Parents Looking to Purchase a Manhattan Apartment for their Children

By
Real Estate Agent with Manhattan Miami Real Estate 40ME1055359

Very few twenty-year-olds have the hard-earned financial capital to afford a million dollar piece of real estate in Manhattan. However, there are wealthy parents who purchase Manhattan apartments for their children as an investment. Every twenty-year-old has the desire to live in an area of town that they choose. So the ones who have access to capital have influence. Their thumb is on a pulse that is dictated by rising fads, not market prices. This is when investors need to start listening. Where are things happening? How can a parent tap into a trendy area, keep a child happy, and make a cool profit in the process? Let’s look at movement in the neighborhoods that entice the young and hip in New York, determine if today’s cool sets tomorrow’s high-end, and gauge if there’s overlooked investment potential.

 

In Williamsburg, tattoo parlors are still going as strong as ever. The presence of ink is welcoming to the hipsters in the neighborhood, as it maintains the raw edge of their scene amidst the luxury properties have been popping up around the region. The hipsters are faced with a conundrum. Rents remain very high. It is better to own, but few can afford to as prices march steadily upward. It is like the young and hip in the region are victims of their own sense of cool. That is where the pattern of luxury is set. Once a gentrified haven for the original trendsetters, Williamsburg’s newfound fame is driving prices up across the board. Tattoo artists in the area charge up to $350/hour for their services. These prices are reflected in the retail spaces as well. Ten years ago, retail rents off Bedford Avenue were lower than $15 per square foot, now, the area sees retail rents go for $120 to $160 per square foot.

 

Luxury real estate in New York is often born from a bed of cool, and the East Houston region is no exception. East Houston Street (i.e., East Village and Lower East Side) has also seen a transformation from crusty to cool with a more well-heeled crowd now flocking to its streets to add high-end venues amidst the scattered bars and bistros. The hipsters can be thanked for that. The sports bar Nice Guy Eddie’s on Avenue A was one of the first establishments to see “cool” replaced with high-end. It now flies under the banner of Ella and the Gallery Bar. Another new club is Jamie Mulholland‘s Five Nightclub, soon to open on Houston and Essex streets.

 

 

 

Most real estate moguls look down their nose at tattooed hipsters in purple pants, but their arrogance can be your advantage. Cool has cache, and the ability to spot a desirable scene, and one-day profitable region, out of twenty-year-old discretion, can be a powerful tool, specially for parents buying apartment for children.

 

Additional Resources:

 

“Investment Property Guide”

 

“NYC Real Estate Taxes”

 

“What taxes do foreign buyers pay when buying an apartment in NYC?”

 

 

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Topic:
Home Buying
Location:
New York New York County Manhattan
Tags:
manhattan real estate
manhattan apartment
new york city apartments
parents buying property for children
parents buying an apartment for children

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Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I remember my summer job in Williamsburg in the mid-1960's... a pretty scary place in the dark. And then there was Bed-Stuy, Bushwick... etc. How times have changed, Ricardo!

Jan 08, 2019 01:14 PM #1
Rainmaker
3,774,052
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Ricardo. The trend has been around for awhile but in NYC you had better work with an expert.

Jan 09, 2019 07:40 AM #2
Ambassador
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Ricardo Mello Love the idea of touting cool neighborhoods to parents of means. Could be a really good investment plus getting the kids a place to stay and maybe rent to a roommate.

Jan 16, 2019 03:50 PM #3
Rainmaker
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Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

That's great if you can spot the up and coming neighborhoods before they get too pricey.

May 29, 2019 04:54 PM #4
Rainmaker
1,762,309
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Great post - I just moved my daughter out of an apartment in lower Manhattan on Montgomery - a 5th floor walk up! 

Jul 28, 2019 07:46 AM #5
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Ricardo Mello

Manhattan & Miami Real Estate Agent
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