The Most Valuable Real Estate Market in the World
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New York, NY is America's largest city and its cultural and financial capital. With home to over 8.1 million people in the city and nearly 20 million in the metropolitan area, New York is a global city and world capital. In Manhattan, the city's center, the real estate market bucked national downward trends in home prices. Rents held or went up in most cases due to the city's highly geographically constrained supply. Investors looking to own a piece of Manhattan for investment or lifestyle purchase should be prepared to invest $100,000-$1 million of capital in this market to buy apartments starting at $300,000. While income yields are low, appreciation in Manhattan has average nearly 10% annually since 1997.
New York Quick Facts:
- #1 Most Walkable City - Walkscore
- Top 10 Greenest Cities - Move.com
- Top 10 Healthiest Cities - Self
- Most Successful City in the World - Price Waterhouse Cooper
- World's Best Trip - Travel and Leisure
Major employers in the area:
- J.P. Morgan Chase
- Citigroup
- Verizon
- Pfizer
- MetLife
- Goldman Sachs
- Morgan Stanley
- New York Life
- News Corporation
New York's economy and people are resilient
- The city is in the midst of an unprecedented technology boom, surpassing Boston as the #2 venture capital market for tech
- The city has created 76,000 new jobs since 2009
- The skyline is soaring again with many new building over 1000 feet planned
- Atlantic Yards, Hudson Yards projects underway
- Extension of 7 Subway line, new 2nd Avenue line under construction
- 150% population increase in Downtown Manhattan (post 9/11)
New York's housing market offers opportunities as low as $300,000 in Manhattan where median prices are over 3 times that number. While cap rates are low (typically in 3-5% range), a low vacancy rate of less than 1% ensures units stay rented consistently, and appreciation levels can ensure a good internal rate of return on the life of your investment.
