Category Archives: Fifth Avenue – Midtown East

Chinese Real Estate Agent work with Different Chinese Real Estate Buyers

Chinese Real Estate Agent work with Different Chinese Real Estate Buyers

We are Chinese Real Estate Agents team that is fluent in English and Mandarin Chinese and have lots of working experiences with different types of Chinese Mandarin speaking buyers looking to buy in Manhattan New York. We are a bilingual team facilitate sales between Chinese speaking buyers/clients with English speaking sellers, co-brokers, developers, investors.

As Chinese Real Estate buyer’s agent service – Our successful track record is recognized every year at our company award show, we are the Chairman Platinum Award recipient in year 2011, 2012, 2013, 2014 and 2015. We are consistently the top producing team among our market place and Manhattan New York.

Chinese buyers contact us to look for many Real Estate opportunities in Manhattan New York, here are some of our buyers:
Chinese parents buying for children that either go to school or work in New York:
Chinese culture prefer to buy versus renting, parents often work hard, have a good saving plan to send children oversea to higher education and eventually buy them a home. Majority of our buyers are parents that either live in Asia (China, Taiwan, Hong Kong, Singapore and etc) or out of town that has a son or daughter that is already in New York.

This big city New York has many universities and academic schools offers great International student programs to further their education. We have work with parents that have children go to School of Visual Arts (SVA) studying communication design, we looked for top condos near School of Visual Arts or close proximity that is comfortable enough for them to commute. Other than SVA, there is Parsons, which many of our past clients have son or daughter studying Fashion Design at this top rated university, we know what condo building that will be suitable for your search.

New York University (NYU) that has different campus in different neighborhood of Manhattan New York, depending on if the child goes to NYU Stern Business school or NYU Dental school, we have a list of top condos near those NYU campuses.

Many Chinese parents are also buying because their son or daughter work in New York, we as Chinese Real Estate Buyer’s Agent team had helped many parents that have a son or daughter work for financial institutions, and depending on where the office is located, there are a lot of Manhattan Midtown East or Midtown West condo options, as well as Financial District neighborhood offers great deal of condo options for buyers.

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Chinese buyers who purchase for the future:

As we mentioned before, buying Real Estate is a part of Chinese culture, we know it is a sound investment if we find the right property. Many of our Chinese buyers often are very smart and sophisticated, they are well informed with current events and world news, often they look for the right opportunity to purchase. We have work with buyers who purchase because maybe their young child who is 4 or 5 years old one day would like to move to Manhattan New York, they secured a good property now at today’s pricing, when their young child is grown, perhaps they will trade in for a more spacious and larger apartment, and for now, they will hold the property either use it when they visit New York or rent out to long term tenants.

We have sold many newer construction condos to Chinese buyers because the pricing is attractive and there is no hassle in renovating the apartment or near future upkeep. There is also a good future price appreciation in New construction condo when we select the right one for the purpose.

For parents with young children, often they ask about schools in New York and like some guidances in Manhattan school system. We have worked with parents that we connect them with the right school consultants and educators to them so that they can be well informed. Prepare children for their future education is all Chinese parents top priority, we offer our resources for parents that would be interested to know more.We provide many life essentials and resources for our international Chinese buyers.

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Chinese Real Estate Investors:
We work with many oversea international Chinese Real Estate Investors, many of the investors are savvy and have purchased Real Estate other parts of the world or country. These groups of Chinese Real Estate investors are extremely numbers savvy and rely on the ROI, Return on Investment yield to make decision, when we work with these Chinese Real Estate investors, we provide them with details of assessment and diagnostic of each project.

Our Chinese Real Estate investors are interested in residential buildings, commercial spaces, development land sites, to hotels and various Real Estate venture projects.

International and Chinese Real Estate Investors work with our Chinese Real Estate buyer’s agent team to discuss what they like to achieve. Some investors are more aggressive would like to immediate return and high gains, while others prefer a longer term investment that they can reply on. We consult them on what is realistic goals and what can be achieve within their comfort zone.

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Regardless of our buyers intention and motivation in buying and investing in Manhattan New York, our special client base are high net worth buyers from various countries in Asia and as well as in United States, we have been connecting New York properties and investments to our special clients for the past decade. The buyers trust in working with us because we have their best interest at heart. When it comes to advise our buyers, we complete an extensive research and due diligence before presenting the investment opportunity to our clients as time is valuable for our international clients.

If you are an New York city Condo Sellers or Developers, we would be happy to discuss how you can benefit from working with our team to maximize your marketing exposure to an very special specific oversea market. We work with highly financial qualified buyers that are seeking to purchase multiple investment condominium units.

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We speak with many Manhattan New York sellers that have unique properties in New York and investment opportunities that they would like the special exposure and attention of our high net worth Chinese buyers.

We also work with many different buyers whether they speak Chinese or English in various stages of purchase. If you are a buyer and already found the right property that you would like to present an offer, call us, we can represent you and facilitate you through out the process. We ensure your buying process is smooth without any mistakes.

If you are a buyer had just started looking for property. Contact us and we can work on a plan for you to find the suitable property within your desirable time-frame.

You can reach our team by calling (646)644-6929.

Email us https://chinesespeakingagent.com/contact/

Read more about our Chinese-speaking Real Estate service team:

Buyer Service 買家服務

https://chinesespeakingagent.com/about-eileen/ 

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Best Chinese Real Estate agent

Best Chinese Real Estate Agent is what some of our past customers and clients said about our team service.

We treat each one of our buyers and sellers as our family and friends, we provide them with the most accurate market information and data so they can make an educated decision for themselves.

We are also referred as the Best Chinese Real Estate Agent team because we do not pressure our buyers or sellers when it comes to their Real Estate investments unlike other agents on the market. We believe in assessing our buyers and sellers needs so everyone can have the most productive experience in working together as a team.

G_Starck_16C_ViewOur buyers and sellers often praise our professionalism and diligentness in our daily communication with them.

We do not ask buyers to buy every properties they see, with our years of experience, we make comments about each properties we visit, and if we do not feel the property is the right property for them, we are upfront and straightforward with our buyers. This is why our buyers always refer other close family friends to us, they often refer us as the Best Chinese Real Estate agent.

Whenever our sellers receive an offer on a property, we review each offers together on the price and term. We are highly detailed oriented to ensure our sellers understand each buyers’ qualification so not a single detail is over-looked. We are proud of the Best Chinese Real Estate Agent title by our past sellers.

Below are a list of testimonials by our past sellers and buyers and we invite to call us today at (646)644-6929 so we can see if we are a good fit in working together in your Real Estate sale or purchase.

 

Finding an apartment in Manhattan requires a lot of luck, not to mention if you are an international buyer finding your first home in this mega city. I was very lucky to have met Eileen. I had spoken with couple other brokers before contacting her. I decided to work with Eileen because she is among them all the most professional and efficient. She replied my emails promptly and provided me useful data on different Manhattan neighborhoods and inventory even before I arrived New York city. No time was wasted during my short stay in NYC. Eileen only showed me apartments that fit my needs and budget. She was also able to explain to my mother all the details in fluent Mandarin. I found Eileen more like a friend. She continues to offer help even after I moved in to the new apartment. I would recommend Eileen Hsu without hesitation. Cheryl Yang

 

因為是第一次在美國購置投資地產,許多方面不甚了解。幸好有Eileen為我們從地產種類,每個區域價位到購房手續一步一步細心指導。由於我們並不居住與紐約,往返行程匆忙,Eileen非常貼心得為我們制定好了充實合理有效率的open house行程,從看房到下訂單只花了一個禮拜左右的時間。由於是投資置業,房屋出租的問題我們起先也有不少的顧慮。Eileen主動提出為我們篩選租客,談定價格,並非常即時有效得和物業管理進行租賃合同意向的溝通,我們得以非常順利得在短短兩個月內購置、出租這套在十分符合我們心理價位和地段的房產。Ms Shen from Canada

 

我在寻找房子和买房子之间只花了一个多月的时间,在这么短的期间里Eileen 帮了我很大的忙,你只要提出你的要求她就能帮你找到你想要的,她会全心全意的帮你一直到你满意的为止,她的服务非常到位和非常专业,从找房,买房,谈价格,介绍律师等等,全部都帮你办妥。如果你有什么不懂的全都可以问她,例如买房子的保险,买家具的地址,等等。我非常感谢她帮我找到了我现在住的房子。如果我有朋友需要买房子我会强力推荐他们去找Eileen的。谢谢, JC XU.

 

Eileen was very helpful in helping me find my apartment in the West Village. I was interested only in condos in the area, a fact that she was very sensitive to, and made sure that I saw all the available apts in the west village as well as surrounding areas.   She was able to effectively communicate with my parents in Mandarin about the intricacies of the NYC real estate market, thus making the home-purchasing process an enjoyable and rewarding one. Two thumbs up!! Michelle Chuang

 

Call us now, at (646)644-6929 so we can work together in achieving your Real Estate goal.

白金總裁獎 公司銷售經紀人頂端1%

二月份我們公司舉辦了每年例行的頂端經紀人晚會,托大家的支持,這已是我連續第二年得到公司的白金總裁獎(公司銷售經紀人頂端1%)。 在一個旗下擁有3,800個經紀人的公司,
 20,000多個經紀人在競爭的紐約曼哈頓市場,這是個具有象徵性的里程。
我在這家公司 Douglas Elliman Real Estate 已待了八個多的年頭,從一開始就在公司內部銷售數一數二的辦公室(West 17th Street.)讓我見識到許多頂尖的銷售經紀人的能力(隨時都在賣(或賣出)美金兩千萬的豪華公寓),這讓我提醒自己隨時都要充實自己的知識跟學問,才能把握下一個機會。
附上幾張公司頒獎典禮的照片。期盼盡快收到您的音訊。

Eileen Hsu was awarded with Chairman Circle Platinum Award (top 1% of the company) last two years in a row (both year 2011 and 2012). This is a great achievement in a company with 3,800 agents, total of 20,000 agents in Manhattan New York and in a competitive New York city market.

Eileen Hsu is currently a SENIOR VICE PRESIDENT of DOUGLAS ELLIMAN Real Estate brokerage in Manhattan New York.

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What kind of mortgage can Chinese foreign international buyers have to buy NYC condos?

What kind of mortgage can Chinese foreign international buyers have to buy NYC condos?

Many of our buyers are Chinese foreign international buyers from Asia (Hong Kong, Taiwan, Mainland China, Singapore and other countries). Many Chinese buyers decide to buy so they have a place to stay when they come visit New York city, owning a condo is much comfortable instead of staying at different hotels. For many of our Chinese Foreign International buyers, it is a good way for these buyers to diversify their assets and investments by purchasing a Manhattan New York condo. Our Chinese buyers rely on our expertise in finding them the perfect New York city investment.

For Chinese Foreign international buyers  asks us if they are able to obtain a U.S. mortgage, this will really depend on several items. (We are NOT mortgage brokers or mortgage bankers, this is for informational purpose only, it can change anytime per new lending guideline and regulation.)ESB_VIEWHOR

  • Status and/or Visa do they have any work visa or residence status in US? Or if they are true foreigner without any US credit history or records.
  • Down payment amount: there are few bank will have some lending program for foreigners that do not have any United States Credit history, though the bank will likely to require a higher down payment of 40% up to 60% on case by case scenarios.
  • Prior relationship with the bank, many of our Chinese buyers have prior relationship with different banks, if the bank has an office in New York, it may be possible for the buyer to obtain mortgage if there are other investments with this bank.

Please note that we are NOT mortgage professionals, we are experienced Chinese Speaking Real Estate agents that specialized in Chinese and foreign international buyers, we work with a team of mortgage professionals that specialize in foreign international lending.

Majority of our Chinese Foreign International buyers decide to find financing in their home country once they learn about all the lending criteria and requirements set by U.S. banks. The main reason being all the extensive paperwork and documentation required, hefty fees and mortgage closing cost if buyer decides to obtain US financing.  Chinese Foreign International home country lending process may be more streamlined and less costly.

If you are a Chinese and/or foreign international buyer looking to purchase a NYC condo email us (https://chinesespeakingagent.com/contact/). We can discuss in details of your options and best way to find the right investment for you.

Can I get more discount if I pay ALL CASH to buy NYC condo?

Can I get more discount if I pay ALL CASH to buy NYC condo?

We work with Chinese and International buyers are all cash  from local United States and/or international buyers. New York city is a great city full of very successful business men/women with and high income producing career such as finance, fashion, culinary and more.

In our own experiences, we are seeing 75% of our own sales are all cash in all price range.

Many out of town parents buying for their son or daughter ALL CASH with no mortgage, one/two bedroom units at $1M-$2M range to some international or foreign investor VIP investing over $8M all in cash.

Based on our sales in year 2011 and so far 2012, about 75% or more of our buyers are all cash with no financing needed, serious and motivated buyers. All cash buyers prefer to work with us because we are experienced and can negotiate ideal price or terms for our buyers in this highly competitive Real Estate market.

Buyers we work with asks us often: How much discount can they get since they are paying all cash? To be specific, here are several factors determined the amount (%) of discount a cash buyer can receive.

The neighborhood and location of the condo: Buyers that interested in high demand and popular neighborhoods such as near Central ParkUnion Square, TriBeCa, West Village or convenient locations that is easy to commute or travel to universities. These neighborhoods are internationally well known neighborhoods in Manhattan, therefore, there are many other buyers also on the market seeking the perfect home in those neighborhoods, there will always be more buyers than housing inventory in these specific neighborhood.  When and if a fair priced condo comes up on the market and it is in move in condition, there is a good chance that there will be multiple offers in place and other all cash offers, therefore, the seller will entertain and accept likely the highest price offer if all offers are cash.

Closing time frame: 1) For brand new construction and it is completed built, finished, ready to move in, if all parties (buyer, seller, attorneys) are available and funds are ready, then 10-14 days may be possible. 2) If the condo is a resale, that you are buying from a private seller not developer, with an all cash offer, the closing can take place 30-45 days. If the seller is motivated, they will be looking to close as soon as possible, this means if you are all cash, and your funds are ready, then there is a good chance of negotiating with seller an ideal price since it is an all cash and can close as soon as possible.

Terms of the offer: This sometimes apply to some new construction condos. Some new construction condos in Manhattan sometimes will offer buyers’ incentives. Some of the buyer incentives perhaps are giving buyer a gift card to a home decorating store or other form of gift cards, some will offer paying off part of the closing cost, this all depends on how the new construction condo is selling, if they are selling well, then most likely there will not be any incentive. With these incentives, they also count as part of the ‘discount’, even if the discount is not directly off the sales price, it is still a good way to receive some perks if the developer is motivated.

We also have a list of motivated seller listings that will entertain all cash offers and provide more price flexibility.

Many all cash buyers work with us because we are able to protect our buyers’ interests and negotiate many favorable terms for our buyer, our all cash buyers are always delighted with our savvy negotiation skills and refer their friends and families to us.

Email us https://chinesespeakingagent.com/contact/

幫兒女買紐約曼哈頓公寓Chinese parents buy Manhattan NY condos for son or daughter

Chinese parents buy Manhattan NY condos for son or daughter

中國父母幫兒子或女兒買曼哈頓紐約的公寓

Many of our buyers are Chinese parents from out of town or country to buy a luxury condo for their son or daughter.

Asian parents knows the value of sending son or daughter to go to school in United States or aboard, New York is one of the US city that is on top parents lists.  New York has a very unique and different market than other parts of the world. Buying condo in Manhattan New York can be complicated and stressful if you are not team up with the right agent as this is a very unique market place unlike anywhere else in the country or world. Many parents who are buying for their son/daughter that goes to school (New York University, Parsons school of design, School of Visual Arts, Columbia University, music school, other well known schools) or simple work in Manhattan New York.

Few key steps to prepare and understand before your home search

  • Time frame – is your son or daughter current renting an apartment? This is important to know so you can plan ahead.
  • Location – Location is everything in buying Real Estate. Where is the school son or daughter will be going to? Or where is their office? Would you prefer a neighborhood that is closer to where they will be going to daily? Or any specific preference? Manhattan New York neighborhoods vary, many convenient and central neighborhoods are in very much high demand. The buyers for those particular neighborhood must act quickly if they see a property they like.
  • 45 days to 60 days IF YOU PLAN ON PURCHASE IT ALL CASH, cash means money in your bank account, this does NOT include any offshore financing or creative financing. (this does not include New development or new construction buildings. If new buildings, it can be much longer depending on the building, or it can be quick) Typically, the quickest we can close would be 45 days.
  • 60 days or LONGER if FINANCING: If you are planning on financing this investment, be sure to speak to a local Manhattan lender that is familiarize with the market, the lending rules, and the mortgage products that may be suitable for you and your son/daughter.
  • Experienced and efficient Bilingual Real Estate Agent: We are the top producing team that is bilingual in Mandarin Chinese and English. We are also the Manhattan New York market experts to educate you the housing market. Working with us will help you find the most ideal condo for your son or daughter and stress free transaction.
To avoid any delay or issues during your home search for your son and daughter, it is advantageous for you to team up with agents who have the experience to ensure a smooth process. You may have purchase homes in your home state or country before, but Manhattan New York is a very unique market, and Real Estate is local so it will benefit you as a buyer to best prepare so you do not waste anytime if you plan to visit NYC and identify a property for your son or daughter, call us today to plan this purchase today.

若您或您有認識的人想在曼哈頓置產,請您來電給我們(646)644-2929。以我們豐富的交易經驗提供您最完美最完善的服務。我們也提供客製化置產投資諮詢,依您的需求為您找到最好的置產投資計畫。

https://chinesespeakingagent.com/contact/

Manhattan New York Luxury Penthouse with a Pool – 有游泳池的頂樓房

Manhattan New York Penthouse with a Pool – 有游泳池的頂樓房

Your very own private pool from your Manhattan Penthouse Condominium.  A private pool, not just an outdoor shower or Hot Tub is the epitome of rarity and luxury for a Manhattan penthouse condominium.

Many of Manhattan New York buildings will have a pool as part of the amenity package, these pools are exclusive to the building residents,  however your very own private pool is extremely rare.


In Manhattan New York, there are very few condominium with their own private pool, usually less than a hand full. Even then it’s not a guarantee that there will be an apartment with its own private pool.

There are multiple layers of challenges in constructing a private pool on top of any high rise condominium, along with that difficulty comes with it the luxury of being able to walk out onto your roof top deck or terrace and going for a swim anytime you want. (photo courtesy of Mandarin Oriental.)

If you are looking for a private pool as an absolute necessity, you will be either looking at a penthouse condominium or also a townhouse property. There are more townhouse residences that have built in pools in the lower levels of the building than there are penthouse condominiums with roof top pools.

Manhattan NY Penthouses with a private pool starts in the $15,000,000 range.

We have full access to Manhattan New York Penthouse availabilities.

Our team are experienced and knowlegable in Manhattan New York Real Estate market. Many of Eileen’s past clients work with her and her team because of our aggressive approach in searching for their one of the kind unique Manhattan penthouse. They are also very satisfied with our detail oriented service faciliating every step of the way to ensure a smooth purchase for these very busy and important penthouse buyers.

Eileen Hsu is also a bi-lingual Chinese and English speaking Real Estate agent that have worked with many top Asian CEO and business executives in finding their Manhattan New York Penthouses, often they used the New York Penthouses as their vacation home or a future investment when their young children decide to go to School or Universities in New York.

Penthouses with a pool is hard to come by, to be on the VIP list on the first notification basis on the penthouse you wish to purchase, call Eileen Hsu and her team today at 646 644 6929 or email us (https://chinesespeakingagent.com/contact/) .

Mandarin Chinese Speaking Real Estate Agent NYC

大家新年好, 我是Eileen Hsu 許雅嵐, 你也可以稱呼 我Eileen. 我是在曼哈頓做地產的經紀人 (Chinese Speaking Real Estate Agent).


今天您如果要在這裡投資, 或著說幫孩子買房子, 請您跟我來電, 我們可以詳細的談, 我的電話是646-644-6929. 也可以麻煩您打個e-mail給我 我會馬上給你們回電好嗎 謝謝!

下面是其他重要的文章中的信息:

曼哈頓交易問與答:怎麼在紐約房地產界出價?

曼哈頓交易問與答:誰能幫我維修公寓?

235 East 40th Street Vanderbilt Condominium 紐約中城公寓

The Vanderbilt Condominium at 235 East 40th Street is one of the most well established and highly desired full service condominium buildings in the Midtown East neighborhood.  Located on 40th Street between 2nd and 3rd, within a very short distance to both Grand Central Station and the United Nations.  The Vanderbilt Condominium is one of the most conveniently located condominium buildings with close proximity to the midtown business district but also a number of neighborhood establishments.

Built in 1986, the Vanderbilt Condominium at 235 East 40th Street is a tall building at 41 floors with over 365 residential condominiums.  This full time doorman and concierge building has an amenity package that rivals any other Midtown East condominium building in the neighborhood.  Called the Vanderbilt Club, the lower level of the building has a 75 foot long pool, sauna, jacuzzi, fitness club, basketball/racquetball court, both mens/womens locker rooms, table tennis and all attended by building staff.

The Vanderbilt Condominium is a full service building, with 24 hour hour attended lobby with doorman and concierge, attended package room and live-in super.  There is a full size laundry room and garage that can be accessed from within the building.

The Vanderbilt Condominium is one of the most desirable condo buildings in the Murray Hill neighborhood
for a number of reasons.  The location near both Grand Central Station and the United Nations makes this highly valuable for the owners in the building  Located at 235 E 40th Street, this is one of the premiere Grand Central Station Condo buildings.

And because of the desirability of the Vanderbilt Condominium there is always a healthy number of sales occurring every year.  As the end of 2011 is right around the corner here is a market report of what has sold in the building this past year and what is available.

Currently for sale on the market there are Four(4) One Bedroom Apartments asking a range of $675,000-829,000.  The size of most of the apartments and different degrees of renovation along with lower to higher floors accounts for the fluctuation in pricing.  The higher floor One Bedroom apartments for sale at 235 East 40th St, typically have 1.5 bathrooms also increasing their value.

There are a number of apartments in contract right now that will probably close in the next couple of months.

So far in 2011 there have been approximately 13 closed sales.  There is a possibility that there were more sales than that between individual owner’s or properties that never came on the sales market, but we will get a good evaluation of pricing for 2011.

  • Studio’s-Two Studio’s sold so far in 2011 ranging in price of $385,000-$390,000.  Those prices reflected original condition apartments that needed renovation, lower floor units.
  • One Bedroom’s-Nine (9) One Bedroom apartments have sold so far in 2011.  The price range was wide, ranging from $585,000-$875,000.  The wide range is accounted for because of a varying degree of size, view and condition for each apartment.
  • Two Bedroom’s-Two (2) Two Bedroom apartments have sold in 2011.  The price range was $1,235,000-$1,370,000.

For such a big building as the Vanderbilt Condominium, having 12-15 apartments sell in 2011 is a healthy number.  That only makes up about 4% of the total inventory.  All in all that is fairly low.

Something to consider is how long each apartment stays on the market, typically once it is priced within a fair market range it will sell very quickly.

For a comprehensive and up to date list of the condos for sale at 235 East 40th St contact us today.  We have sold a number of apartments at The Vanderbilt Condominium so far in 2011 and can help you finding an apartment for sale in the building or helping you sell it.  Call us at (917) 837-8869 if you would like to speak with us.

Manhattan New York condo Buyers Must Read:

Vanderbilt Condos at 235 East 40th Street is one of the most desired Grand Central Station condos buildings. Whether you are looking to invest, rent, or live Vanderbilt Condos could be the location for you. 中文服务,专售纽约曼哈顿康斗 (646)644-6929.

Manhattan NY Condos FAQ: How long does it take to close on a Manhattan NY Condo?

We are Chinese-Mandarin speaking agents, and we specialize in Manhattan New York condo market and well verse in all neighborhoods of Manhattan New York.  These frequent asked questions will help educate buyers the buying process and the Manhattan New York Market. As experienced Manhattan condo Real Estate agents, we compiled many other Manhattan NY Condos Frequent Asked Questions you can read here: (http://manhattannycondosforsale.com/tag/manhattan-ny-condos-faq/).

One of the frequent questions we receive is “How long does it take to close on a Manhattan NY Condo?”

***To be specific, this question pertains to Condominium sales in Manhattan, NOT co-op sales.  The closing process for a co-op is very different than a condominium sales.***

How quickly you can close on your Manhattan NY Condominium purchase depends on a couple of different things.

  • Is it a New Construction condo or Resale Manhattan New York condo?
  • Are you buying it ALL CASH or FINANCING?

What kind of building you are purchasing in?

If you are buying a new construction condominium that has their certificate of occupancy and is completed enough that you can move in, then you could probably close within a couple of weeks once the contracts are signed, if you are paying cash for the property.  There is no condo application to submit or condo board waiver needed.  Your closing will depend on how quickly the attorneys can schedule the closing.

If you are buying a resale condominium all cash, then you will have to submit a condominium purchase application, a credit check will be completed, and the condominium board typically has a first right of refusal for the apartment and they must issue a waiver for you to be able to schedule a closing for the apartment.  So in this case the closing depends on how quickly you can submit the application (here is blog post we wrote about condo sales applications).  Often sales applications require some financial documentation, maybe reference letters, documents to be notarized, etc.  The longer it takes for the application to be submitted the longer it takes you to close on the Manhattan NY Condo.  Once the application is submitted the first thing the management company usually does are the credit and background checks.  Each management company works at a different pace, often they will say they have 5-7 business days, to complete the checks, which in reality can turn into 2 weeks.  Then they give the board the application.  Each building is different, but each building will have a certain amount of time they are allowed to review the application, often 3-4 weeks. The board might not take the full 3-4 weeks, sometimes they might issue the waiver in a week, but sometimes it could be the full amount of time.  Once the board issues the waiver for you to purchase then a closing can be scheduled. All in, you are probably looking at approximately 30 days-60 days once the contracts are signed until you can move into the apartment in a resale condominium.

How are you purchasing the Manhattan NY Condo? (All Cash vs. Financing)

An all cash purchase is always the fastest way to close on a Manhattan New York. This means you have all the funds for closing in the bank account, and/or the funds are in an account that can be wired/transfer to a New York bank account to issue the check.

If you are financing the purchase that is probably going to double the amount of time it can take compared to the cash option.  One of the big realities of getting financing for a Manhattan NY condominium in today’s lending environment is that the bank will not only be qualifying you as a borrower but they will also be looking at the building if they want to do a loan in the building.  The qualification of the building is going to be different for every bank.  One bank might be okay with doing a loan in the particular condo building and another may not, even though the banks are using the same information about the building to determine their desire to give you a loan for that building.

Qualifying the Manhattan Condo building is a process that will add time to the closing.  We have seen certain banks able to qualify the building and the buyer, do the appraisal, issue the commitment letter and have underwriting give a clear to close in 45 days from the time of contract signing, but we have also experienced when it takes more than 5 months for the bank to finally give the clear to close.

What also adds time to the closing when you are financing is that in a re-sale condominium building, the purchase application will often require the purchaser to submit the committment letter from the bank within the application.  As we have already discussed, once the application is in the hands of the board in can easily take 30 days to get the board’s approval.  Once the board issues the waiver that the buyer can purchase, then the bank will have the underwriters look at the buyer’s information again before they issue a clear to close.

As you can probably easily see, the process can become arduous and consuming very quickly because there are so many integral steps that have to be done one at a time when financing your purchase.

Conclusion:

Every buyer’s situation will be different and there is no one step by step map for every purchase.  Depending on what you are buying, how you are buying (all cash vs financing), and the building you are purchasing in will determine the approximate amount of time it will take to close.

If you want to know more about what to expect for your OWN situation, contact us today and we will talk to you about how long it will take for you to close on your Manhattan NY condominium.

Other Must Read Useful blog articles:

100 West 39th Street-Bryant Park Tower

BRYANT PARK TOWER located at 100 West 39th Street: DOUBLE PARK VIEWS from this CORNER 38th Floor Condo unit. It is Overlooking Empire State building with dramatic Manhattan Skyline views.

Bryant Park Tower (100 West 39th Street) has 43-story, mixed-use, it is located on the west blockfront on the Avenue of the Americas between 38th and 39th Streets, was completed in 2006 and has 93 condominium apartments on its top 11 floors.

Bryant Park Tower address is 100 West 39th Street, this condo unit has Sparkling, Bright, with Huge OverSized windows, this Sunswept exposure Junior One-Bedroom (alcove studio) Sanctuary features Bamboo Floors, Separate Dining/Office Area, Fabulous Closet Space, Sleek translucent Italian Iceglass doors, Limestone thresholds, and a Dream Kitchen with White Oak cabinetry, White Marble countertops, Lightolier lighting and Never-Used Appliances, all with a Soothing Spa-Like Pristine Bathroom outfitted with an Ivory Porcelain floor, Zuma tub, Heated Mirrors, Italgraniti Ceramic tile! This Top Condo with Doorman, “Quintessentially” concierge service, Free Laundry facilities, fitness room with flat screen TV’s, Parking.

Bryant Park Tower - 100 West 39th Street EILEEN HSU

Bryant Park Tower, it is located in the Heart of the City…with the N,Q,R,S,W,1,2,3,7,9,B,D,F,V,S,4,5,6 Trains, Grand Central, Port Authority, and Penn Station Steps Away…Fifth Avenue Shopping, the Theatre District, Fabulous Asia de Cuba, Morgans, Fab restaurants and nightlife outside your door.

If you are a buyer that is looking to buy in Midtown East or Midtown West location, please contact us today to assist you in negotiating the best price possible. We have several amazing deals and steals for our buyers, we invite to call us and we can have some confidential conversation on your specific needs.

Other Manhattan New York Condos blog series that may be interest to you.

  1. 100 West 39th Street-Bryant Park Tower Condo details
  2. https://chinesespeakingagent.com/category/manhattan-ny-neighborhoods/fifth-avenue-midtown-east/
  3. VIDEO BLOGS – Chinese Speaking Agent

Foreign Buyer Buy NYC Condos-FAQ

We as Manhattan Real Estate professionals, we work with many international foreigners wanting to invest in Manhattan Real Estate. In addition to educate foreign buyers about the maze of Manhattan Real Estate market, our specialty is facilitate the purchase to ensure the transaction is smooth and successful. Below are some frequent asked questions by our foreign buyers, the answers are formulated by our team of professionals (tax accountants and attorneys who also specialized in foreigners purchase in Manhattan New York.) These answers are general and not case specific.  To best address your specific needs,contact us directly by email or call (646)644-6929.

Can Foreign Nationals buy a NYC condo without having Social Security Number or US residency?
Yes, they can legally, but have to meet the NYC Condo board’s requirements for approval. At the sale of the real property, Non-resident aliens are subject to federal withholding tax at 10% of the gross sales price, and to a 8.97% New York State estimate income tax on the net sales proceeds (gains).THUMBNAIL

Can Foreign Nationals with work visa or student visa buy Manhattan Properties?
Yes, they can legally, but have to meet the condominium/coop board’s requirements for approval.  If they remain non-resident aliens at the time of the sale of the real property, they will be subject to the same taxes at the time of sale, as above.

If not, what kind of documents should a foreign nationals prepare to be able to buy?
In order for a Foreigner to buy NYC condo, they need to have  a valid passport and/or other official photo ID for identification purpose.

What are the Options for Foreign Nationals (non-residents aliens) to hold title for NYC condos: (these answers are information only, we are Real Estate professionals, therefore, before you make a specific decision, we recommend you to discuss with our team of attorneys and tax accountants for your specific case.)

  • Individual: Individual may be exposed to unlimited personal liability, and to estate issues, for instance, inheritance,  will probate and estate administration, when the individual owner dies.
  • LLC: Limited Liability Corporation provides insulation for members from personal liability, but will incur maintenance costs, such as  filing fees for its formation, annual franchise tax  and is subject to higher formation costs (higher than a corporation).
  • Trust: Trust is an unincorporated entity, cannot hold title by itself; title must be reqistered in the  individual trustee’s name.;  the individual trustee may be exposed to unlimited personal liability.
  • S Corporation: S Corporation is a legal entity, insulates shareholders for from personal liability, does not pay income tax itself, the income tax liability is attributed to the shareholders.  It is subject to filing fees for incorporation, annual franchise tax, etc.
  • C Corporation:  C Corporation is a full fledged legal entity.  It provides shareholders insulation from personal liabilities.  It is a taxable entity for corporate income tax.  Any distribution of after tax profit to shareholders in the form of dividends will be subject to income tax for the shareholder.  It incurs maintenance costs, such as filing fees for incorporation, annual franchise tax, etc.  Its filing fees are less than that for the LLC.
  • Limited Partnership: the limited partner’s liability is limited to his/her capital interest in the limited partnership, whereas the general partner will be subject to unlimited personal liability.  Limited partnership, like general partnership does not pay income tax.  The income tax liabilities are attributed to the individual partners. A limited partnership need to file the partnership agreement with the government.

*These answers are general and not case specific. To best address to your specific case, contact us directly at (CONTACT US) and we can set up a confidential consultation.

If both husband and wife have green cards, will they pay tax similarly as above options?
Resident individuals owning real property pay the same taxes, but not subject to the gross 10% federal withholding tax and the 8.97% New York State estimate income tax on the gains at the sale of the real property.

Can the Foreigners avoid United States taxes?
The taxes cannot be avoided.  The non-resident investor must pay the above taxes at the time of closing of the sale, without the tax payments, the deed will not be accepted for recording.  After having paid the taxes, the non-resident investor may, but need not, keep the proceeds in the U.S. without additional tax (except income tax on the interest payment on such proceeds).

Manhattan Condo Buyers Must Read

1. If you need financing (mortgage),  speak to a reputable lender or mortgage consultant to see how much can you finance in economic climate. In today’s market, lending guidelines are changes daily, it is a must to know how much you can leverage.

2. Once you know how much you can borrow from the bank, you can start the home search. Do Have a realistic budget of what you are looking for. Manhattan New York condo is approximately $1,000 per square foot for average condos or fixer upppers depending on the neighborhood, you will need more than $500K to buy a one bedroom condo.  A good size of one bedroom condo (650 – 750 square feet) can priced from $650,000USD to $890,000 USD depending on the exposure, location and other important factors.

3. Speak to an accountant to see if you need to structure the purchase in a specific way to enjoy the tax deductible benefits of buying a Manhattan Real Estate. If you are a first time home buyer, is it beneficial to co-purchase the condo unit with your parents or alone; If you are an foreigner, is it better to buy it under your own name or start an LLC?; If you are an out of town investor, is this purchase going to be an investment property or?

4. Discuss with your banker if you have money in bonds and money market. Find out how many days will it take to liquidate your funds so you know once we have a verbally accepted offer. Often in Manhattan New York market place, the seller seeks 10% of the sales price as down payment at the time of signing contract. With that being said, if you are buying $1M Manhattan condo, you will need $100,000. at contract signing.

5. Do have a Manhattan New York Real Estate attorney ready. Manhattan Real Estate transaction requires each buyer and seller to have an attorney representing them in drafting and finalizing the contract. A good attorney can save you headaches, money and risks, ask your agent to refer you (3) attorneys so you can call and interview. Explain to the attorney what you are planning to do, and see which attorney you feel most comfortable to work with.

6. Contact us for help. We are experienced and knowledgeable Real Estate professionals that is well versed in Manhattan condo market. What is it that you are looking to buy? You want to find an agent that is familiar with the product that you are interest in buying. A Condo or Co-Op? Uptown or Downtown? Do you speak specific language that you preferred the agent speaks your mother tongue? Do you need an agent that work specifically with foreigners? Go on a search engine such as Google, try type in what you are looking for, and see if any agent shows up on the search result.

Call us today at (646)644-6929  to discuss your specific Manhattan Real Estate needs. We are experienced Real Estate professionals that will help you navigate through this Manhattan Real Estate maze. Call us now (646)644-6929.

Chinese Speaking Agent in NYC – Specialty with Parents buy for Children Five Big Tips

My name is Eileen Hsu (許雅嵐), I am a Chinese Speaking Real Estate Agent here in Manhattan New York, we have helped many Chinese Speaking buyers (parents) buying for their son or daughter that is currently living in New York city for work or school. Myself and my team covers various neighborhood of Manhattan from South of 125 Street all the way to Financial District. We also cover some certain neighborhoods of Brooklyn such as Brooklyn Heights, DUMBO, Williamsburg, and Downtown Brooklyn.

If your parents are buying the property for you, here are Five Big Tips:

  1. If you or your parents are new to Manhattan New York market, please know that there is condo and coop market. There is about 20-30% price difference between both housing product if we are comparing to two similar location, building condition, exposure and etc condo and coop. If you are looking at properties online, it is important for you to know that not all coop will accept a parents buying for children scenario. In fact, most coop that will accept parents buying for children require the young adult to have a good income job with minimum of two years of working history.
  2. If the parents are buying a condominium for child, in Manhattan New York, condo prices are commonly estimated by price per square foot. And the average price per square foot would be around $1,000 per square foot for Manhattan Condominiums, this exclude grand renovation, spectacular views, nor new construction. This price per square foot will vary based on location, condition, building amenities, size and many other variables. At $500,000USD, we will be looking at studio/alcove studios. At $750,000 USD, we will be looking at one bedroom condominiums. At $1,200,000 USD, we will be looking at two bedroom condominiums. Again, this is just a approximate price range for information purpose. Call (646)644-6929 to discuss your specific needs.
  3. Time frame: What is your time frame as to purchase a condo or co-op here? Does your child have a lease that may expire soon? If there is no financing involved, a resale condominium requires about 30-45 days to process a condo application once the contract is signed. If it is a Co-Op, it can take anywhere from 90 days to more to process the co-op board package and interview. If you need financing, the process can be much longer for both Condo and Co-Op.
  4. Funds: Is this going to be an all cash transaction? Or is it going to be financing? Prepare your funds and liquidate out of any money market for the down payment is essential. In Manhattan New York, at contract signing, we will require 10% of purchase price as down payment (deposit, earnest money). If you need financing, the bank may require you to put down 20% or more of the purchase price in order to obtain financing.
  5. Title of the property: Many of our buyers structure deals differently based on their specific needs and financial picture. Some prefers to co-purchase the property with their young adult child, some prefers the young adult to take title on their own, some prefers to establish an LLC (limited liability corporation) or a trust to hold the Real Estate. According to your needs, we can make some suggestions and also direct you to an expertise attorney who may be able to advise you better.

If you and your parents are from out of town (another country or another state), you may want to let them know that Manhattan Real Estate market is unique and unlike anywhere else in the world. The purchase process is different than anywhere else they are from. If they are not sure of the purchase procedure, contact us directly at(646)644-6929 so we can help explain it better to them. Call us today so we can help you navigate through the Manhattan Real Estate maze. We work hard to help you have a stress-free purchase. Call Eileen Hsu (許雅嵐) at (646)644-6929 now to discuss what kind of Manhattan Condo are best suitable for you.


Manhattan Condo Tour: We are Chinese speaking Real Estate Agents in NYC!

Yesterday, our team started our 2009 Sunday afternoon Manhattan Elite Condo Tour.  The property prices ranged from $5 million to $13 million. We had about 20 or so buyers and their family and friends to join us on this fantastic tour. We received over 50+ inquiries in the first week of the launch of this campaign, and we will continue our tour scheduling for the year of 2009.  The tour features some of the best condominiums for oversea buyers, both as a second home and as investment property.

每周日下午, 金屋网组织曼哈顿高级康斗参观团(Condo Tour). 每周参观的地段不一. 欢迎免费报名参加. 参加者会收到一份分析纽约曼哈顿房地产市场的最新资料”曼哈顿地产必读”.请输入您的姓名, 电话和Email, 以便收到最新康斗免费公展信息.

Our first stop was ‘The Veneto’ 250 East 53rd Street, it is a 34 story full service building of Composed Perfection. Great amenities at the Veneto condo residences include the Fitness Lifestyle by Equinox, including Private Fitness Center and Fitness Concierge Services and the children’s play room, aptly named “Arcobaleno,” are perfect retreats for residents.

Our buyers absolutely loved the building, the location, the finishes of the kitchen and bathrooms. Some commented that the bedrooms were smaller than they preferred, but they were delighted to see that there was ample closet space in each room, and they were all in awe with the unobstructed views of the Manhattan Skyline!

Our Second Stop was the Milan, 300 East 55th Street. The buyers were very impressed by the design and style of the building lobby. They thought it was very grand, spacious and airy.

(The lobby and atrium club room were designed by Jay Valgora of Studio and the outdoor bamboo garden was designed by Ken Smith. The building has an 8-story base and chamfered corners and some angled windows.)

300 East 55th Street, Eileen Hsu

在房地产买卖中, 最重要的第一条原则是房地产的地段和位置. 曼哈顿住家房地产的位置更加重要. 因为曼哈顿面积很小, 不同地段的公寓特点独特, 位置不同, 价值完全不一样. 买不同的地段之前, 必须了解曼哈顿区域和地段. 曼哈顿可以分为以下几个地区:上城东区(Upper East Side), 上城西区(Upper West Side), 哈来姆(Harlem), 中城东区(Midtown East), 中城西区(Midtown West), 桥西区(Chelsea), 格林威治(Greenwich Village)和东村区(East Village), 叟湖(SOHO), 和华尔街金融区(Financial District).

不同的投资者, 有不同的投资目的. 一般来说, 上城东区, 上城西区, 中城西区, 中城东区, 桥西区和华尔街金融区, 有不少位置优异, 条件最佳的高级公寓, 房屋交易频繁, 非常活跃, 保值的因素最佳,出租市场更加活跃. 当然其他的地段也看到很多升值的现象. 我们房地产经纪人的主要工作是协助您找到最佳地段, 最佳公寓, 最合适你的投资目的. 帮助你找到您最喜欢的高级公寓. 我们也可以提供您的房屋出租服务.

Our third Stop was 207 East 57th Street, Place 57. Place 57, grandly located at one of the world’s most international addresses, is an inspired work of architecture thoughtfully interpreted to offer the intimate and embracing elements of home. Rising a graceful thirty-six stories, this arresting glass tower created by acclaimed architect Ismael Leyva consists of sixty-eight luxury residences. Our buyers loved the location, thought it would be very easy for them to travel to work in the morning and also be able to dash out of Manhattan on the weekend since it is right by the out of town bridges.

很多人可能认为纽约曼哈顿的房地产很难购买, 不知道从哪里开始. 我们的网站和服务, 不仅提供地产市场分析, 市场走向分析, 中国人购买房地产的特殊问题, 曼哈顿区域地段知识, 新建高级公寓购买问题, 而且提供房地产有关法律规定, 房屋贷款问题, 以及美国个人所得税和财产税问题的答案. 我们会帮您建立你的团队, 协助您在纽约找到最佳的房地产.

Last stop, we were uptown near Central Park in a Prewar building. It was a loft apartment with a massive layout of over 3,000 square feet. The seller was kind enough to provide afternoon refreshments including, coffee, tea, and pastries to allow our buyers to have a rest and enjoy the scenery. We were able to discuss with each buyer individually what they were interested in and their overall goal in purchasing and investing in Manhattan Real Estate.

High Ceiling loft apartment makes the entire space feels airy and unique. Our buyers were very pleased with this space and thought it was great to be able to live right on Central Park.

In short, our Condo Tour was a huge success. We want to thank all the buyers that attended our tour. We will continue to have the tour in different  price ranges and Manhattan neighborhoods. It will all be condominiums that are friendly for foreign buyers as second home, investment, pied-a-terred. So they too can have their very own piece of Manhattan. Please visit our website to register or to find out more information please visit: http://www.ChineseBuyNYC.com

*BUYERS AND INVESTORS, we also cater property tours for other language speaking foreign nationals or private one-on-one consultation and tour. For a tour that is specific to your needs, please contact us for specific details)*

*SELLERS AND DEVELOPERS, WE SPECIALIZE IN FOREIGN NATIONALS PURCHASING MANHATTAN CONDOMINIUMS/REAL ESTATE INVESTMENTS. CONTACT US TODAY TO DISCUSS HOW YOU CAN BENEFIT FROM WORKING WITH OUR TEAM TO MAXIMIZE YOUR MARKETING EXPOSURE TO OVERSEA MARKET. (we work with highly financial qualified buyers that are seeking to purchase multiple investment condominium units*