There is no other city in the world that compares to New York City. NYC has always been known as the epicenter of cosmopolitan living. New York is home to fine dining, a hot social scene, arts and entertainment like you’ve never seen before and a variety of lifestyle choices. There are so many fabulous areas of New York to set up real estate. There is the famous Museum Mile along Fifth Avenue and the sought after Soho and Meatpacking District.
What makes New York unique is its culture and artistic architectural designs. It has shown constant innovation with its contemporary buildings and distinct skyline. Even though New York City is only a radius of 305 square miles, the value of combined real estate is over $1.5 trillion. The Upper East Side is just a few blocks away from Central Park and is a highly prized location. This area of New York alone is worth $96 billion. The bustling area of Manhattan is said to be valued at $733 billion.
New York City is a prime location for real estate investing. However, it is very expensive and known as the most expensive city in the world. This doesn’t mean there is little to no opportunity for you to be able to invest. There are several ways you can make a profit with New York real estate without even living there. If you plan on purchasing a property to lease out, you should invest in a turnkey property. This will allow you to quickly turn the property around and get a renter in there immediately. There are even companies that specifically sell turnkey properties in New York. This allows a greater opportunity for investors to buy in NYC without having to reside there.
You can still manage your investment from afar with a trust property management group. They can handle everything you normally would without you having to travel back and forth to New York. You can also consider a real estate investment trust or (REIT), which allows both global and local investors the ability to invest in NYC real estate. In most cases, you can invest in residential or commercial properties or mortgage loans. A real estate investment trust can help you find the most sought after commercial properties in Union Square and Grand Central Station.
A more difficult alternative is to purchase New York real estate property directly. This can be tricky because of the inherent real estate demand. As an investor, you may also face stricter requirements if you choose this option. You are competing with thousands of investors for the same properties, so it can be hard to find a good deal. The bottom line is, there is an opportunity for anyone who is serious in investing in New York City residential or commercial real estate. If you have the funds and can act quickly, you shouldn’t have a problem making it happen. It is important that you educate yourself on the risks involved before taking advantage of this hot market.