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325 Fifth Avenue – Midtown South Fifth Avenue Condo

325 Fifth Avenue-Midtown South Fifth Avenue Condo

325 Fifth Avenue is a 250 unit condominium building located in New York City’s Murray Hill offering luxury condo apartments for sale. Announced in 2004 and completed in 2006, 325 Fifth Ave is located right across from the Empire State Building. This 50 story tower has some of the best Empire State building views in a luxury high rise full service building.

This Fifth Avenue condo at 325 Fifth Avenue has 24 hour attended lobby has both a doorman and concierge. Walking through the buildings glass facade and into one of the more spectacular lobbies, including a waterfall, impala dark black granite floors, custom designed walls and an amazing floating wood coffered ceiling.

325 Fifth Ave condo features a second floor 10,000 square foot residents club. Showcased with a fitness center, swimming pool, sauna and steam rooms, massage room, yoga studio, cardio facilities, children’s playroom, lounge area featuring a fireplace and pool table. These common elements are all included within the building.

325 Fifth Ave is a convenient Midtown South/Murray Hill location. With quick access to Midtown and the Flatiron District with Empire State and skyline views from many of the balcony’s found in the apartments make this a desirable building.

325 Fifth Avenue Apartments in the building feature loft-like proportions with higher ceilings, large windows and many have outdoor space. To receive specific pricing and find the perfect 325 Fifth Ave condo, contact us now. Call (917)837-8869.

International students’ parents buy Manhattan 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.

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.
Looking to buy a condo for your son or daughter? Fill out the form below and we will contact you promptly to help you out.

You can also call us directly at (917)837-8869.

Facts about True Foreigners invest in Manhattan New York Real Estate

We work with many Foreign National buyers and investors from different parts of the world, we often have to explain to the buyers about the Manhattan New York Housing Product (Condo or Co-Op). Often, we encounter the question….

“Can a Foreign National Buyers and Investors buy a Manhattan New York co-op?”

Co-ops are 90% or more of New York Real Estate. Co-op buildings are governed by Co-op Boards, the co-op board makes essential decision about the building and set building house rules and policies. Among those decisions, Co-Op board of directors approve and interview every potential purchaser.

Foreign National Buyers or Investors to buy an apartment in a co-op building are not easy for several reasons:

Co-op purchaser approval takes weeks — if not months — and is a rigorous and notoriously difficult process. The majority of co-ops only approve buyers with New York employment, US income tax and excellent credit history in the US. The law doesn’t require a co-op to even provide an explanation for a potential buyer’s rejection.

There are often restrictions on how much financing a buyer can use (for example, no more than a certain percentage of the unit price).

Almost all co-ops restrict the right to sublet your apartment, which makes it unattractive to investors. Usually, co-op apartments cannot be rented out at all or can be rented out for 1 or 2 years after a certain number of years of owner occupancy.
Co-ops regulate your use of the apartment in many other ways… including having guests or performing renovations.

When selling (or renting it out when allowed) a co-op, your buyer will be subject to co-op approval as well, which reduces the number of qualified buyers and therefore reduces the price of your investment.
There are often additional “flip taxes” on the resale of a co-op to discourage speculators.

All these measures are intended to protect interests of other co-op shareholders and make sure that a new buyer is financially stable, and will always be able to pay for monthly maintenance, improvements and expenses of the building. In addition, often residents of co-op buildings often view their building as exclusive clubs and want to make sure that the building attracts only a certain type of people who use it in a certain way that makes all the residents comfortable.

The purchase price of most co-ops is 10-20% lower than that of condos. Monthly expenses (maintenance), on the contrary, are usually slightly higher and include utilities, maintenance expenses, real estate taxes, and the corresponding share in the mortgage indebtedness of the building… if the building has a mortgage loan. In addition to the mortgage interest on their own loan, co-op shareholders can deduct their portion of the corporation’s real estate tax from their taxable income.

Still, co-ops can be attractive for those who would like to use the apartment as a primary residence or as a pied-a-terre in Manhattan . For the most part, co-ops are older (prewar) buildings with beautiful authentic features, fireplaces, high ceilings, moldings… and sometimes even their own gardens.

8 Union Square South-a popular Union Square NY Condo

This Union Square NY condo was built in 2007, and selling very quickly, this 14 story boutique condominium is located at 14th and University Place. Built by the Claremont Group, 8 Union Square South is a full service luxury doorman building. There is an on-site gym, exclusive membership to Quintessentially for all of your concierge needs.

8 Union Square South is located at the crossroads of Union Square and Greenwich Village you have all of the best restaurants at your fingertips with views of Union Square Park.

The condominium apartments at 8 Union Square South have Valcucine kitchens with Sub-Zero refrigerators, Miele cook tops, separate wall oven, and dishwasher. Bathrooms feature limestone floors and Waterworks fixtures. Floor to ceiling windows and 10 foot ceilings with most of the apartments having open views to Union Square Park.

Prices start for the 2 bedrooms at $2.5 million
Prices start for the 3 Bedrooms at $4.5 million
Call us today at (917)837-8869 for updated and specific pricing of your Union Square condo.

Union Square condos-The Petersfield at 115 Fourth Avenue is a truly rare condominium building.

This prewar loft condominium building located at the crossroads of the East Village, Union Square and Greenwich Village neighborhood offers a unique opportunity. One of the only loft condominium buildings in this area, you will find 12 foot ceilings, extremely generous floor-plans, large windows, full time doorman and a rooftop deck.

115 Fourth Avenue-Petersfield Condo is located at the corner of 12th St and Fourth Avenue the Petersfield offers the convenience of the Union Square neighborhood with the neighborhood community of Greenwich Village. This Union Square condo is walking distance to the many restaurants of the East Village make this a highly desirable location.

Union Square condo Petersfield – 115 Fourth Avenue Market Report: In 2010 this 70 unit pet friendly condominium building had studios starting at $850,000. One bedrooms sold for between $990,000 and $1,100,000. And Two bedrooms for $2,195,000. Currently as of Jan of 2011 there are two bedrooms asking $1,795,000-$2,195,000.

425 Fifth Ave New York NY 10016

A towering 67-story limestone and brick tower, 425 Fifth Avenue was built in 2003. This 178 unit building is one of the tallest residential buildings in the Lower Fifth Ave/Murray Hill neighborhood. Setting this building apart is that there are only a few apartments per floor. With some of the premier views of the Manhattan skyline, including the Empire State building, East River and downtown city vistas.

425 Fifth was built as a luxury full service doorman building. Building residents have at their access a wealth of amenities including, a two floor fitness center, indoor pool, a children’s play room, public terrace & entertainment room, locker rooms, steam, sauna and treatment rooms, sun terrace, screening room, business and conference center, private storage space and wine storage.

425 Fifth Ave offers studio, one, two, and three bedroom luxury residences. Finishes and features will include modern and updated kitchens including granite counter tops and back splashes, 9-foot ceilings, hardwood floors and in-home washer and dryers. 5 piece bathrooms including a soaking tub, custom vanities, Carrera marble tops and glass-enclosed showers.

Amazing views, spacious and luxurious apartments with the convenience of a fully outfitted doorman building make 425 Fifth Ave a building to be seen.

Call us directly today to find your dream Fifth Avenue condo in Manhattan New York.

Glossary of Terms Types of Manhattan NYC Buildings Types of NYC Manhattan Buildings: Brownstone, Pre-war, Post-war, Lofts, high-rises

Brownstones or Townhouses These are typically 4 to 6 story buildings built in the 1800’s through the early 1900’s.

They are either single family houses or have been converted over the years into multiple apartments. As a single family home, a townhouse or brownstone offers buyers privacy and the ability to purchase without the cooperative board process. Some apartments in townhouses can have grand living spaces and, therefore, will be quite expensive. Generally, these buildings afford more “charm”, with features such as gardens, fireplaces, beautiful floors and ornamental wood moldings. In almost all cases these buildings will not have a doorman. One can also purchase a coop or condo unit in a townhouse building. The term “brownstone” refers to the type of material used as facing on the front of the structure.

Pre-War Buildings Prewar buildings are those built before World War II.

These buildings are usually ten to twenty stories, provide spacious apartment lay-outs, gracious architectural amenities with features such as larger rooms, fireplaces, hardwood parquet floors and higher ceilings. These can be doorman or non-doorman buildings.

Post War Buildings These buildings were built between the late 1940’s through the 1970’s. They are generally hi-rise and are constructed of white, red or brown brick. Most will have doormen. Postwar apartments may actually afford more living space than their prewar counterparts in studio, one and two bedroom sizes. They have ample closets, live-in superintendent and laundry facilities.

Hi Rise Full Service Buildings These are generally associated with new construction or are apartment buildings that were built from the 1980’s through the present. They are typically condominiums, twenty to forty or more stories with doorman and concierge services. Other amenities often include: health clubs and swimming pools, valet services and parking garages

Elevator Buildings This description is usually reserved for a non-doorman building that is six to twenty stories tall.

There is usually an intercom security system, and some may have video security. These buildings could fall into either the pre-war or the post-war category.

Loft Buildings These buildings either were previously built for commercial or manufacturing purposes and are now used for residential living spaces or are newly constructed as loft buildings.

The spaces typically offer higher ceilings (9 feet-20 feet), open spaces and original details such as supporting columns, tin ceilings, etc. They are usually found in Greenwich Village, SoHo, TriBeCa, Chelsea, Flatiron, Nolita, and lower Manhattan and often do not have the services of a doorman.

Walk-Up Buildings This is the least expensive type of housing, and the quality can vary widely. Usually these are 4 to 5 story buildings with no elevator, hence the term “walk-up.” They were originally constructed as multi-family housing and lack the charm and elegance of traditional brownstones or townhouses.

Call us at (917)837-8869 directly for your Real Estate information.

NYC Apartment Terminology (Studio, Alcove, Alcove Studio, Duplex, Loft Area, Classic)

Familiarize yourself with the following terminology. It’s almost all unique to New York City. It’s also important to know that we speak in “number of rooms,” as well as using the definitions below.

A room in Manhattan must be at least 100 square feet and have a window…except in the case of a kitchen. Most kitchens are considered rooms, unless they are Pullman types, which would be found as part of the living room. And we don’t count baths as rooms. So, a Three Room Apartment would be comprised of a Living Room, a Kitchen and a Bedroom. A Four Room Apartment would have a Living Room, a Kitchen, Two Bedrooms, or One Bedroom and a Dining Room. You’ll hear the term Half of a Room, e.g., Three And A Half Rooms. This means that the Living Room has an alcove adjacent to it which is not quite the size of a true room, or in some cases it may mean a foyer large enough for dining. Review the list below, and check with us for further clarification.

STUDIO One or two rooms with combined living and sleeping area. If the studio is one room, the kitchen will be of the Pullman variety. If it is two rooms, the kitchen will be separate.

Alcove is an area adjoining the living room space of an apartment. It is generally less than 100 square feet and is not considered a full room, but often called a half room. It can be used as a “dining alcove” or “sleeping alcove”. Depending upon size, it may actually be “walled off” to create an additional bedroom.

ALCOVE STUDIO – This is either a one and a half or two room apartment with a separate alcove, often L-shaped, which can be used as a sleeping area.

JUNIOR OR CONVERTIBLE This is an apartment with an alcove off of the living room which can be converted into a bedroom or used for dining.

A Junior 4, for instance, would be a three room apartment (living room, kitchen and bedroom) which has the potential to be four rooms by using the alcove space to create an additional room.

DUPLEX In New York this means an apartment with two floors or levels, not two apartment units.

LOFT AREA This is an additional space created in apartments with very high ceilings. The loft area is constructed above the traditional living area, accessed by a staircase or ladder, and used for extra storage, sleeping or living space (e.g., a mezzanine).

CLASSIC The word “classic” is usually followed by a number indicating the number of rooms in an apartment.

It is generally associated with pre-war apartments that meet a criteria of room numbers and design for buildings of that period. However, a “classic” can exist in a post-war building, assuming it follows the same guidelines. As an example, a “classic six” is comprised of a living room, dining room, kitchen, two bedrooms, and a maid’s room.

Call us directly for additional Real Estate questions at (917)837-8869.

Manhattan New York Real Estate (housing market) is made up with Co-ops, Condominiums, Townhouses and Rental Apartments.

Many of our first time or out of town buyers have often seen ‘SPONSOR’ unit Co-Ops, it is important for buyers to understand the difference of each housing product so they can make a better and educated buying decision between a traditional Co-Op and a Sponsored Co-Op apartment.

“Sponsor units have NO BOARD APPROVAL! When an individual or company converts a rental building to a co-op or condo, the first transfer of an apartment, or “sponsor unit” does not require board approval. Sponsor Unit: Apartments that are held as an investment by the sponsor, the original developer who built the building or converted the building to a co-op. Sponsor apartments are usually exempt from board approval.

REMEMBER: Sponsor units command a premium because people who might not pass a board can buy them.

Basically, if you aren’t a candidate for a co-op building and can’t quite afford a condo, keep an eye out for a sponsor unit!
Buyers of a sponsor unit should take note that they will need to pay NY State and NY City transfer taxes, and often the seller’s attorney fees.

You still have to submit a board package (Homeland Security! The management company needs to know who is moving into their building) and you almost always have to abide by the building’s house rules as far as sublet requirements and pets.

Although it varies from sponsor to sponsor, you may be able to put down less than the minimum financing normally required by the building.

Call us at (917)837-8869 directly for your Real Estate information.

Understanding the Products: (Co-Ops, Condos, Condops, Townhouse)

Buying an apartment in New York City will be an exciting and also daunting experience. Because New York City offers a unique buying experience with many of its own quirks and differences the first step for any New York City first time homebuyer or first time investor is to become well informed and educated about the different real estate products you will be looking at to ensure your experience will be as calm and rewarding as possible.

1. Co-Op:

A phenomenon that’s almost unique to Manhattan, the Co-Op Apartment, has been the traditional form of ownership in New York City for the last century. About 80% of all apartments available for purchase 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.” The bigger your apartment, the more shares of the corporation you own.

Standard Co-Op apartments:

Board approval is required. You are buying shares of corporation, you are required to put down 20% or more of down payment, there will be a full financial disclosure, debt to income ratio requirement and board interviewing process. Each Co-Op building has their own financial requirements and criteria, some are more flexible than others, such as allowing guarantor, co-purchase, gift money from parents, pied-a-terre, your debt to income ratio, work history, down payment required…

Subleasing a co-op can be difficult. The board of directors will have to approve the prospective tenant subleasing your apartment. Each building will have their own rules regarding for how long you can lease your unit and other criteria.

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.

Sponsor Co-Op apartments:

NO Board approval is required. These are Apartments that are held as an investment by the sponsor , the original developer who built the building or converted the building to a co-op. Sponsor units command a premium because people who might not pass a board or don’t want to go through a board approval process can buy them.

For example, a sponsor unit would be a good choice for parents who want to buy an apartment for a child who is a student. A sponsor unit may be the best apartment for someone who is not working, or only has a short job history. Buyers of a sponsor unit should take note that they will need to pay NY State and NY City transfer taxes, and often the seller’s attorney fees. You still have to submit a board package (Homeland Security! The management company needs to know who is moving into their building) and you almost always have to abide by the building’s house rules as far as sublet requirements and pets.

2. Condominium:

Unlike Co-ops, you are buying Real Property. You hold title to your apartment unit plus a percentage of the entire project in common with all other owners.

Resale condo apartments:

These apartment units are previously owned. The sellers are individual owners. There is still a monthly common charge similar to the maintenance charge in a co-operative. These charges don’t include your real estate taxes and are not tax deductible. They also tend to be lower than in co-ops because there is no underlying mortgage for a condominium building.

There is no board approval process like a co-op, typically you can finance up to 90% of the purchase price and sublet them at will. Condominiums are the number one choice for flexibility. Because there is more scarcity and flexibility owning a condominium there is a premium paid to own a condominium compared to buying a co-op apartment.

New Development Condo apartments:

These apartments are brand new construction or pre-construction. They are being sold by sales agents of the developer. Buying into new construction has its perks such as being able to pick out the best apartment unit that suits your need, particular floor apartment, or apartment built to your specification if you get in early… Some of the disadvantage of new development would be, uncertain on closing date, not able to know exactly what the apartment looks like, the building management track record, and the possible higher closing cost than resale condo apartments.

3. Condop: Co-Op with Condo rules.

The special hybrid of a Co-Op and a Condo, the Cond-op. When buying into a Cond-op, you are buying shares of corporation, as you would be if you were buying into a standard Co-Op, but the major difference is that the policy and the rules of the building will be Condominium rules. These rules would be unlimited sublet policy, able to resale the apartment unit immediately with no board package and interview, investor friendly, a lot more flexibility.

4. Townhouses:

Townhouses are sometimes bought as hey are non-uniform units in certain neighborhoods or streets in New York City that are designed to mimic detached or semi-detached homes. The distinction between dwellings called just “apartments” or “condos” is that these townhouses usually consist of multiple families, usually multiple floors. The price range of the townhouse is usually higher than single unit of condo or co-op apartments.

Which is Best for YOU?

That really depends on your specific situation and what your goals for purchasing are. If you are looking to buy an investment property and rent it out immediately then a condo or condop would give you the most flexibility. Are you a first time buyer who has fallen in love with prewar apartments with their high ceilings, fireplaces, ornate details, well then a co-op will probably be in your future. Are you looking for privacy, a house in the city, more square footage than in a high rise, looking for an exclusive property, a townhouse might be a good option. What type of property is best for you depends on your personal preferences, your financial situation, your long term goals, and many other important factors. If you have just started thinking about purchasing it may be in your interest to contact a real estate agent for a free consultation regarding what type of property in New York City might be right for you.