If you are thinking of buying Investment apartment in New York City, this summer is the time to make it happen. You will have much less competition because primary homebuyers have fled the sales market as a result of high mortgage rates and economic uncertainty.
Where should you look for an investment apartment to get the best deal? Realtors are suggesting areas that young tenants desire—like the Lower East Side, neighborhoods like Tribeca where inventory is tight, and new, convenience-filled projects in places like downtown Brooklyn and Williamsburg. Neighborhoods like Washington Heights and Central Harlem are where you can find discounts.
You can find many premium apartments in these areas for less than $1,000,000, which means you can also skip Palace tax. Another way to save some cash on your investment is to look for places with low carrying costs.
To help with your apartment search, here are five apartments for under $1,000,000 in Yorkville, Tribeca, Downtown Brooklyn, Central Harlem, and Hell’s Kitchen.
This two bedroom, one bathroom is listed for $849,000. The condo It has built-in floors, wood floors, exposed brick, recessed lighting, stainless steel appliances, high ceilings, moldings, and pocket doors. The building is pet friendly. Monthly maintenance is $1,280.
This studio is listed for $900,000. Apartment 7B has wood floors, high ceilings, central air, stainless steel appliances, floor-to-ceiling windows, built-in lighting and in-unit washer and dryer. Amenities include a concierge, a luxury living location, bike storage, and a rooftop deck. The common monthly fee is $789 and the monthly tax is $1,138.
This one bedroom, one bathroom is on sale for $950,000. Features high ceilings, floor-to-ceiling windows, hardwood floors, track lighting, stainless steel appliances, central air, and in-unit washer and dryer. The building contains a virtual concierge, a gym, and a bike room. The common monthly fee is $758 and the monthly tax is $461.
This two-bedroom, one-and-a-half bath room is listed for $965,000. The apartment has stainless steel appliances, wood floors, moldings, built-in units, separate air conditioners, a gated backyard, mudroom, and washer and dryer inside the unit. The building has a car park. The common monthly fee is $266 and the monthly tax is $662.
This one bedroom, one bathroom is listed for $975,000. Apartment #2G has a foyer, high ceilings, hardwood floors, stainless steel appliances, recessed lighting, floor-to-ceiling windows, central air, private storage, washer and dryer inside the unit. The building has a concierge, bike room, gym and super living. The common monthly fee is $1,145 and the monthly tax is $938. The tenant is present until April 2023.