30 Wall Street 8th Floor | NY 10005 – New York City – USA
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The creation of Central Park at the beginning of the 20th century made this area very fashionable. Many of the wonderful mansions from that era still stand on the streets off Fifth Avenue; several have since been turned into museums or consulates. Today, the elite of New York have not ventured far from this locale, making the many pre and post war cooperative apartment buildings of Fifth and Park Avenues their home. The Upper East Side is still considered the premier neighborhood in which to live. Exclusive boutiques and art galleries line Madison Avenue. Many of the city’s exclusive private schools are located on the UES as well as a cluster of cultural institutions such as the Metropolitan Museum of Art, The Guggenheim, and the Frick (all located on Fifth Avenue’s “Museum Mile”). All of this is within walking distance of one of the greatest public parks in the world, Central Park.
The Upper West Side saw an explosion of development after the completion of the Ninth Avenue El in 1870. Today, the area is rich in elegant prewar coops and striking new condos and offers a wide range of cultural institutions, restaurants and shopping. The UWS is also home to the Lincoln Center for the Performing Arts, which houses such cultural treasures as the Metropolitan Opera, the New York Philharmonic, and The Juilliard School.
Midtown Manhattan, just north of Murray Hill is one of the city’s more bustling business centers. Many of the world’s business giants are headquartered here. Skyscrapers, such as the Chrysler, Citicorp, and MetLife Buildings dot the skyline. The hub of Midtown East is the magnificent Beaux Arts structure Grand Central Terminal.
Located along the East River in the East 40’s and 50’s are the elegant, upscale and noticeably subdued areas of Beekman and Sutton Place. These residential neighborhoods bordered to the south by the United Nations are almost entirely devoid of the hustle and bustle of midtown.
The center is the newly revitalized Times Square, named for the New York Times Tower which opened in 1906. West of Times Square is the Theater District – the home of the Broadway stage. To the east of Times Square is Rockefeller Center, which is the home of Radio City Music Hall Theatre and The Today Show and NBC’s corporate offices.
The western portion of this area (42nd Street to 59th Street) is commonly known as Hell’s Kitchen or Clinton. Here you will find an eclectic mix of old style tenements, a number of newer residential high rises, and a bounty of after-theater and ethnic flavored restaurants. Below West 42nd Street is The Garment Center District with a high concentration of fashion industry offices and retail stores, anchored by Macy’s department store which opened in Herald Square in 1901.
Gramercy Park is the city’s only private park (you need a key to enter). The architecture surrounding the Park is exceptional, and many of the townhouse and buildings were built by such famous architects as Calvert Vaux, Stanford White and Emery Roth. To the west of Gramercy Park, at the triangle created by the intersection of Fifth Avenue, Broadway and 23rd Street, is the location of the unusually shaped Flatiron Building. The entire Gramercy/Flatiron area is home to some great shopping, many trendy cafes and top restaurants, and the Greenmarket at Union Square is one of the city’s largest open air farmer’s markets in the city.
For many years one of the more overlooked Eastside neighborhoods in Manhattan, even though it is in the middle of midtown Manhattan (30’s to mid 40’s). It is an interesting mix of skyscrapers, office buildings, high rise residential towers, tenement apartments and turn of the century mansions and townhouses. Its borders are Fifth Avenue to the west and the East River to the East.
The area bounded by 23rd and 34th Street on the West side with Broadway smack in the middle was once a fashionable epi-center of commercial and retail activity. Today the area’s architecture is an eclectic mix of 19th century townhouses, high rise luxury residential buildings and old warehouses that have been converted into ultra-trendy lofts, and art galleries. As a result, today’s Chelsea has a reputation for being young, hip and cutting edge.
The East Village has an edgier, hipper feel than the West Village. The home of Alphabet City (named for the four avenues A, B, C and D along the neighborhood’s east side) this is the part of town where the fringe, outsider artists and performers have made a name for themselves. This wide ethnic history is showcased in the highly varied selection of cuisines which can be found throughout its borders. Historically considered the cheaper version of the West Village, today the East Village is quickly catching up to its neighbor with the number of trendy cafes, bars, boutiques and high property prices.
Artists, writers, intellectuals, and entertainers have given this neighborhood its hip reputation. Many have been drawn to this area because of its Old World charm. With its quiet streets, low rise townhouses, and abundance of cafes, small theaters, boutiques and music clubs, the West Village is the closest this city comes to replicating a European city. Washington Square Park, with its famous arch, is the center of The Village, a meeting ground for just about any character the city has to offer. The campus of New York University surrounds the park, and it is a great place to sit and listen to street musicians or just watch life go by. This reputation of history, charm and cool makes the West Village one of the most popular neighborhoods in the city in which to live.
Formerly industrial districts, SoHo (south of Houston) and TriBeCa (triangle below Canal) were saved from the wrecking ball in the 1960s, when the beauty of the unique cast iron fronted warehouses and manufacturing spaces that populate the area was recognized by preservationists. Today, SoHo and TriBeCa are synonymous with the trendy art scene, some of the city’s most expensive real estate and boutiques, and anything that is hip and of the moment. SoHo has an estimated 250 art galleries, and four museums. On weekends the streets are crowded with New Yorkers and tourists shopping for the latest fashions. and at night eating at many of the hottest restaurants in town.
To the east of SoHo and TriBeCa are Little Italy and NoLita. The heart of Little Italy is Mulberry Street. The area north of Little Italy (called NoLita) with its narrow streets is now being recognized as an alternative to its high rent neighbor, SoHo. Home to some of the more interesting and original boutiques in the city, unique clothing, footwear, jewelry and house wares stores populate the bustling area.
The Lower East Side (often abbreviated as LES) is a neighborhood in the southeastern part of the New York City borough of Manhattan. It is roughly bounded by Allen Street, East Houston Street, Essex Street, Canal Street, Eldridge Street, East Broadway, and Grand Street. The Lower East Side is bordered in the south and west by Chinatown (which extends north to roughly Grand Street), in the west by NoLita and in the north by East Village. It has become a home to upscale boutiques and trendy dining establishments along Clinton Street’s restaurant row.
Harlem is a large neighborhood within the northern section of the New York City borough of Manhattan.
It is located in Upper Manhattan-often referred to as Uptown by locals-and stretches from the East River west to the Hudson River between 155 Street, where it meets Washington Heights, to a ragged border along the south.
Central Harlem is bounded by Fifth Avenue on the east, Central Park on the south, Morningside Park, Saint Nicholas and Edgecombe Avenues on the west and the Harlem River on the north. A chain of three large linear parks; Morningside, St. Nicholas and Jackie Robinson are situated on steeply rising banks and form most of the district’s western boundary. On the east, Fifth Avenue and Marcus Garvey Park, also known as Mount Morris Park, separate this area from East Harlem.
The West Harlem neighborhoods of Morningside Heights, Manhattanville and Hamilton Heights are bounded by Cathedral Parkway (110th Street) on the South; 155th Street on the North; Manhattan/Morningside Ave/St. Nicholas/Bradhurst/Edgecome Avenues on the East; and the Hudson River on the west. Morningside Heights is located in the southern most section of West Harlem. Manhattanville begins at roughly 123rd Street and extends northward to 135 Street. The northern most section of West Harlem is Hamilton Heights.
East Harlem, is bounded by East 96th Street on the south, East 142nd Street on the north, Fifth Avenue on the west and the Harlem River on the east.
At the south end of Manhattan Island you will find “colonial” buildings and relics of the city’s earliest days in the shadows of the massive skyscrapers that now rise at the tip of Manhattan Island. Wall Street, the New York Stock Exchange and the Federal Reserve Bank dominate the city’s and the world’s financial landscape. Battery Park, at the very bottom of Manhattan, is the perfect place to contrast the skyscrapers that ring the area with family-friendly parks and housing with exceptional views of the city’s harbor, the Statue of Liberty and Ellis Island. The western portion of Lower Manhattan is in the midst of rebuilding after the destruction of the World Trade Center on September 11, 2001.
Hudson Yards, New York City’s newest neighborhood, is the center of Manhattan’s rapidly changing West Side. At the nexus of Chelsea and Hell’s Kitchen, Hudson Yards has been transformed into a thriving destination for foodies, fashionistas, art lovers, park goers and tourists—not to mention home the world’s most innovative businesses and trendiest urban dwellers. When Hudson Yards is completed, an estimated 125,000 people daily are expected to live, work, dine, shop, study, stroll or sightsee at this 28-acre neighborhood, which will include 14 acres of public open space, a public school and the Western Hemisphere’s highest outdoor observation deck, among its many commercial and residential buildings. Already, Hudson Yards is home to a dazzling collection of restaurants and one-of-a-kind shopping experiences, as well as a unique cultural center, first-of-its-kind Equinox Hotel®, world-class medical facilities and lush gardens. And at the heart of it all, anchoring a grand central square, is New York’s next landmark: a climbable, interactive public monument unlike any in the world. All of this is in addition to state-of-the-art office space, and the finest in luxury residences and affordable rental apartments. Bounded by 30th and 34th Streets from 10th to 12th Avenues, Hudson Yards sits at the northern terminus of New York City’s famed elevated park, the High Line, and is serviced by the 34th Street-Hudson Yards station, an extension of the No. 7 Subway line, which connects to nearly all of the city’s other lines. The largest private real estate development in New York since Rockefeller Center, Hudson Yards is being co-developed by Related Companies and Oxford Properties Group. When operational—after the second half of the project is built between 11th and 12th Avenues—Hudson Yards is expected to contribute nearly $19 billion annually to New York City’s Gross Domestic Product (GDP), and is just one piece of the overall economic impact the redevelopment of the Hudson Yards district will have on the city, state and region.
Inwood is physically bounded by the Harlem River to the north and east, and the Hudson River to the west. It extends southward to Fort Tryon Park and alternatively Dyckman Street or Fairview Avenue farther south, depending on the source.
Notably, while Inwood is the northernmost neighborhood on the island of Manhattan, it is not the northernmost neighborhood of the entire borough of Manhattan. That distinction is held by Marble Hill, a Manhattan neighborhood situated just north of Inwood, on what is properly the North American mainland bordering the Bronx. Because of its water boundary on three sides, the hilly geography, and the limited local street connections (only Broadway and Fort George Hill connect to the rest of the Manhattan street grid), the neighborhood can feel somewhat physically detached from the rest of the borough. The W.P.A. Guide to New York City, published in the 1930s, described Inwood with “rivers and hills insulate a suburban community that is as separate an entity as any in Manhattan.”
Inwood’s main local thoroughfare is Broadway, which is also designated US 9 at this point.
The northern part of Washington Heights from 181st Street to Dyckman has its own close-knit community. The quiet and quaint streets offer some respite from the conundrum commonly attributed to Manhattan. Within such an atmosphere exists the Cloisters, the Medieval collection of the Met Museum, up in the Fort Tryon park. Yeshiva University is central to this 16-block neighborhood that is always bustling with students and youngsters. The Highbridge Park adds a pretty landscape to Fort George. The A and C train runs with many local stops in and around.
Times Square is a major commercial intersection in central Manhattan at the junction of Broadway and Seventh Avenue. It acquired its name in 1904 when Albert Ochs, publisher of The New York Times, moved the newspaper’s headquarters to a new skyscraper on what was then known as Longacre Square. The name stuck, even after The New York Times moved across Broadway in 1913. Now known worldwide as a symbol of the American spirit, Times Square is home to many popular Manhattan attractions, including Hard Rock Cafe, Madame Tussaud’s Wax Museum, ABC’s Times Square Studios and where millions have gathered to see the Ball drop each New Year’s Eve.
Longacre Square started with a few brownstones built by a developer who saw potential for a new “uptown” neighborhood. Following the area’s development, people moved to the square in droves, and with them came brothels, pickpockets, and streetwalkers. Soon, in a foreshadowing of its later fate, the area turned into a veritable red-light district. In 1895, Longacre Square had a new tenant, Oscar Hammerstein I, who developed a large entertainment complex in the hopes of rekindling an interest in opera. This complex, called the Olympia, occupied a full block on 42nd Street and featured three theaters.
Times Square is the intersection of spectators and performers, tourists and locals: all the diversity of the city, the country, and the world interacting. Times Square accommodated many activities both planned and spontaneous. Much of what constitutes modern American culture has been invented and reinvented, tested and displayed in the few blocks that make up the Times Square district. By 1928, some 264 shows were produced in 76 theatres in Times Square. Today it remains the busiest theatre district in the world.
At the south end of Manhattan Island you will find “colonial” buildings and relics of the city’s earliest days in the shadows of the massive skyscrapers that now rise at the tip of Manhattan Island. Wall Street, the New York Stock Exchange and the Federal Reserve Bank dominate the city’s and the world’s financial landscape. Battery Park, at the very bottom of Manhattan, is the perfect place to contrast the skyscrapers that ring the area with family-friendly parks and housing with exceptional views of the city’s harbor, the Statue of Liberty and Ellis Island. The western portion of Lower Manhattan is in the midst of rebuilding after the destruction of the World Trade Center on September 11, 2001.
Postwar Buildings (often referred to as ‘luxury doorman buildings’) are those built after WWII to the present. They are high-rise buildings, often with smaller rooms and alcoves. Most feature through-the wall or central air conditioning and other amenities. Most have doormen.
Prewar Buildings were built before WWII. They usually have larger and wider rooms, fireplaces, hardwood floors and higher ceilings with moldings. Most, but not all, have doormen and other amenities.
Town Houses or brownstones are single family houses that in some cases have been converted into multi-unit apartment buildings. Most of these were built in the late nineteenth and early twentieth century. Many offer gardens, fireplaces, and beautiful floors and ornamental interior details. Some are landmarked.
Loft Apartments are typically found in former commercial buildings that have been converted to residential use. These often feature open spaces, high ceilings and are mostly located in lower Manhattan.
Walk-up Buildings are usually five story buildings without an elevator or doorman. They are among the most affordable housing in Manhattan, but offer no services or amenities.
New Construction Condominiums which began in the mid 1990’s are either brand new buildings (or converted loft, commercial or rental buildings that are thoroughly gutted) with apartments that have large rooms, beautiful finishes, high ceilings, exquisite baths, spectacular kitchens, many with glorious views and penthouses. These buildings usually come with fabulous amenities including roof decks, fitness centers, indoor pools, wine cellars and are designed by leading designers/architects such as Phillip Johnson, Jean Nouvel, Richard Meier, and Robert AM Stern.
Cooperatives, or Coops make up almost 80% of Manhattan’s residential real estate market. When purchasing a Cooperative apartment, one purchases shares of stock in a Corporation that owns the building and the land beneath. A stock certificate representing the purchased shares and a proprietary lease giving the right to occupy the apartment are conveyed at closing. Estimated time to close: 4 months.
Condominiums are becoming very popular in Manhattan as more and more new buildings are constructed. A Condominium is similar to the ownership of real property. A purchaser of a Condo takes title by deed for not only the apartment but also a percentage of the building’s common areas. Each owner pays property taxes to the city and common charges to the Board of Managers for their individual units. Real estate taxes are deductible, common charges are not. Estimated time to close: 2 months.
Condominiums are becoming very popular in Manhattan as more and more new buildings are constructed. A Condominium is similar to the ownership of real property. A purchaser of a Condo takes title by deed for not only the apartment but also a percentage of the building’s common areas. Each owner pays property taxes to the city and common charges to the Board of Managers for their individual units. Real estate taxes are deductible, common charges are not. Estimated time to close: 2 months.
A Town house is real property and as such the owner receives a “fee simple” deed. The owner is responsible for payment of real estate taxes and upkeep including utilities. Estimated time to close: 3 months.
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The EB-5 Immigrant Investor Program was created in 1990 by the United States Congress to stimulate the U.S. economy through foreign investment and create jobs for U.S. workers. The EB-5 visa program provides each participating foreign investor the opportunity to obtain a green card by investing in a new commercial enterprise in the United States that creates 10 jobs for U.S. workers. The current minimum investment amount is $800,000 provided the project is in a Targeted Employment Area (TEA) and is $1,050,000 in other areas.
Essentially, the EB-5 visa allows for U.S. citizenship by investment. A qualified EB-5 investor is entitled to obtain legal permanent residency in the United States with a green card. In addition, your spouse and unmarried children under the age of 21 are also eligible to acquire permanent residency in the United States under the same EB-5 application and through the same $800,000 investment (or $1,050,000 as applicable).
Your ability to live in America will not require sponsorship and therefore is not dependent on your employer, H-1B, F-1, or other visas. You are also not required to live in the location of your EB-5 project. As a permanent resident, you can live, work, own property, form a business, and attend school anywhere in the United States.
At a high level, there are five core steps to the EB-5 program:
A 1031 tax-deferred exchange is a provision under Section 1031 of the U.S. Internal Revenue Code that allows investors to defer paying capital gains taxes on the sale of investment or business property when they reinvest the proceeds into a similar (“like-kind”) property within a specified time frame. This mechanism is commonly used in real estate to preserve investment capital and grow wealth.
Key Points:
Tax Deferral, Not Avoidance: While capital gains taxes are deferred, they are not eliminated. Taxes are due when the replacement property is eventually sold unless another 1031 exchange is performed. The gains can be deferred indefinitely.
A real estate installment sale is a transaction in which the seller allows the buyer to pay for the property over time in installments, rather than requiring full payment upfront. This type of sale is often used as a financing option, especially when the buyer cannot secure traditional financing or when the seller wants to spread out capital gains taxes. Here’s a brief overview:
A sale-leaseback is a real estate transaction where the owner of a property sells it to a buyer (usually an investor) and simultaneously leases it back from the buyer. This arrangement allows the seller to free up capital tied to the property while continuing to use it for their operations. Here’s a brief overview:
Key Features:
Advantages for the Seller:
Advantages for the Buyer:
Most people are only familiar with one type of real estate ownership; fee simple, also known as freehold. It is important to know the difference between fee simple and leasehold, especially if you’re buying real estate in a leasehold state such as Hawaii along with a few other states in the United States. The difference in these two types of land tenure is very different and affects the value of the real estate.
FEE SIMPLE: Fee simple is sometimes called fee simple absolute because it is the most complete form of ownership. A fee simple buyer is given title (ownership) of the property, which includes the land and any improvements to the land in perpetuity. Aside from a few exceptions, no one can legally take that real estate from an owner with fee simple title. The fee simple owner has the right to possess, use the land and dispose of the land as he wishes: sell it, give it away, trade it for other things, lease it to others, or pass it to others upon death.
LEASEHOLD: A leasehold interest is created when a fee simple land-owner (Lessor) enters into an agreement or contract called a ground lease with a person or entity (Lessee). A Lessee gives compensation to the Lessor for the rights of use and enjoyment of the land much as one buys fee simple rights; however, the leasehold interest differs from the fee simple interest in several important aspects. First, the buyer of leasehold real estate does not own the land; they only have a right to use the land for a pre-determined amount of time. Second, if leasehold real estate is transferred to a new owner, use of the land is limited to the remaining years covered by the original lease. At the end of the pre-determined period, the land reverts back to the Lessor, and this is called a reversion. Depending on the provisions of any surrender clause in the lease, the buildings and other improvements on the land may also revert to the lessor. Finally, the use, maintenance, and alteration of the leased premises are subject to any restrictions contained in the lease. During the lease term, typically there is a lease rent to be paid and there may be periodical increases throughout the term.
The asking prices for leasehold properties are typically less than an equivalent property that is fee simple.
Important Leasehold terms to know:
30 Wall Street 8th Floor
New York, NY 10005 USA
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