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Tag: new york

Can foreigners buy property in New York? 

New York City is one of the most attractive cities in the world, and millions look to call it home. Can a foreigner buy property in New York City? Our guide tells you yes and teaches what you need to know if you are making this big step. 

New York City is one of the most exciting and promising cities in the entire world. There are quite literally millions of people who move to New York from all over the world. There are a number of reasons that entice people to this major metropolis, from its cultural pulse, to its location on the East Coast, to its place at the center of commerce and entertainment. 

New York is so appealing, in fact, that many foreign-born people want to plant their flags in New York City and buy property there. But some people aren’t sure if there are taxes and rules related to that or if it’s even possible at all. Did you know that there are some countries and cities that don’t allow foreigners to buy real estate?

Many people wonder if foreigners can buy property in New York and the correct answer is, yes, they can. However, if you are someone not born in the United States, there are a few things you should know when you are buying an apartment in New York City. You should be well aware of the requirements you’ll need to meet, the documents you will need to have, and the sort of property that you can invest in.

Buying a property in New York City is possible if you’re a foreigner but you should be sure you know what you’re doing and what steps you need to take. Thankfully, our guide will teach you everything you need to know if you’re a foreign-born investor looking to break into the New York City real estate market.  

What does a foreigner need to buy a property in New York City? 

Not only can a foreigner buy property in New York City but many already have. In fact, there are countless foreign-born residents and foreign corporations that own much of the land and property in the Big Apple. However, there will be tax implications. The IRS (Internal Revenue Service) requires foreigners to pay US income taxes on any income in/from the United States.

If you wish to be one of the many foreigners who have invested in the New York City real estate market and buy property in the city that never sleeps, there are a few things you need to have access to before you can start the process. 

Depending on your type of investment (primary residence or rental investment), you will first need to determine the best legal structure for your real estate investment. You will also need a valid passport or proof of identity, a social security number or ITIN, bank statements and other financial documents from your foreign bank, and any evidence of fund, reserves, check stubs, tax returns, and/or a US credit score.

The higher that your credit rating is, the lower your initial down payment will be. Of course, some foreign-born residents might have a low or no credit score at all with no history in the US. If that is the case, there are still properties that you will be able to buy but you will have to consult with your real estate agent. Obtaining US financing is also possible, but you will need to get advice from our agents or a real estate attorney.

Everyone, foreign-born or not, will have to place a down payment on any property they are intending to buy with financing. The amount you will need to spend varies depending on the type of loan you are granted but it is usually around 20% of the home’s final purchase price. Keep in mind that if you make a larger down payment initially, you will have less money to pay off on the property over time. Because of this, some people look to have a larger down payment so they are not tied to their mortgage payments for so much longer.

If you are getting a mortgage, you might be requested to show a consistent, reliable form of income that is coming into your bank. Any lender will want to make sure that you can afford the property you are buying and that you can make your monthly mortgage payment too. Of course, buying cash is also a faster and easier option.

Foreigners can own the property under their own name or through a company. There are pros and cons for each option, depending on whether there is a mortgage involved, or the existence of a tax treaty between the United States and the foreigner’s country.

New York City Real Estate
New York City Building

How does a foreigner buy property in New York City? 

If a foreigner decides that they want to purchase New York City property, there are several steps that they will need to follow in order to make that happen.  

Firstly, they should find the neighborhood they are most attracted to. They should have their goals in mind. Do they want to settle down with a family? Are they looking to start a business? Do they need to be close to public transportation, schools, or other businesses? All of this needs to be put into consideration. Additionally, any potential buyer needs to think about the sort of housing they want to reside in and the amenities that they require with it.  

Finding the right real estate agent is yet another step that needs to be finished when a foreigner is looking to buy real estate in New York City. This agent will be able to tell the foreigner about trends in the industry, the best places to live depending on their needs, and all the documentation that is needed to purchase property.

Once the right property is found, an offer can be made. That entire part of the process will be handled by the real estate agent and an attorney, who will make sure that all the paperwork is done. 

Why should you buy New York City real estate? 

The reasons why a foreigner would want to buy property in New York City are numerous. For generations now, NYC has been one of the most exciting places to live in the entire world. 

New York City has a bunch of different cultures all living in one place. There are people who were born in many various parts of the world who now call New York City their home. That means that you will be able to meet new types of people, experience their ways of life, their food, and their customs.

Buying property in New York can also be a very smart investment because of the resale value of New York apartments, townhouses, condos, co-ops, and more. Buying an investment property in a resilient market like New York is a good option to diversify a real estate portfolio.  

New York is seen as the center of the world when it comes to entertainment, fashion, and business. If you or your family are interested in these things or tied to them in any way, New York will make you even more connected to the pulse of the nation and the latest trends. 

What type of New York City property can you buy?

The median price of a home in New York City is about $715,000, according to PropertyShark. That is a decrease of about 7.7% from last year. You have plenty of options when you are looking to invest in the city:

Condo: Any foreigner looking to buy property in New York should think about a condo. While they are built like very large, modern apartments, you actually have full ownership over a condo when you buy it and share certain common areas, such as parking and the gym.

Co-op: A co-op is perfect for people who want to invest long-term in a home and who know they will be located in NYC for a few years. With one of these types of properties, owners are able to share in the co-op association, and the shareholders own the building and all the units. Owning a co-op requires that you participate in the co-op board, which decides who is able to buy space, and renting out is usually not allowed.

Townhouse: A New York City townhouse is usually a two or three-story building that is very spacious and situated right next door to adjacent buildings. To many, it feels like an ultra-large, multi-story apartment that is tall and narrow. Townhouses are great investments and a wonderful choice for a foreigner but they also often come with a heftier price point.

Summary

New York City is one of the most beloved cities in the entire world and that is why so many people from all over Earth want to live there. The good news is that no matter where you were born, you can buy property in New York. But you just need to be aware of a few things and remember them as you start your hunt for your new place. Contact us at BARNES New York if you are a foreign-born resident looking to make the big move to the Big Apple. 

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BARNES New York at online showcase “Bien Vivre aux États-Unis”

BARNES New York will be participating in the online fair “Bien Vivre aux États-Unis”, organized by French Morning and presented by USAFrance Financials.

“Bien Vivre aux États-Unis” is the first digital fair dedicated to French expatriates in the United States, or preparing for expatriation, offering an entire week of conferences with experts to receive advices to live better in the United States, whether you are settled there for a long time or are still dreaming of living there.

All the most essential topics of expatriation will be touched upon, including immigration, family, business, heritage, health, immigration… but also the daily life of the expatriate, to give you the keys to live your expatriation as well as possible.

The fair will take place online from September 11th to the 15th, 2023. BARNES New York will be represented by Managing Partner Yann Rousseau, who will be presenting New York’s real estate market along with powerful insights on how to buy a property in the Big Apple, accompanied by expert guests, Betty Benzakein from HSBC and Amélie Deschênes from OFX.

Join BARNES New York on September 12th at 2pm EST/20h FR for a conference dedicated to the New York real estate market.

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Why should you buy an apartment in the Upper East Side?

There are a number of reasons why someone may want to buy an apartment in the Upper East Side. This guide will take you through these reasons as well as some considerations to take into account.

If you’re looking to live in a neighborhood with a vibrant culture and authentic New York City vibes, you truly can’t go wrong with moving to the Upper East Side in Manhattan. This iconic neighborhood features historic buildings, elegant dining and shopping experiences, stunning views, and more.

Those who are new to New York City might be wondering what it’s like to live in the Upper East Side. We can confidently say that the Upper East Side is a fantastic neighborhood that has plenty to offer in terms of art, culture, food, and amenities. Whether you decide to buy an apartment in Yorkville or a luxury condo in Lenox Hill, you’ll be making the right choice.

If you’re thinking about buying an apartment in this area, there are a few things you should take into consideration — namely the cost of living, the general atmosphere, the neighborhood you want to live in, and the access to certain amenities. Let’s go over some of the main reasons why you should buy an apartment in the Upper East Side.

How much does it cost to live in the Upper East Side? 

There are plenty of beautiful apartments for sale on the Upper East Side — from small studios to large multi-bedroom units. These properties offer lots of exciting features and amenities, including modern kitchens and bathrooms, and outstanding views of the Manhattan skyline. With endless options to choose from, you should have no problem finding your dream apartment!

However, it’s important to note that the cost of living is higher in the Upper East Side than it is in most places. The average Upper East Side condo might cost around $2.15 million (As of August 2023*), but if you’re looking to buy a co-op, you should be able to get away with paying around $922,000. It’s definitely an investment, but the benefits of homeownership (as well as the benefits of having the bustling city right outside your window) make it well worth it.

*Data from UrbanDigs

Why buy in the Upper East Side? 

There are plenty of great reasons to buy an apartment in the Upper East Side. No matter what you’re looking for, you’re bound to find something that meets your expectations. This particular area is known for its elegant architecture and world-class museums. The Upper East Side offers top-notch restaurants and gorgeous parks.

It’s also home to some of the best shopping in the city, so if you’ve been itching to go on a spree, the Upper East Side is definitely the right place for you. Whether you’re a young professional looking to live in a vibrant neighborhood, a family, or a retired couple seeking a peaceful oasis in the heart of the best city in the world — the Upper East Side truly has something to offer everyone who lives there. Let’s take a closer look at some of the main reasons people buy apartments in the Upper East Side below.

Dining

On the Upper East Side, there’s cuisine to suit every taste. No matter what you’re craving, this district’s plethora of fine dining choices guarantees that you won’t be let down. Are you looking for an eating experience that will truly blow your mind? The Upper East Side is sure to exceed your expectations. Many upscale restaurants with exquisite dishes and white-glove service can be found in this affluent neighborhood, so come on down!

Shopping

Your inner shopaholic is sure to thrive in the Upper East Side. It goes without saying that the Upper East Side offers an abundance of rich, top-notch shopping centers and specialty grocery stores. This neighborhood is an absolute retail hotspot, and it’s especially known for its luxury boutiques and stylish department stores. The Upper East Side is an absolute godsend if you’re looking to find the most up-to-date styles and brands. Whether you’re shopping for shoes, dresses, purses, sports gear, cosmetics, or food, you’re destined to find something you love alongside Fifth Avenue shops.

Museums and Culture 

If you’re an art fanatic, look no further than the Upper East Side to get your art fix. Living in this part of the city means having easy access to world-class, renowned museums — such as the Goethe Institute and the Metropolitan Museum of Art. Make a day trip out of traversing the Upper East Side’s many museums, and enjoy the rich culture New York City has to offer.

Enjoy the outdoors 

Just because you live in a big city doesn’t mean you can’t enjoy the outdoors once in a while. The Upper East Side’s renowned Central Park is a major draw for people wanting to invest in an apartment there. Hiking trails, bicycle routes, birdwatching, and playgrounds are all widely available in Central Park. The calmer, more serene center and northern parts of the park are typically preferred by the locals over the busier, more tourist-friendly southern areas of the park.

While all Upper East Side residents have easy access to Central Park, there are many other beautiful parks you can visit if you want to enjoy the outdoors and fresh air. The Upper East Side is filled to the brim with parks, sports venues, waterway paths, and gardens that are ideal for unwinding after a long day’s work.

Summary

As you can see, living in the Upper East Side is an absolute dream come true! If you’re ready to start your search for the perfect apartment on the Upper East Side, you should consider working with BARNES New York. Our experienced agents will be more than happy to help you navigate the complexities of the real estate market — from finding the right property to negotiating the best deal. There are plenty of apartments, condos, and co-ops for sale, and we would love to have a consultation with you when you’re ready to find your dream home. Contact us today to learn more!

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“Invest in New York” conferences in Europe

In May, BARNES New York was pleased to host conferences in Europe on real estate investment in New York. These conferences “Invest in New York” in Bordeaux, Brussels and London were a great success.

Yann Rousseau, Managing Partner of BARNES New York, and Myriam Benhamou, Associate Real Estate Broker, presented the New York real estate market, the acquisition and financing process, and the current opportunities for new developments in one of the most attractive cities in the United States. The conferences were followed by a cocktail reception.

Conference in Bordeaux on May 25th, 2023 (Hôtel de Sèze, 23 Allées de Tourny, 33000 Bordeaux)
Conference in Brussels on May 30th, 2023 (“The Merode”, Place Poelaert 6, 1000 Brussels)
Conference in London on May 31st, 2023 (BARNES International London, 113-115 Old Brompton Road, South Kensington, London SW7 3LE)

Events that made a splash

The conferences were followed by question/answer sessions and cocktails that allowed all participants to interact on the New York real estate market in a laid-back and chic atmosphere.

BARNES New York at the NYC Real Estate Expo

BARNES New York had the opportunity to be present at the NYC Real Estate Expo 2023 at the Citi Field Stadium in Queens, New York on May 10th, 2023. The Expo brought together more than 7,000 real estate professionals, developers, investors, brokers, owners, architects, exhibitors, sponsors and individuals for a day of exchanges and meetings on the current and future environment of the real estate market.

Speakers like Thibault De Saint Vincent, President of BARNES International Realty, and Scott Durkin, President & CEO of Douglas Elliman, shared their views on the post-COVID era and the latest industry trends and news.

The BARNES New York team had the pleasure of attending to present the “Art de Vivre” luxury brand and services to the most curious. Representatives from the BARNES New York team and agents gathered for the event, reinforcing the strong position BARNES International holds on the real estate scene.

Watch Thibault De Saint Vincent, President of BARNES International Realty, for NTD News :

BARNES New York at the NYC Real Deal Showcase + Forum 2023

BARNES New York had the opportunity to be present at the Real Deal Showcase + Forum 2023 at the Metropolitan Pavilion in New York on May 4, 2023. The showcase brought together more than 3,000 real estate professionals, developers, investors, brokers, owners , architects, exhibitors and sponsors for a day of exchanges and meetings on the current and future environment of the real estate market.

Speakers like Jody Durst, President of the Durst Organization, Marty Burger, President and CEO of Silverstein Properties, Inc., and Nathan Berman, Founding Director of Metro Loft, shared their views on the post-COVID era and the latest industry trends and news.

The BARNES New York team had the pleasure of attending to present the “Art de Vivre” luxury brand and services to the most curious. Representatives from the various BARNES offices in Miami, Montreal and Portland gathered in NYC for the event, reinforcing the deep ties between the offices which perfectly illustrated BARNES’ international position on the real estate scene.

“Invest in New York” conferences in Brazil

BARNES New York and Ricardo Lowndes Dale hold two conferences on real estate investment on March 20th in Rio de Janeiro and March 22nd in São Paulo. The events were followed by a happy-hour cocktail and met  with a lot of success.

Yann Rousseau (Managing Partner of BARNES New York, Westchester & Connecticut) and Adrien Gouirand (Consultant at BARNES New York) spoke in Rio de Janeiro and Sao Paulo to present the New York real estate market and its opportunities, new developments projects as well as an introduction to the buying process in the US and how to invest abroad.

The main topics discussed during the conferences were:

  • The right time to buy
  • The state of the real estate market in New York
  • The buying and financing process in the United States
  • The opportunities in new developments

What is the current state of the real estate market in New York?

Despite the US recession, we do not expect prices for existing properties in New York to decrease. However, the real estate market might experience a slight drop in supply and demand. Currently, the euro is recovering against the dollar and new constructions increasingly stand as very good buying opportunities for both resale and rental.

What are the most popular types of property?

New York consists of various neighborhoods that are very different from each other, whether in Manhattan or Brooklyn, but among them, neighborhoods such as TriBeCa, the Upper East Side, Midtown and Soho are very attractive. As for Brooklyn, the districts of Dumbo, Caroll Garens, Gowanus or Cobble Hill are very popular.

In addition, new developments are becoming the new trend, because they offer many advantages in terms of finishes, equipment, tax exemption and rental/resale potential. This type of modern, new property is becoming the new target of many buyers. Many clients also seek a family-friendly aspect in a home with more space, which is why multifamily buildings are also highly sought after by families or investors alike. Finally, do not neglect the pre-war buildings, which are also in great demand for their charm and their reduced costs.

A friendly event that caused a sensation

Following the conferences, a short questions and answers session took place, followed by a happy hour cocktail between all the guests to network and learn more about the New York real estate market in a relaxed and chic atmosphere.

“Invest in New York” conferences in France

On January 24 & 26, BARNES New York was pleased to host conferences in France on real estate investment in New York, followed by a cocktail. These conferences “Invest in New York” in Paris and Lyon were a great success.

Yann Rousseau, Managing Partner of BARNES New York, Westchester & Connecticut, and Adrien Gouirand, BARNES New York consultant, lead the discussion in Paris and Lyon in order to present the New York real estate market and its opportunities. The following agenda was discussed :

  •     How is the New York real estate market?
  •     Why is it the right time to buy?
  •     What are the opportunities in new developments (and property tax exemptions)?
  •     What is the buying and financing process in the United States?

The New York real estate market

The New York real estate market is witnessing a decline in supply and demand. Despite the U.S. recession, we do not expect a decline in prices for existing properties. On the other hand, the euro is recovering and new constructions represents very good buying opportunities for both resale and rental.

The most sought-after properties

Although more expensive, new developments have many advantages in terms of finishes, amenities, tax exemptions and rental/resale potential. Pre-war buildings are also in high demand for their charm and lower costs. Finally, multifamily buildings are also highly sought after by families or investors looking to rent several apartments.

The most popular neighborhoods in Manhattan are Tribeca, the Upper East Side, Midtown and Soho. As for Brooklyn, the neighborhoods of Dumbo, Caroll Garens, Gowanus or Cobble Hill are very popular.

Events that made a splash

The conferences were followed by question/answer sessions and cocktails that allowed all participants to interact on the New York real estate market in a laid-back and chic atmosphere.

Video realized by Enzo CANNATI

Photos by Radu CASUNEANU

What is the real estate market like in Westchester? 

The Westchester County Real Estate Market has been in high demand lately, in large part, due to the global pandemic. As a result, more than ever, people are leaving New York City and traveling north, trying to find property in less crowded and more spacious areas while still remaining a train ride away from all the big city action. 

Homes, condos, townhomes, and even rental units are selling for record prices. As a result, the supply is dwindling. And buyers are jumping on whatever they can get and almost always enter competitive bidding wars that often send the property’s sale price over what was originally asked. 

Just how competitive is the Westchester county real estate market? 

According to a report put out by Bloomberg last year, properties in Westchester have been in such high demand that the supply of the properties, if it continues at its current rate, will be completely drained by the end of the year. In Westchester County’s history, a shortage of that severity has never been recorded before. 

And because of that shortage, the Westchester County Real Estate Market is very tense and properties are now being sold for record rates.

Why is Westchester county so competitive? 

One of the main reasons the Westchester County Real Estate Market is so competitive is because of its close proximity to New York City. It’s no secret that while many people want to move out of the city, they do not want to cut ties with it completely. They want to remain close, and Westchester being the first northern county to border New York City proper, keeps them close. 

But that’s not all—Westchester county is also known for its high quality of life, and its experienced workforce, including more than a few Fortune 500 companies. All these features make the Westchester County Real Estate Market a good place to invest.

Are there any parts of Westchester not as affected by the real estate market? 

Unfortunately, not really. As a whole, Westchester County is in a lower supply of properties than usual. That low supply has driven up the selling price of available properties.  

According to a report by Miller Samuel, the selling price for properties in Westchester County has increased, on average, by approximately 1.5% from the previous year. In comparison, the number of properties being sold fell by nearly 13.4% in that same period. That means more people are trying to buy than sell in the Westchester County Real Estate Market.

What are the most in demand cities and towns in Westchester? 

Anything along the coast is always in high demand, and places like New Rochelle and Larchmont up to Rye and Port Chester, which have picturesque waterside views and thriving downtowns, are avidly sought. And then there are places like Yonkers, Tarrytown, and Croton-on-Hudson, all of which are located along the Hudson River and similarly popular. 

Why is the eastern coastline in such high demand? 

The eastern coastline of Westchester County consists of New Rochelle, Larchmont, Rye, Port Chester, and a few other cities and towns. They are home to many young and experienced working professionals and ample nature parks. 

What can I expect in New Rochelle? 

New Rochelle is the southernmost coastal city in Westchester and the seventh-largest city in the state. It is approximately 15 miles to New York City (Manhattan), which translates to just over 20 minutes away by car or thirty minutes by train.  

New Rochelle is chock full of everything water-related. It has sailing schools, yacht clubs, rowing clubs, nature preserves, museums, and beer gardens. Its own downtown offers everything you need, so you don’t need to make the trip to New York City if you don’t want to. 

The average sale price for its homes is often around $415,000, making it far more accessible than the city itself. 

What can I expect in Larchmont? 

Larchmont is immediately north of New Rochelle and its average sale price for homes at the time of this writing was $1.6 million USD. 

Larchmont has a walkable downtown, plenty of spacious homes, and offers all of the same conveniences as New Rochelle, like parks, yacht clubs, and ample beaches. 

What about Rye and Port Chester? 

Rye and Port Chester are the northernmost waterside cities on the eastern coast of Westchester. Rye’s average sale price for homes is $1.6 million, while Port Chester sported a cheaper $598,000 price tag, on average. 

Rye is a food haven—there are ample restaurants, cafes, and coffee shops that dot its enviable downtown, and there is no shortage of explorable parks. Of the coastal cities in the county, it has a more suburban feel to it, and most residents own their homes. 

Port Chester is just north of Rye and offers plenty of museums, movie and performing arts theaters, and an abundance of restaurants downtown. Plus, being so close to Rye, any of Rye’s amenities are just a short drive, or train ride, away. 

What about the cities along the Hudson River? 

The Hudson River cities of Yonkers, Tarrytown, and Croton-on-Hudson carried a smaller price tag for homes than the eastern coastline. The sale price for homes in the river cities is approximately $750,000 on average, with Tarrytown driving that average up. 

What is Tarrytown like? 

Tarrytown is a diverse city with idyllic tree-lined streets and Victorian-style homes. Many of its residents describe Tarrytown as quiet, peaceful, and beautiful. And it’s that beauty and style that have inspired many well-known works of art, including the novel ‘The Legend of the Sleepy Hollow.’ 

Home prices here sell for around $1.4 million on average. 

What is Yonkers like? 

Yonkers is the closest Westchester city to New York City, and originally began as an industrial extension. However, that was its past; Yonkers has since been transformed, while keeping its historical buildings intact, into a residential haven filled with four-star restaurants, luxury properties, and a booming downtown. 

It’s got great culture and diversity to boot too, and, with the prices of homes starting near $342,000, you can do little wrong buying property here. 

What about Croton-on-Hudson? 

Croton-on-Hudson is located at the intersection of the Croton and Hudson Rivers. It is a 5-square-mile town that is packed with plenty of things to do and eat. Of the mentioned Hudson River cities, Croton-on-Hudson has the most suburban feel to it, but it comes with many amenities like highly-sought-after housing, high-end restaurants, and plenty of scenic parks. 

On average, its home prices are typically around $951,000. 

When is the right time to buy in Westchester? 

Real estate is a tricky subject right now. There are more people wanting to buy property than there are people willing to sell their property. Because of that reason, the selling price often goes above and beyond the asking price.  

As a result, buyers should be ready to be bidding against a handful of other interested parties. 

For more information on Westchester and its real estate market, contact BARNES New York! 

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What are the advantages of buying in a new real estate development in New York? 

New York City is always bustling with people who have places to go and goals to achieve. It’s a beautiful city for real estate investment, as it perpetually attracts tenants looking to rent a home for vacation, for a semester of school, or for the long term.  

In addition, NYC is an amazing place to purchase a secondary home, as there are countless sources of entertainment and shopping, most of which are very easily accessible on foot or by public transportation. So whether you are looking for a new home for your family or an investment rental property, BARNES New York has the resources you need to navigate your way through your purchase. 

While NYC offers plenty of historical real estate, there are excellent advantages to exploring new real estate developments within the city, which often include elements of historic architecture in conjunction with the conveniences of modern, upgraded materials and amenities. BARNES New Developments has preferred access to developers. Our team consists of agents with top-notch negotiation skills as well as a thorough knowledge of different parts of the city to help you find your new home.  

How can I save money buying new real estate in New York? 

Some buyers shy away from newer developments because of the price tag; however, luxury purchases are excellent investments. Updated properties offer increased value and are often built better due to the advancement of construction and materials. They know that these details are extremely important when purchasing in the luxury market.  

For example, 35 Hudson Yards was built with hand-picked limestone all the way from Germany, giving it warm, welcoming features. 108 Leonard incorporates majestic, historical architecture and combines it with more modern features to create beautiful units and common areas. Finally, buyers will want to check out 130 William Street, as it features luxurious Italian Pietra stone kitchen countertops. The upgraded materials and intentional features add value to all of these luxury properties and will likely reduce the need for renovations in the near future. These characteristics are one of the advantages of buying in a new real estate development in New York.

Furthermore, other unique details of these new developments certainly add to their value as well. For example, 277 Fifth Avenue offers floor-to-ceiling windows and columns that were intentionally placed along the perimeter of the building to avoid blocking the view. In addition, One Wall Street features tiled mosaics and a landscaped rooftop terrace for residents to enjoy views of the NYC skyline. New York City is known for its beautiful views, and these properties deliver what buyers want to see.  

These features increase the value of luxury residences and therefore tend to increase the return on investment for those looking to rent or sell their property. BARNES New Developments provides our clients with services for buying, selling, and managing these types of properties, and our agents have the knowledge and experience to be able to identify unique features that help elevate luxury buildings in NYC. 

Will I save money on utilities by investing in a new real estate development?  

Newer developments tend to implement more affordable and eco-friendly utilities, saving the buyer money on energy costs. For example, 565 Broome SoHo incorporates a sophisticated curtain-wall system that helps to retain heat in the winter and generate solar energy in the summer. This reduces the cost of energy as well as the negative impact of consumption on the environment.  

15 Hudson Yards boasts an on-site emergency generator, in case of loss of power, that contains efficient boilers to help reduce electric costs. Electricity tends to be one of the most expensive utilities for renters and homeowners, so these eco-friendly implementations can truly make a difference in overall costs and count as one of the major advantages of buying in a new real estate development in New York.

At BARNES New York, we are always on the lookout for properties that offer efficient, low-maintenance utilities to save our clients money and reduce negative impacts on the environment. Additionally, newer developments are able to incorporate updated technologies, such as more efficient energy systems and water-efficient plumbing, to reduce these costs. 

What kinds of unique amenities are included in new developments in NYC? 

Rooftop patio in New York City with a table and chairs standing on a paved area surrounded by green turf overlooking a view of the downtown skyline and skyscrapers

BARNES International Realty recognizes that another advantage to investing in new real estate is the availability of updated, state-of-the-art amenities, which add value to the property. Some of the more popular amenities include services and spaces dedicated to the health and wellness of residents.  

For example, 53 West 53 features a gorgeous dining area that overlooks Central Park as well as a 65-foot lap pool and a golf simulator. It is conveniently located above the Museum of Modern Art and boasts amazing panoramic views. 130 William includes an infinity-edge spa pool, a yoga studio, and a fitness center with a terrace to elevate your health and fitness experience. 200 Amsterdam, located in the Upper West Side, has ‘his and hers’ steam rooms, a yoga and pilates room, and an infrared sauna. All of these amenities add up in value, especially if they are saving you money on luxuries many people typically spend money on, such as gym memberships or billiards clubs. All these savings are true advantages of buying in a new real estate development in New York.

Additionally, many new luxury real estate developments offer other lifestyle services, such as doormen, concierge, and memberships to museums or other venues of interest. The Kent, located in the trendy Upper East Side, offers doorman these services 24 hours per day. Additionally, this development boasts a complimentary one-year membership to the Lincoln Center for Performing Arts. 

7 West 57 offers a virtual concierge so that residents can conveniently schedule services, such as restaurant reservations, by phone or computer. 300 West, located in West Harlem, includes two reception areas and a lobby that is attended 24-hours a day. These types of amenities increase the value of the real estate, as they provide modern luxuries that tenants highly desire.  

Luxury New York City real estate can be overwhelming to navigate, but the opportunity to invest in these new real estate developments makes them worth the thorough consideration. Thankfully, BARNES offers agents who have extensive experience working with luxury properties.  

Our agents are informed of the materials and architectural subtleties that help add value to new properties, ensuring buyers get the best value possible. In addition, we are always on the lookout for unique amenities that will save our clients money and add convenience to their daily lives. If you are considering investing in a new property in NYC, please contact our fantastic team at BARNES New Developments. 

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