For Parsons Student's Residence and Investment Condo Purchase Review @East Village

Our clients wanted to buy a home for their college-bound child. They chose the East Village because it is safe and within walking distance of a subway to their child’s school, the Parsons School of Design.

After touring several potential homes, the client purchased a condo in a newly constructed luxury boutique development with seven floors and 21 units in Manhattan’s East Village. They paid less than the market value for the home. The one-bedroom units in the building, completed in 2020, are already sold out.

This condo is located centrally among Astor Place, NoHo, Greenwich Village, the Bowery, and Soho, providing a vibrant quality of life for their child.

Given the current situation of significantly increased rent prices in Manhattan, there is a potential monthly profit of $6,000 when converting the condo into a rental. The clients are considering converting it to a rental after their child graduates, and Koriny will manage the leasing process.

The building, at 45 East 7th Street, was designed by leading architect Morris Adjmi. It offers a modern design that emphasizes historical elements, providing an elegant exterior and interior.

It is close to restaurants, cafes, renowned retail stores, schools, and all major transportation - with access to six subway lines. It is also a five-minute walk to Cooper Union, a seven-minute walk to New York University, and a 15-minute walk to Parsons, making it an excellent choice for college-bound students studying in New York City.

Amenities include a doorman, concierge, package room, smart home system, state-of-the-art fitness center, landscaped garden, and a rooftop terrace with panoramic city views.