New York City has five (5) boroughs, Manhattan, the Bronx, Brooklyn, Queens and Staten Island with a total population of about 8.5 million (in the 2014 census estimate), with 305 square miles (790 kilometer).
The borough of Manhattan is most densely populated with about 1.7 million in 22.7 square miles (59 kilometer) in area, 13.4 miles (21.6 km) long and 2.3 miles (3.7 km) wide, at its widest (near 14th Street).
Investing in real estate property is a major investment and expense item. It is helpful to understand the Manhattan real estate market, your purchasing requirements and the buying process.
Below is the information for the frequently asked questions:
- Anyone can buy real estate property in Manhattan. The buyer needs not be U.S. citizen or permanent resident – holder of Alien Registration Card (green card).
- Buying U.S. property does not automatically qualify the buyer to apply for U.S. citizenship or permanent resident card.
- For foreign national, the easiest and fastest way to buy Manhattan real estate property is to buy new development property from the Developer and to pay cash. This type of real estate purchase will eliminate the mortgage application process and the required board application for a resale. A cash deal is always welcome by the seller.
- Know the purpose and objective of your real estate purchase both on a personal and financial level such as for investment or for personal use. Most co-ops have restricted rental policy and if the buyer is an investor, condo purchase will be the default choice.
- Know your own housing budget and affordability. The property (condo/co-op) has monthly common charge/maintenance fee, real estate tax and mortgage.
- In Manhattan, the real estate sales agent does not write the sale contract. The sale contract is prepared and processed by the seller’s real estate lawyer. The real estate lawyer handles from the contract phase to the closing of the property.
- Both buyer and the seller are represented by their respective real estate lawyer.