Manhattan Condo Investments

Good analysis. I think the returns are a little lower as vacancy and routine maintenance costs are not factored in. New development yields are the lowest due to exorbitant pricing. There has been very little supply of smaller apartments in Manhattan explaining higher yields.

Yes, 300. All valid points. Returns are clearly overstated as they do not account for:

1. closing costs of purchase
2. mortgage interest expenses
3. use of asking rentals instead of contract rentals
4. expenses for leasing, management, upkeep or capital improvements
5. allowance for vacancy or free rent
6. deduction for personal or corporate income tax

I was playing around with this closing cost calculator (https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/ - one that's actually accurate and specific) and it's nuts how much higher the closing costs are for condos vs coops when you buy.

For example, a $3mm coop, 80% LTV .. you're looking at $38.6k approx.

Same situation, condo? $102.5k approx. Wow.

For New Yorkers who intend to stay long term it may be worthwhile to suck it up and go through the coop process after all..

JR1 clearly works for Hausit- too many postings for anything else to make sense. Why not be transparent about it?

It seems no one who works for Hauseit comes out with a real name as the real estate professionals on this page do (I am not a broker and have no services to sell here). There is not even a management team page on Hauseit - at least I could not find one.

i don't think jr or se cares about the spam

Urban, Do you know who owns and runs Hauseit? I am sure it is a real company but I am genuinely surprised about not being able to find the names of management/owners on their website.