMB Realty

There is a very pleasant and easy preventative and cure for a mouse issue--adopt a cat. Yes, they do come with cat hair but aside from that you get an up to 20something year guaranteed rodent protection and wonderful affection and companionship with a minimum of maintenance and expense (no walks, no groomers).

Sorry guys I had to...

@lizyank

I would be more afraid of my cat chomping down on a city rat...can't be very healthy. :)

Baba, fair enough about prewar buildings wiring, plumbing and pest issues. I don't think you will find that in a castiron loft building that has been redeveloped into condos by a developer. With the information you provided, and my assumption that as a foreigner, the luxury New York loft has the most appeal, I recommend you do a search for penthouse lofts in Soho and Tribeca between 4 and 5 millions. Make appointments for your top 5 or 6 apartments, that will give you a chance to meet brokers who know the market. They may have suggestions for other places as well, so make sure to be in town for at least 4 days.

Also bakabakakun- with developments make sure you ask if there are any other units that match your criteria that they have not yet listed for sale yet. Many times developments do not list all available units at once.

1)Park Imperial.
2)15CPW
3)One Central Park West

Sure they are not cheap, but 1 or 2 bedrooms should be in your budget and they may hold their value more than anything else. In addition they are best or breed and in great locations.

except, RS, the OP is showing a clear preference for downtown.

and over 1850 sf.

If I had that much money to spend I'd check out 211 Elizabeth. (They appear to have at least one decent-sized unit left -- a little smaller than you want but not bad, 1600 square feet.) The aesthetic may not be for everyone, but I think it is exceptionally well done. A bit masculine in feel (dark woods, etc.), deep window wells, herringbone floors, just gorgeous. And the location is convenient to all sorts of night life and subways.

Yes, but apart from these facts, it was an original contribution. We may have to celebrate!

maly, point well taken. miette, if you look at the properties the OP likes, 211 elizabeth doesn't work, nor the new one in the central village on university i think?

there are so many possibilities. my personal preference, if i had those parameters, would be to buy in a building that was stable and had been sold out for at least some time without huge numbers of rental listings (exclude duplicates, one property being listed 10 times is not ten listings). next would be a property that is almost sold out that has mostly only high priced properties (fewer likely to be entering the rental pool).

240 PAS might be another option if you like union square, i think overpriced, but it's in your range. there are a number of buildings that might not have options now, but frequently do. it really might be best for you to determine a general location first, and then the buildings. i don't think you realize just how many buildings there are and given that you want stability you may very well want buildings that aren't "in the news" right now.

riversider, I'm with you on the Park Imperial (see my note on Columbus Circle, above).

ali r.
DG Neary Realty

Park Imperial? Why? It's not downtown, not really convenient to subways or restaurants and it's located in one of those charmless "up and coming" neighborhood. I thought the condos were upstairs, above a rental building? It's pretty much the opposite of what the op requested.
West Midtown is the male version of Yorkville, where you live your last remaining days, eating take-away Chinese and hoping your neighbors will call the super before your cats/Alsatian eat your decaying corpse.

You might want to check out 52 East 4th Street (4th and Bowery). There's a swimming pool, and you can be neighbors with John Legend. :)
http://streeteasy.com/nyc/building/52-east-4-street-new_york#discussions

Oh, and I could be wrong, but I think 52 E 4th has private elevators that open up right into your apartment.

what about 141 fifth ave.. any insight on that??

How about 1 morton square?

You should call Leigh Zaph at Manhattan Homes. He is an independent broker who has been in the business for 20 years. How knows the downtown markets very well. I am not affiliated with him. I have just had a terrific experience with him as a buyer.

@maly, just because Park Imperial is under the radar doesn't mean it isn't one of the top condos in New York. Here's one way to look at it: some of the guys who built Time Warner Center, which is definitely one of the "hot" buildings of the past few years, live there. Also, anything reasonably high in Midtown West is going to give you a good shot of great Central Park views and/or river views.

I'm just throwing it out there as a possibility since OP's instructions were "not uptown." It's certainly more convenient than, say, One Morton Square, a building I like a lot but always have trouble getting a cab near.

It's worth it here to repeat something that 30_yrs always says: the job of a good buyer's broker is to get the client what they want, which may not always be what the client *thinks* they want.

@avery, I think you'd have to do a combo to spend that kind of money at 52 East 4th.

@elmo, as far as 141 Fifth -- or one of the higher newbuilds, like 325 Fifth -- where's your subway? are you relying on the N, R?

ali r.
DG Neary Realty

52 E 4th is a nice tower in the bowery... thats all. The pool is a glorified hot tub and the units are really tiny and cramped feeling. cant actually be more than 1100-1200 feet. Listed just over 1300 but talked about as being 1700+ on selling new york. Views are great however. In terms of what this guy seems to want the best bet will be a PH in soho or tribeca with roof access. hell get the size, outdoor space, and fab location. Done

FP, re 5th avenue, is walking to park or sixth avenue really too far? you're not right on top of much, but you're close to many options.

Have you considered the Devonshire? Amazing location on 10th and University.

http://streeteasy.com/nyc/building/devonshire-house

Hi again... I wanted to also say that I LOVE Bond Street, and I love the new buildings on Bond. You are near everything, but the block itself is quiet and quaint (cobblestone street.) You might want to check out 40 Bond, and 48 Bond.. I'm sure there are others but I don't know the addresses off hand.

http://streeteasy.com/nyc/building/40-bond

http://streeteasy.com/nyc/building/48-bond-street-manhattan

Well, the OP appears to have gone away and we're just chattering to ourselves ...

ar, that section of Fifth is not too far from transport for me, but I just had some buyer clients who claimed otherwise.

Devonshire was on Selling New York, Episode Six (switches to writing hat) http://bit.ly/atui2W

avery, FWIW, 48 Bond is a land-lease.

ali r.
DG Neary Realty

@ali: I'm still here, just busy checking out all the suggestions!

@avery: 40 bond looks fantastic, and the location is perfect for my needs. However, I noticed that the two listings are both at over 3000psf. In fact, 4B unit is going for over 3500psf, which is even more expensive than 40 Bond (which I'm not considering due to the extremely high cc). It does seem like the recently sold unit, 4D, went for 1600psf, is that more in line with what one should offer for this building?

--
I noticed that nobody has mentioned One Madison Square yet, probably due to it currently being in financial limbo. However, since my time frame is at the end of the year, do you guys think this building will be a viable choice then?

141 Fifth also looks like a good building. I'm also wondering if people have any insight about this building since it has begun closing.

I've also been looking at penthouse units from older buildings in SoHo/Tribeca area. Quite a few seem well renovated. However, since I've never bought anything from an older building before, what are some pitfalls of buying these units? I would assume that hiring a building inspector would be necessary. Would having an agent be of great benefit? Am I right to assume an agent who is experienced in these areas would know the reputation of older buildings and would alert the buyer if a building is known for... let's say rat infestation.

Park Imperial is definitely on my radar. Considering how it's got great views, and has sane pricing. To me, it's one of the safer bets. If I can't find anything suitable downtown, I will just get a unit there.

Hey Ali! Did not know that 48 Bond is a land-lease.. Thanks for the info. :)

Hi Bakabakakun, I'm not a broker, and I don't want to misadvise you regarding pricing/negotiation. I'm not sure if the high price per square foot has anything to do with this, but I do know that 40 Bond has a certain 'status' cache, and is an extremely desirable address to have. Good luck with your search! If I think of any other buildings that might be helpful, I'll post them here.

Also, regarding your question about pitfalls of buying in an older building... My advice to you from first-hand experience from living in an old building for many years, is to go with your first instinct and STICK TO NEW CONSTRUCTION. I'm sure many people on this forum will disagree, but new construction is, without a doubt, my preference.

I just re-read your last posting, and I want to warn you that you are NOT right to assume an agent would alert you to ANYTHING. It sucks, but it's pretty much true.

Disagree emphatically about the the disadvantage of an older building. There are wonderful apartment buildings that have stood the test of time in NYC and have very solid bones. And there are new and newer buildings , some of them by well known architects that were poorly executed and have had ongoing problems such as leaks and issues relating to glass curtain walls which is a relatively new technology for residential buildings.
Please get a seasoned broker and look carefully before you buy, it's a lot of money you are plunking down. Read the board minutes!

Well, baba, since you like my suggestion of the Park Imperial, more on the pros and cons of older buildings after the commerical:

Feel free to ping me when you get in town, or before. I am a relative newbie (I've only been doing this
for about four years, it's a midlife career switch) but I work for a top boutique brokerage firm in New
York, and my boss, Gil Neary, with whom I work very closely, has been doing this for 25. We are based
in Chelsea and specialize in downtown -- Village/Tribeca/SoHo/Chelsea -- but I own a condo near
Columbus Circle and am aware of the attractions of that area too. I specialize in providing a
high-customer service, handholding kind of experience, so I end up doing some celebrity relos (one
client has an upcoming show on Fox, one has a Tony-nominated show on Broadway) and also working for with
some very tech-friendly people who like to do a lot of their own research and then buy the best quality
honest counsel at the end.

Thanks

ali r.
DG Neary Realty
email: ali [at] dgneary [dot] com
(please put "streeteasy" in the subject line or I won't find it)

I sold a unit very recently at 141 5th ave and a PH at the Chelsea Mercantile. I like the Merc's location a bit better,but the layouts/finishes at 141 are really wonderful.
Here's an oldie but a goody The Silk Building (AIR waiver required)
http://www.prudentialelliman.com/listings.ASpx?listingid=1130467&utm_source=Streeteasy&utm_campaign=corporate&utm_medium=listings Above your budget, but make an offer...

If it was good enough for Keith Richards....

Keith
http://theburkhardtgroup.com/agents_details.php?agent_ID=7619

Can someone with experience with old lofts alert me as to what to watch out for?

I'd imagine pest, leaks, wiring, pipe are the big ones. How can one check for these things on a visit? Are there other common problems one should be aware of?

Hi again bakabakakun,

Regarding One Madison Park, it's very risky. You have the issue of the 2nd rear tower where the real entrance was supposed to be, coupled with the troubled developer and bank, so it could be years before all the problems and construction are finished.

However, if you are willing to take that risk, you would likely be able to get a 3300 sq ft full floor unit (52A sold for 5 mil in Jan 2010) with nearly unobstructed 360 degree views.

It's very tempting, but I would imagine that the development will not settle for a while, and the common charges will also very likely sky rocket in the near future.

Regarding being upfront about potential disaster buildings - I do not see any reason why a top broker would not alert you to the problems. The agent would want you to buy from them, potentially rent out or sell your unit down the road, and also be referred to your friends - so building a relationship based on honesty is key.

For the Park Imperial, I am in talks with someone who wants to list a B line in the high 50's - so getting you in the building would not be a problem.

Best,

shea [at] cmbrealty [dot] net

Shea T.
CMB Realty

Also, I do not know if anyone mentioned this earlier, but 290 Mulberry is a stalled development. StreetEasy lists the apts for sale, but you cannot currently buy anything there.

shea [at] cmbrealty [dot] net

Shea T.
CMB Realty

i would agree with SheaCMB that one madison is going to be a huge headache in the future, and if the developers were sooooo shady with their little scams as we have all read about, one can only imagine what corners they cut in construction frankly!
also with regards to old vs new buildings, you can have the same issues with leaks, pests, and wiring in either one, it completely depends on the specific building. You just need to investigate as thoroughly as possible.

Oh, so old lofts: I'd say the biggest problem to a modern buyer is lack of large systemic luxuries: modern HVAC and modern soundproofing are the two that come to mind. There's a separate thread somewhere on the site about installing central air in a loft -- but bottom line, it's a six-figure job. Similarly, there are Tribeca co-ops where the board will ask a buyer to install new noise abatement/soundproofing as part of any renovation.

Compared to either of these jobs, getting rid of mice is cheap and easy.

I would put replacing windows next, especially if you're dealing with a landmarked facade, because that becomes $$$.

The other big stumbling block for out-of-town buyers is that you can't inspect a loft building the way you would inspect a house. It's extremely unlikely, for example, that your inspector is going to get roof access.

This is one reason why some buyers like using agents who know specific buildings, to get those weird little pieces of dirt. The West Wall of the Parc Vendome, for example, where I'm an owner, was originally a party wall, not an exterior wall, and that has caused issues from time to time.

To be fair to the DIY without a broker contingent, a really good atty who does really thorough due diligence should find little radioactive traces of stuff like this.

ali r.
DG Neary Realty

So, considering how installing new HVAC would be difficult, is it correct to assume it's better to go for lofts that have already been renovated?

Oh, and I do think I will go for the agent route. I will be in town late May, and I allocated a week to do some apartment hunting. I noticed that a few of you guys have expressed interest in becoming my agent. However, I'm in a rather complex situation. I'm wondering if any of you guys have experience dealing with the needs of foreign buyers, specific pertaining to mortgage, and tax issues.

I will be happy to disclose my situation in more details via email to those interested in helping me with the process.

Hi Bakabakakun,

About half of my company's deals are with international clients (mostly from Turkey), so I am sure we could be of help in solving your complex situation.

Feel free to email me:

shea [at] cmbrealty [dot] net

Shea T.
CMB Realty

Baka,

I think at this level there are a lot of brokers who can help you. My personal finance advice (I wrote a book about homebuying three years ago http://amzn.to/dudi0c ) is to interview three agents and see who you "click" with.

As far as the complexity of being a foreign national, hoo boy. At this point, I wouldn't get too interested in any subject properties, because in general, the "American" banks are not going to lend to you unless you have an American financial presence, and it may be tough for you to establish that quickly without triggering a significant tax event in your country of origin. I remember one loft sale I did on Wooster (SoHo) two years ago, where neither the Brit buyer nor the Turk buyer could get their money out with any speed, and we went with an American buyer.

The first thing I would do if I were you is talk to a mortgage person here. Sunny Hong at Bank of America is on these boards a lot, and I find working with him that he's knowledgeable (sp?) and quick to respond:

sunny [dot] hong {at} bankofamerica [dot] com.

HSBC is very good with this kind of transaction too, but I don't have anyone specific there to recommend.

You may then end up working with an American lawyer on how to move the money over with minimal tax consequences (forming a shell corp., etc.) You will eventually form a team that includes your mortgage person, a lawyer here (who for language/custom reasons may be a specialist in your country of origin), a lawyer in your host country, and a real estate agent (who also for language/custom reasons may be a specialist in your country of origin).

Very broad generalizations:

* Do not consider yourself fully liquid, as it may take you some time to move money over;

* You are probably putting more than 20 percent equity into this deal, possibly as much as 50 percent;

* Make sure your target buildings accept non-American buyers (condos should be okay, and so are some co-ops; the jargon to check is "diplomats welcome" or "accept foreign national buyers")

* Do not consider yourself fully liquid on the other end. The main tax bit here is FIRPTA, which basically is a withholding that the U.S. tax authorities make on the proceeds of your sale at time of closing, just in case you are of a mind to one day sell and "forget" to pay U.S. taxes. (Google "firpta")

ali r.
DG Neary Realty

bakabakakun,
there are a number of smaller banking institutions and lenders who are quite experienced at handling loans for foreign buyers, HSBC as Ali said is recently doing a lot as well. You should expect at your purchase price point to put a minimum of 30 percent down. Also you should expect that they will require you to transfer some money to a US bank before closing, the amount depending on the loan size. A lot does depend on your own personal financial details, so it is hard to give further advice on that area-- Also of course keep in mind it completely depends on the building you buy into as well, on the number of loans the bank may have already done there, on the number of units sold, etc....

To choose the right building you should become familiar with its financial history, and if it is a new development the financial solvency of the developer. Again, some of the buildings on your original list are investment no no's (290 Mulberry and Chelsea Modern) that an experienced agent can help you avoid and point you in the right direction. I work mostly downtown and have been in the business for 10 years, and have worked with many foreign buyers over that time period. I know the buildings here backwards and forwards. Should you have any questions feel free to contact me, my email is dmargolies@corcoran.com (Dax is a nickname- thus nycbrokerdax)