Real Estate Investment

If I live in Australia, can I purchase an NYC apartment to use when I’m in town and rent out the rest of the time?

Q: I live in Australia and want to purchase an apartment in NYC that my family can use when visiting, and that will then become part of a rental pool. What net return can I expect and, being an Australian citizen, can I borrow in the US? Read More.

I own a building on West 84th between Columbus and Amsterdam–how do I develop the property to maximize its value?

Q: I own a 5-story, 19/92 building on West 84th between Columbus and Amsterdam. If I fully renovate the units, what would a unit be worth? I also want to know what layout and room count would make it most valuable. Read More.

I want to make an offer on a Fannie Mae property, but it needs work, so I plan on offering less than they’re asking. What do you think?

Q:  I have an opportunity to purchase a Fannie Mae property that needs work, 75% of which I can do myself. I plan to make an offer of about $40,000 less than they want, because the house not only needs a lot of work, but I won’t be able to sell right away, I will rent. Is there anything I should check out beforehand? I know the house is offered AS IS, so I think I have a chance. Thanks. Read More.

Who I should talk to regarding my brother’s investment as a foreign citizen?

Q:  My brother is a foreign citizen, and has come to know that foreigners will be allowed to invest in housing in the USA if a proposed bill gets passed in senate. I wanted to know who I should talk to regarding this investment; should I talk to a real estate agent or a lawyer in this regard? Thanks. Read More.

How can I prevent my daughter from wasting money on a new car and go forth purchasing as co-owners on an income property?

Q:  My daughter is scheduled to finish college this spring. I have $40,000.00 saved that we didn’t use on her tuition. I suggested that we purchase as co-owners an income-producing property. She clearly does not want to either live in and/or assist me in managing the property. However, she does not object to this notion. Question: When she is given the money, how can I avoid her wasting it on a new car and go forth with the co-ownership plan? What’s your advice? Read More.

When will the 4th quarter Hamptons/North Fork highlights be available?

Q: When will the 4th quarter Hamptons/North Fork highlights be available? Read More.

Our son rents and is now ready to buy. Assuming there’s money for a co-op or condo purchase, which is advisable?

Q: Our son rents in Manhattan and is now ready to buy. Assuming there is money for a co-op purchase or a condo purchase, which is advisable? He is looking at co-ops in the neighborhood he wants to live in. We live in NJ, own our own home and are not in the mindset of sharing in a corporation and have no experience with NY real estate. And yes, we are learning that condos are more expensive. We want to learn about co-op vs. condo so we can help him. Thank you for your professional advice. Read More.

I have a commercial/residential property in upstate New York that I want to put on the market. 75% of the property here is owned by non-residents.

Q: I have a commercial/residential property in upstate New York that I want to put on the market. It was built in 1892 as a railroad hotel and boarding house. The location is terrific. 75% of the property here is owned by non-residents, most of them from outside areas. Is this something you may potentially be interested in listing? Read More.

I have the opportunity to buy commercial property. Is this a smart investment?

Q: I have the opportunity to buy a commercial property that the owner paid $500,000 for in 2007.  The property records show it as assessed at $372,000.  I am willing to offer $495,000 as he will hold the mortgage for 15 years.  I will in turn rent out the space to cover itself and use part of the remaining space for my business.  At this price, is this a smart investment?  I would not plan on selling this space for at least 10 years. Read More.

How do I get email alerts for new Elliman listings? Also interested in innovative “movable walls”

Q:  Two questions: How do I go about getting email alerts for new Elliman listings for prewar apartments in Manhattan of more than 2,000 sq ft? Second question: Is there an expert at Elliman that could recommend loft architects? Interested in innovative “movable walls” or ways to partition without destroying the open feel of a loft. Read More.