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In the Media – Buying a Property as a Foreigner

Yann Rousseau, Managing Partner of BARNES New York, shared his expertise in the latest issue of Propriétés Le Figaro, a renowned European media outlet, about acquiring a property in the US as a foreigner.

You don’t need a special status

“If you are a foreigner looking to acquire real estate in the United States, you don’t need a special status,” reminds Yann Rousseau, Director of BARNES New York. “For a purely investment-driven purchase, you don’t even need to come to the US.”

“However, if you intend to spend a few days in your property, you will need a standard visa (three months) or a long-term tourist visa (six months). Be careful, renting your property short-term while you are abroad is not always possible, as most co-op buildings do not allow leases shorter than one year.”

The difference between a condo and a co-op

If you purchase a condo, you become the owner of your apartment and can rent it freely. On the other hand, buying a co-op means you own shares in a company that owns the building, which comes with stricter rules.

“In a co-op, co-owners act like shareholders and tend to be quite restrictive. They have the right to scrutinize the personality of potential tenants. Conversely, condos give owners more freedom but are less common (only 40% of the market) and more expensive (by about 20%).”

New real estate is a smart option

“New properties are appealing because they initially require no renovations, which can be extremely costly in New York. Outdoor space is not as sought-after as in Paris, given the cold climate for six months every year. However, rooftops have their enthusiasts. This luxury comes at a minimum of $3M. A property in New York requires at least $500K.”

BARNES New York has worked with hundreds of foreign European clients (French, Spanish, Portuguese) and American clients to help them find their dream apartment in New York.

Why Should You Buy an Apartment in Tribeca?

Tribeca is one of New York City’s most coveted neighborhoods. Once an industrial hub, it has transformed into a vibrant neighborhood known for its architecture, upscale dining, and rich cultural scene. Its cobblestone streets and iconic cast-iron buildings offer a unique blend of old-world charm and modern luxury, making it an attractive destination for homeowners.

How Much Does It Cost to Live in Tribeca?

As of January 2025, Tribeca stands as one of Manhattan’s most prestigious and expensive neighborhoods. The median listing home price is $4.7 million, with a median price per square foot of $2,100 (source: Realtor). This represents a significant increase from the previous year. The average home value in Tribeca is approximately $3.37 million, reflecting a 0.8% increase over the past year (source: Zillow).

The Luxury Real Estate Market in Tribeca

Properties in this area often include luxury lofts, condominiums, and penthouses, many blending historic architectural details with modern amenities. The neighborhood’s appeal is further enhanced by its proximity to other prime Manhattan districts and its reputation for offering a high quality of life.

Local Community

Dining

Tribeca boasts a diverse culinary scene, home to several acclaimed restaurants. Frenchette, located at 241 West Broadway, offers a modern take on French cuisine and was awarded the James Beard Foundation Award for Best New Restaurant. Another notable establishment is One White Street, a farm-to-table restaurant situated in a historic townhouse, which has earned a Michelin star.

Shopping

The neighborhood offers a variety of shopping experiences, from luxury boutiques to artisanal markets. Brookfield Place, overlooking the Hudson River, is a hub of arts, culture, and high-end retail, featuring an ever-changing roster of events and exhibitions.

Culture

The neighborhood hosts numerous art galleries, showcasing contemporary and avant-garde works. It is also home to the Tribeca Film Festival, an annual event celebrating independent cinema that attracts filmmakers and enthusiasts from around the world.  The area’s historic architecture, including its iconic cast-iron buildings, enhances its cultural charm and provides a picturesque setting for residents.

Summary

Prime Location: Situated in Lower Manhattan, Tribeca offers easy access to other prominent neighborhoods and is known for its safety and community-oriented atmosphere.

Luxury Real Estate: The area features a range of high-end properties, including lofts, condos, and penthouses, many with historic significance and modern amenities.

If you’re looking for a luxury real estate company in New York, check out BARNES New York to discover the luxury homes, condos, and apartments we sell all over the state of New York.  

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Why buy in a new development in New York City?

New developments in New York are redefining the city’s real estate market, offering buyers modern amenities, financial flexibility, and a hassle-free living experience.

Unlike older properties, new development condos provide the advantage of minimal maintenance and the freedom to personalize your space. With competitive financing options and fewer restrictions compared to co-ops, these developments cater to a wide range of buyers. As demand grows, early purchasers can also benefit from lower initial pricing, making new developments an attractive investment opportunity.

The pros of buying in a new development in the city

New developments in New York offer a range of advantages that appeal to a broad spectrum of buyers, especially those seeking modern amenities and financial flexibility. New development buildings, particularly those structured as condominiums, present a more accessible entry point into the competitive New York real estate market. Unlike co-op buildings, which are known for their stringent vetting processes and financial requirements, condos typically allow for up to 80% financing, with some properties outside Manhattan even accommodating up to 90% financing. This flexibility in financing makes condos an attractive option for many buyers.

Easier access

Another significant advantage of purchasing in a recent development condo building is the relative ease with which one can manage and sell the property. Unlike co-ops, which often impose strict rules on subletting and selling, condos generally permit owners to rent out or sell their units at any time without facing financial penalties. This flexibility can be especially appealing to investors or those who may need to relocate in the future.

Negotiation possibilities

For early buyers, there is also the potential to secure units at a lower price. Developers are typically required to have at least 51% of their units under contract to attract both lenders and additional buyers. This requirement often leads to more competitive pricing early in the sales process, providing an opportunity for significant savings. However, as demand increases, prices listed in the offering plan can be amended, often leading to price increases over time.

Ease of mind

Beyond the financial benefits, new developments in New York offer modern living spaces that eliminate the need for extensive renovations, which can be a costly and time-consuming process. Instead of facing the potential pitfalls of a gut rehab in a pre-owned condo, buyers of new developments are presented with a blank canvas. A fresh space where they can personalize their home with moldings, shelving, and other customizations without the need for major structural work.

Amenities

Moreover, new developments often come with a suite of amenities designed to enhance the quality of life for residents. Features such as pools, gyms, outdoor spaces, event rooms, dedicated mailrooms, and on-hand staff are common in these buildings. Providing a level of convenience and luxury that is difficult to find in older properties. These amenities not only improve day-to-day living but also add to the long-term value of the property.

Summary

New developments in New York offer a compelling combination of financial flexibility, modern living spaces, and luxurious amenities. Whether you’re a first-time buyer or an investor, these properties present a unique opportunity to enter the New York real estate market with confidence and style.

If you’re looking for a luxury real estate company in New York, check out BARNES New York to see the luxury homes, condos, and apartments we sell all over the state of New York.  

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