For millions of people, New York City holds an appeal that is not easy to explain. A concrete jungle where dreams are made of, more than 250.000 new residents make their move here every year. They often start working in a restaurant or store and work their way up the ladder of their American dream. That's why people love New York so much, not because anything is possible here, but because they believe anything is possible here.
There are nearly 1.7 million people living in Manhattan alone, an island of only 23 square miles. What is so particular about New York City is that a large portion of these people are high net worth young professionals with an average income of well over a $100,000. Now that sounds like a lot, but when you are paying an average of $3,500 per month to live in your apartment, it becomes pretty relative. The City just attracts high potential and talented people on practically all industries.
New York proudly calls itself the most diversified population in the world. There are practically people from all around the world living here. This results in a unique cultural diversity, reflected in the wide array of activities and restaurants. You can go out for dinner in a different restaurant for the rest of your life in New York! Broadway and Lincoln Center offer top quality shows, concerts, ballet and opera year round.
The city of New York welcomes 60+ million visitors per year and continues to be the United States’ premiere city destination. Around 20% of these were international visitors. Hotels have seen occupancy rates close to 90%. The total impact of tourism is $70+ billion.
Tourism is the fifth largest industry in NYC. Also in the top 5, are Legal services, Financial services, Media, Advertising, Fashion. Noteworthy is that through the efforts of Mayor Bloomberg, New York City has the fastest-growing tech Industry in the U.S. Although online trading has turned Wall Street into a museum, New York is still home to most of the Fortune 100 companies.
New York City’s fashion industry employs 173,000 people, accounting for 5.7% of the City’s workforce. Home to more than 75 major fashion trade shows, plus thousands of showrooms, NYC attracts hundreds of thousands of fashion visitors each year. The leading fashion schools in the nation are located here headed by the Fashion Institute of Technology and Parsons The New School for Design.
With over a hundred universities represented in the New York area, the Big Apple is also home to over a million students. Some of the best Universities are located in Manhattan, like Columbia (116th and Broadway, Upper West Side) and New York University (Washington Square, Greenwich Village). But there are many other public and private institutions of high quality like The New School. and Cornell..
New York City is a sunny place. Central Park sees the sun 234 days a year, of which half of them are plain out beautiful. With four seasons one enjoys a white Christmas and is able to ski only a 5 hour drive from here. Summers are hot and humid, so many escape the city to their Hampton beach getaway a couple of hours away. Spring and Indian Summer make for the most pleasant time to visit, which are between May thru June and September thru October.
There are two types of return owning an apartment will render. First, if you choose to rent out the apartment, it will yield income. A typical net income return (deducting common charges and taxes) will be between 2.50 and 3.00 dollars per $1,000 invested, or 3.0% to 3.6% net income return. In addition, one may expect some sort of appreciation of the property. According to research, the last decade showed an average annual appreciation of 2.5% (this includes the 2008-2009 financial crisis!).
Source: The Elliman Report. For a more detailed investment analysis please contact us.
New York may sound expensive, but it is not the most expensive city in the world. As a matter of fact, it ranks only #9 in the world when it comes to real estate, after cities like Tokyo (#8), Paris (#4) and Monaco (#1).