Condo Purchase Review for NYU Student's Child @Lower East Side
Review of Residential Condo Purchase for NYU Student's Child
Lower East Side - 'One Manhattan Square'
This is a review of a condo purchased for the child attending NYU. The client desired a convenient location for school and commuting, as well as a high-value area for future investment.
The condo purchased by Korini's client is located in Lower East Side, known as 'One Manhattan Square.' It is a special condo with a 20-year tax abatement benefit until 2039.
The Lower East Side area where this condo is located is continuously undergoing development. There are plans for the development of 3 high-rise condos around the condo, and a $160 million, 3-stage budget plan to create a public park under the Brooklyn Bridge with restaurants, green spaces, and pop-up events, making the area expected to have a high future yield.
The client's child has been residing in the condo for 3 years while attending school, and has recently converted it to rental, generating a dollar rental income of $5,400. The client is particularly satisfied with the high return on investment through the tax abatement benefit.
Condo with a 20-year tax abatement for
low taxes and high rental income
One Manhattan Square
Built by New York's top developer, Extell, One Manhattan Square is an 80-story luxury condo located in Lower East Side, Downtown Manhattan. It offers an 85% tax savings compared to other condos with a 20-year tax abatement benefit.
Internally designed by the award-winning Meyer Davis Studio, known for world-class hotels, luxury homes, and prominent boutiques, each residence showcases elegant interiors and is meticulously designed to enjoy sweeping views of the Manhattan Bridge, Brooklyn Bridge, and East River.
Lower East Side is a large-scale developing area - closely located to a $5 billion waterfront development, luxury restaurants, cafes, and various retail stores, providing an excellent living environment.
Within a 5-minute walk, access to 4 subway lines (F, J, M, Z) and ferry service from the South Street Port are available. Commute to NYU in 13 minutes by subway, 20 minutes to Midtown, and 1 stop to Brooklyn, providing convenience.
2,810 sqm luxury hotel facilities - offering residents waterfront gardens, concierge, valet service, golf simulator, bowling alley, basketball court, fitness center, squash court, sauna, spa, meditation garden, outdoor dining, swimming pool, kids' room, media room, and more.
Converted to rental after 3 years of actual residence!
Currently rented at $5,400 with tax abatement benefit for high yield!
1-bedroom purchase price $1,432,963
Current rental rate $5,400
Unit with a northwest view overlooking the East River and Williamsburg Bridge. It boasts Meyer Davis Studio's warm and modern interior design. Excellent sunlight with high ceilings and oversized windows.
The living room is connected to an open kitchen and is equipped with premium Miele appliances, including a dishwasher, as well as a washer and dryer.
Ample storage is possible with spacious built-in wardrobes, and from the bedroom, you can enjoy views of the East River and Brooklyn Bridge through oversized windows.
The bathroom is designed with marble tiles and heated floors, and features custom wood cabinets for storage and a master bathtub.