We work with many foreign buyers including United Nationas Status buyers, some are from out of town and would like to buy a piece of Manhattan Real Estate as long term investment, some buyers are looking for a second home when they are in town, some are relocating to Manhattan New York for career, and some are relocating here because they work for the United Nations.
United Nations status buyers are diplomats and some are United Nations employees, they all have different visa status, and as we navigating through the maze of Manhattan Real Estate, it is important to establish a clear understanding of their visa status to narrow our search as to what building/condo or co-ops will work for each buyer.
United Nations status buyers and their Price Range - Manhattan housing market consist of Condominiums, Co-operatives and Townhouses. The differences between each housing product is explained in detail in our other blog series. To briefly explain, buying a condominium is compared to buying a single family house, you are buying a real property. On the opposite end, buying a co-operative, you are buying a share of a cooperation, where there is a board of directors that will decide all the rules and if you plan to sublet or renovate the apartment within four walls, you will need the approval of this board of directors. Condominiums price starts about $1,000 per square feet, and Co-operatives starts about $500 per square feet, the prices are determined by location, condition, exposure, and the market condition and inventory. As United Nation status buyers, there are only few Co-operatives will accept United Nations status buyers, Co-Operatives tend to shy away from non-United State citizens or no permanant United States residents. However, each Co-operatives have their specific house rules and policies, contact us and we can help you check each single building before you start your search to avoid wasting time. On the other hand, condominiums welcomes foreign buyers with or without UN status.
United Nations status buyers and Financing Options - To obtain financing in United States, lenders requires the borrowers to have minium United States credit history up to two years. Many United Nations status buyers have United States credit history, The ones with credit history, there is a possibility finding financing through major lenders. If not, United Nations do have their own credit union that allows the UN buyers borrow money through their own banks. If you are a United Nations status buyers, please contact us and we discuss your specific status to see if financing is an option for you.
We are experts in assisting foreign buyers including United Nations status buyers in finding their perfect Manhattan Real Estate. Contact us by email at ehsu(@)elliman.com or Morgan.Evans(@)elliman.com or (917)837-8869 to receive prompt assistance.
Read more about our expertise in the blogs series below:
- Foreigner buying in Manhattan NYC Part 1: basic knowledge of Condo vs. Coop vs. Condo-op
- Foreigner buying in Manhattan NYC Part 3 - financing options for foreign buyers
- Foreigner buying in Manhattan NYC Part 2 - Steps to Purchasing an Apartment
- How to Buy a Manhattan New York Condo (Part I) as first time home buyer
- How to Buy a Manhattan New York Condo (Part II) as first time investor
- How to Buy a Manhattan New York Condo (Part III) as Parents Buying for Children
- Dos and Don't before you buy Manhattan Real Estate!
CALL US TODAY at (917)837-8869 or (646)644-6929 to discuss your specific Real Estate needs.