Manhattan Pied a Terre NYC (New York City)
If you are looking for a part-time residence in Manhattan, look no further than purchasing a Manhattan Pied a Terre in NYC. Over the years, Garay Real Estate, has helped dozens of clients buy Apartments for Manhattan Pied a Terre purposes. Of equal importance, we assist our clients with property management services when they are not in town.
NYC Pied a Terre buyers tend to live out of state or in the suburbs of Manhattan. On occasion, we have sold to foreign buyers looking for a second home in New York City. We pride ourselves on finding the best value for our customers and helping them throughout every step of the purchase process.
It is important to note that not every building allows for a Pied a Terre purchase in Manhattan NYC neighborhoods. This type of investment is best suited for buying in a Condo property. There are certain Co-Ops that allow for Manhattan Pied a Terre purchases, but each building and board operates differently.
We will explain all possible purchasing options for your Pied a Terre acquisition and make sure to guide you through the process every step of the way.
Documentation Required for a Pied a Terre NYC Purchase
For those of you unfamiliar with purchasing in Manhattan, the board application process can be quite lengthy. A Condo or Co-Op building wants to verify the buyer and make certain the couple or individual is qualified to live in the building. There are other residents in the building that must be protected. This is the first and foremost reason for the board application process.
In most cases, you will be required to provide the following documentation:
- Tax Returns – Certain buildings may require the most recent tax return, while others will ask for a two year history. Every building in Manhattan will want to view this information for a NYC Pied a Terre purchase
- Recent bank statement – This might be the most recent month or the previous several months. Building management will want to verify the purchase funds have been in your account during this time. If the money had been gifted, this will need to be shown.
- Employment verification letter – If a buyer is self-employed, a letter from an accountant will be sufficient.
- Pay Stubs – Typically the two most recent documents are required.
- Photo ID – A drivers license is sufficient. If the purchaser is from out of the Country, a Passport photo will be required.
A Condo unit is always our preferred recommendation for a Manhattan Pied a Terre purchase because it allows flexibility to not only visit on occasion, but to rent out in the future if desired with minimal requirements.
A Condominium building will want to see documentation, but is less stringent on the board application process. Your purchase will typically be approved, as long as you provide sufficient background information. A Co-Op building is always a lot more challenging as more rules are required.
Reasons to Purchase a Manhattan Pied a Terre in NYC (New York City)
Many NYC Pied a Terre buyers typically purchase in Manhattan for the following reasons:
- Weekend Getaway
- Frequent business trips
- Enjoying city resources
- A break from reality
A Manhattan Pied a Terre property may also be a great Apartment for a family member to visit for a few days. Perhaps you have a child or Cousin that attends University in New York City. This is a place for them frequent if necessary.
It’s important to choose a location that offers both a centralized location and neighborhood atmosphere to enjoy the best of New York City.
A Financially Sound Investment
The ideal Manhattan Pied a Terre purchase would not only allow for a personal getaway but serve as an investment vehicle as well. Parking your money into an appreciating and stable asset is always a wise decision. It is also an opportunity for possible depreciation and tax deduction purposes. We recommend consulting with your accountant regarding a potential Pied a Terre purchase.
With any NYC Pied a Terre purchase, we always suggest finding an investment that will yield a return for the future. Our selective process allows us to use technology to evaluate neighborhoods, price per sf and other metrics to determine the property that is right for you.
Condominiums and Cooperatives
There are two types of possible ownership structures that are dominant in the New York City Real Estate market, Condominiums and Cooperatives. These are very different legal holdings and present different options for an NYC Pied a Terre purchase.
Condominiums are a piece of property that can be purchased and owned directly after the request, approval, and transaction is finalized. The individual ownership of a unit sets a condo apart from a Co-Op Apartment.
A Condo building typically allows for the following:
- Easy board approval process
- Unlimited Subletting
As a result, these types of properties tend to be more expensive than traditional Cooperative units. The flexibility in Ownership and ability to hold as a pure investment vehicle make them very attractive.
These types of buildings vary architecturally, and some traditional structural details are sharing walls with neighbors or in the case of high-rise buildings condominiums are above and below one another for accessibility.
A Cooperative or Co-Op is a multi-unit building which is run by an association in close relation to an individual corporation. This association consists of all its individual shareholders who have a contract or lease to occupy the unit.
A co-op owner has an interest or share in the entire building and a contract or lease that allows the owner to occupy a unit. While a condo owner owns a unit, a co-op owner does not own the unit.
Co-Op units can be an option for an NYC Pied a Terre purchase, but typically possess these characteristics:
- Stringent board application process
- Limited subletting policy
As a result, Co-Op units can be significantly less expensive to purchase than a Condo Apartment. Depending on the building, location and Pied a Terre rules, they still may worth considering for your Manhattan Pied a Terre purchase.
Best Manhattan Pied a Terre Buildings in NYC (New York City)
If you will be spending significant time in your second home, it’s important to find a property that allows for a comfortable NYC Pied a Terre lifestyle. Several buildings we suggest include the following:
- The Bentley Condominium – 159 East 30th Street – This is a great Condominium building in a well centrally located neighborhood. It allows for an ideal NYC Pied a Terre purchase and typically has affordable monthly common charge payments
- The Milan – 300 East 55th street – A very luxurious building in Prime Midtown. With the right budget this is an incredible Manhattan Pied a Terre purchase
- 75 Wall Condominium Residences – If you dream of being in a classic New York style neighborhood such as Wall Street, look no further. In recent years, Wall Street has become more residential and now offers a neighborhood environment that was previously non-existent
- Turtle Bay Tower – 310 East 46th Street – A well priced Doorman building in the Midtown area. This property was a former print factory and offers loft-like Apartments in a Midtown setting. No two Apartments are alike
- 21 India Street – The crown jewel of Greenpoint, Brooklyn. This is a stones throw away from Midtown, Manhattan with spectacular views overlooking the New York City skyline. This is a great new Condominium that might be ideal for a Manhattan Pied a Terre acquisition
For those interested, in calculating additional information such as potential monthly mortgage payments for your NYC Pied a Terre purchase, please click this mortgage calculator.
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