If you’re thinking about buying an investment apartment in New York City, this summer is a good time to make it happen. You’ll have much less competition because buyers of primary residences have fled the sales market as a result of rising mortgage rates and economic uncertainty.
Where should you look for an investment apartment to get the best deal? Brokers suggest areas where young renters want to be—like the Lower East Side, neighborhoods like Tribeca where inventory is tight, and amenity-laden new developments in places like Downtown Brooklyn and Williamsburg. Neighborhoods like Washington Heights and Central Harlem are where you can find discounts.
You can find many stand-out apartments in these areas priced under $1,000,000, which means you also can skip the mansion tax. Another way to save some cash on your investment is to look at places with low carrying costs.
To help with your investment apartment hunt, here are five condos for less than $1,000,000 in Yorkville, Tribeca, Downtown Brooklyn, Central Harlem, and Hell’s Kitchen.
320 East 86th St., #5B, Yorkville
This two bedroom, one bath is listed for $849,000. The condop has built-ins, hardwood floors, exposed brick, recessed lighting, stainless steel appliances, high ceilings, moldings, and pocket doors. The building is pet friendly. Monthly maintenance is $1,280.
50 Franklin St., #7B, Tribeca
This studio is listed for $900,000. Apartment #7B has hardwood floors, high ceilings, central air, stainless steel appliances, floor-to-ceiling windows, built-ins, track lighting, and an in-unit washer and dryer. Amenities include a doorman, live-in super, bike storage, and a roof deck. Monthly common charges are $789 and monthly taxes are $1,138.
110 Livingston St., #12G, Downtown Brooklyn
This one bedroom, one bath is listed for $950,000. It features high ceilings, floor-to-ceiling windows, hardwood floors, track lighting, stainless steel appliances, central air, and an in-unit washer and dryer. The building has a virtual doorman, live-in super, gym, and bike room. Monthly common charges are $758 and monthly taxes are $461.
2577 Frederick Douglass Blvd., #2577B, Central Harlem
This two bedroom, one and a half bath is listed for $965,000. The apartment has stainless steel appliances, hardwood floors, moldings, built-ins, split-unit air conditioners, a fenced-in backyard, mudroom, and an in-unit washer and dryer. The building has parking. Monthly common charges are $266 and monthly taxes are $662.
350 West 53rd St., #2G, Hell’s Kitchen
This one bedroom, one bath 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, and an in-unit washer and dryer. The building has a doorman, bike room, gym, and live-in super. Monthly common charges are $1,145 and monthly taxes are $938. A tenant is in place until April 2023.
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