Tag Archives: Chinese Real Estate Agent

Where Foreign International Investors Want to Buy?

Where Foreign Investors Want to Buy
New York is expected to be the favorite city for foreign real estate investments in the U.S. and globally in 2011, according to an annual survey of members of the Association of Foreign Investors in Real Estate. Washington, D.C., came in No. 2 both within the U.S. and global markets for cities where foreign investors most want to invest in the new year.

More than 72 percent of the association members say they plan to invest more money in U.S. real estate this year than in 2010.

“As the fear of a double-dip recession has faded, investors are becoming more enthusiastic about the prospects for the U.S. economy and are taking aim at real estate investment opportunities,” says James Fetgatter, AFIRE executive director. “However their strategy is more akin to a rifle than a shotgun. Except for multi-family housing, they are not scattering their interest throughout the U.S., but rather narrowly targeting it to New York City and Washington, D.C., to an even greater extent than in previous years.”

The top U.S. city picks among foreign real estate investors in 2011 are:
1. New York
2. Washington, D.C.
3. Boston
4. San Francisco
5. Los Angeles

International students’ parents buy NYC Condos

Many of our foreign buyers are parents of International students from Europe, Asia, Canada, Latin America and other countries. Other than many career and investment opportunities, Manhattan New York has many distinguish universities and colleges that offers many international students undergraduate and graduate degrees. We helped many parents of international students from New York university, Parsons school of Art and Design, School of Visual Arts (SVA), Columbia University, the Jillard school, Cooper Union and other academic institutions.

Here are some options for international students and the parents to consider:
School dormitory: If the student is very young and new to New York, the first year or first 6 months they usually stay in the dormitory so they can familiarize themselves with the city. This option is usually more expensive than renting an non-dorm apartment in the school surrounding areas.
Renting an non-dorm apartment: This option costs slightly less than dormitory, although as an International student or foreigner, majority landlords requires extra security deposit sometimes up to 6 months of rent upfront to 12 months rent to establish relationship and security. If the student or parents do not have United States social security number, nor US credit history, the parents usually have to pay for one year upfront to obtain an rental apartment.
Buying a Manhattan New York condo or building: This is often the option for most of the international parents chose. In today’s market, there are well priced Manhattan New York condos for international students and parents to choose from.  The important thing is to establish the location, the price range and the time frame to maximize the Manhattan New York condo search.
Call us directly at (646)644-6929 to discuss your specific purchase as an international student or parents.

Buying a Manhattan New York Condo as parents buying for children, you should plan ahead, and speak with all the parties involved (not you and your child but rather the right mortgage consultant/banker, accountant and a knowledgeable Manhattan Real Estate attorney.)

  • Mortgage consultant: If you are planning to buy the condo all cash, that is always desirable when presenting offers to condo sellers. Keep in mind that you should have enough equity in case there is an increase in monthly carrying charge for this condo or other misc mishappens. 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.
  • Accountant: If you are planning to co-purchase the condo with your child, be sure to discuss the possible tax complication you may have with your accountant. Speak to your accountant prior to your purchase can be very helpful.
  • Manhattan Real Estate Attorney: In addition, speak to a local Real Estate attorney will be helpful as well since the local Manhattan Real Estate can also advise you what is the best way to structure the purchase and think about who/how should take the title of the deed.

Call us directly at (646)644-6929 to discuss your specific purchase as an international student or parents.

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).

Perfect Condo Studio for the studio seekers

NEW ON MARKET. Perfect alcove Studio for studio seekers or investors. This is one of the most sought after condominium in the heart of Manhattan. Building amenities include:Driveway, Courtyard, Garage (Accessible From Elevator Banks); Health Club; Pool; Sauna; Jacuzzi, Squash Court, Basketball Court, Table-Tennis, Central Laundry Room; Valet; Digital TV; High Speed Internet Access, Package Room & On-site Dry Cleaner. CALL TODAY FOR APPOINTMENT.

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.


100 West 39th Street-Bryant Park Tower

100 West 39th Street: BRYANT PARK TOWER: DOUBLE PARK VIEWS from this CORNER 38th Floor Condo unit. It is Overlooking Bryant Park, with Views of The Chrysler Building, Dramatic Manhattan Skyline and Through Central Park and Beyond! Sparkling, Bright, with Huge OverSized windows, this Sunswept North East One-Bedroom 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. Located in the Heart of the City.

88 Greenwich Street – Financial District New Development

As Manhattan Condominium Market is seeing some slowdowns in Sales, the new developments sales are also slowing down compare to 6 months ago.  Sellers and Seller agents are working hard to come with creative marketing to help sell more condominiums, developers are no different.

88 Greenwich Street located in the Financial District of Manhattan is one of my personal favorite New Development around. Unlike any other New Development in Financial District, this project has sold out over 90% and the last few units left are up for negotiation if the buyer has the right buyer’s representation.

88 Greenwich Street is 37-story, Art-Deco story skyscraper also known as the Greenwich Club, has been converted from a rental to a condominium apartment.

Habour Room

Library on the main level of the building with Piano bar

Sky Deck on top of the building with River views

Overall, 88 Greenwich is a fantastic project. I love the location, with three subway lines within three blocks, and the Downtown area is growing rapidly. I am told by all of my past clients who bought in the building, they told me the management and maintenance to be great, and the super was very helpful as well.

Contact us today at (646)644-6929 to find the suitable Financial District condos.

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*

Foreigner buying in Manhattan NYC Part 1: basic knowledge of Condo vs. Coop vs. Condo-op

This is part 1 or 3 parts of Foreigner buying in Manhattan NYC: As active and successful Manhattan Real Estate professionals, we often receive inquiries from foreigners wanting to invest in Manhattan New York. It is essential for Foreigner buyers or out of town buyers understand the housing market here in New York city in order for them to decide what is a best investment for them.

Foreigner buying in Manhattan NYC, basic knowledge of Condo vs. Coop vs. Condo-op:

Generally coops do not allow foreign buyers to purchase into the building because it causes uncertainty and they know that they will not be able to pursue them legally if a situation arises. Also, generally the coops do not allow subletting (renting), unless under special circumstances.

Can Foreigner buying in Manhattan NYC buy Co-ops? the short answer is no. A phenomenon that’s limited almost entirely to Manhattan, cooperative apartments have been the traditional form of owning an upscale apartment for close to a hundred years. In fact, in New York City, 85% of all apartments available for purchase – and almost 100% of the grand pre-war apartments on Fifth, Park and Central Park West – are in co-operative buildings. Co-ops are owned by an apartment corporation. When you purchase within a co-op building, you’re purchasing shares of the corporation that entitle you, as a shareholder, to a “proprietary lease.” Generally, the larger your apartment, the more shares of the corporation you own. Co-op shareholders contribute a monthly maintenance fee to cover the building expenses. The fee covers such items as heat, hot water, insurance, staff salaries, real estate taxes and the mortgage indebtedness of the building. Portions of the monthly maintenance fees are tax deductible due to the building’s underlying mortgage interest. Also, shareholders can deduct their portion of the building’s real estate taxes.

A Co-op Board of Directors has the ability to determine how much of the purchase price may be financed and minimum cash requirements. Subleasing a co-op can be difficult. Each co-op has its own rules and they should be carefully reviewed prior to application to purchase. Most of the Co-Ops prefer owner occupied the apartment to create a sense of community instead of leasing out to others. For this particular reason alone, buying Co-Op as investment may not be suitable for foreigners or investors.

All prospective purchasers must interview with the Board of Directors. Prior to the interview, prospective purchasers prepare a detailed “Board Package” which usually contains personal and professional letters of recommendation as well as a great deal of personal information concerning income and assets.

Can Foreigner buying in Manhattan NYC buy Condominiums –

The answer is YES. As more and more new buildings are constructed in New York; condominiums are fast gaining in number and popularity. It’s not surprising. As opposed to a co-op, a condominium apartment is “real” property. A buyer receives a deed just as though he or she were buying a house. Each individual apartment in a condominium receives its own tax bill. There is still a monthly common charge similar to the maintenance charges in a co-operative. These charges don’t include your real estate taxes and are not tax-deductible. The monthly carrying charge also tend to be lower than in co-ops because there is no underlying mortgage for a condominium building. The straightforward nature of buying a condo coupled with the fact, that in some cases, you can finance up to 90% of the purchase price and sublet them at will, makes condominiums the number one choice for flexibility. (in today’s market, lenders do seek more than 10% down payment to purchase even though condo board will allow 90% financing.)

Can Foreigner buying in Manhattan NYC buy Condo-op? The answer depends on the building and the board of directors. Condo-op is a coop that  functions with condominium rules. Generally there is no board approval and no interview and subletting is allowed from day one.  This however has been changing and some of the Condo-ops will conduct the process just as coop board would.  Some Condo-ops will allow subletting only after a certain time, for example, you must live in the building at least one year before the building will allow you to sublet.  Please be aware that rules in coop and Condo-op can change at anytime and the only way to change these rules is by getting involved.

Part 2 we will discuss buying steps and process and part 3 about financing options for foreign buyers. Please visit us below to see other foreigner buying in Manhattan NYC related blog series:

If you are a foreigner or out of towner that would like to invest in Manhattan New York, please call us today at (646)644-6929 to discuss your specific needs. We have years of working experiences facilitating international/oversea foreign buyers and out of towners finding the right Manhattan New York Real Estate investment. TO DISCUSS HOW YOU CAN BENEFIT FROM WORKING WITH OUR TEAM. CONTACT US AT (646)644-6929 Today!