Manhattan Condo and Co ops

[Adrian Jenkins]

Hi everyone! I am seeing how affordable condos are in Manhattan compared to downtown LA where I live. I had read about the exodus in NY and CA has had its own version last year.

Some of the condos I'm seeing in the MLS as well as Co Ops seem to cash flow based on rent prices. Is there something I'm missing? I have read that Co Ops can be tough to invest in if you want to rent them out. Is this the case for all Co Ops or does it depend on the board? How about condos?

Any thoughts on this market from experienced investors?

[Jason Lee]

There are only a handful of co-ops in Manhattan that will allow investors and those aren't warrantable. Not sure what you're looking at but most condos won't cash flow until you put 50% or more down payment. There is historically low sales inventory now and the vacancy rate for rentals was 1.32% in Feb. There are tons of people moving into Manhattan now. Not out.