About Manhattan's Flatiron

Flatiron District

Named after the neighborhoods signature building, the Flatiron Building located at 23rd and Broadway. This neighborhood is approximately bounded by Union Square to the South, Madison Square Park to the North, Gramercy Park to the East and Chelsea on its western border. The Flatiron District is appropriately named due to its signature building but its a relatively new neighborhood. The name was coined in the late 1980′s as the area gentrified with new residential apartments and restaurants started to find their way to this once commercial neighborhood. Once known as the Photo District or the Toy District, the Flatiron moniker was established as a real estate term for this promising area.

The neighborhood is in relative proximity to many popular neighborhoods such as Union Square, Greenwich Village and Gramercy Park. There is a variety of restaurant choices and shopping within its immediate vicinity. The area is mainly made up of low rise buildings but has a number of prominent high rise office and residential towers. Residential real estate choices are plentiful as there are many new condominium properties and both co-op and rental buildings to choose from.

Easy transportation and multiple bus and subway lines make this a popular area. Being so close to many cafes, new and established restaurants, and nightlife choices make this a desirable downtown neighborhood. The Union Square Park on its southern border is a highlight of the neighborhood. The Union Square Farmer’s Market is one of the largest and most popular farmer markets in all of New York City.

Contact us (917)837-8869 for your specific Manhattan Condo in Flatiron or other vibrant Manhattan neighborhoods.

If you are a foreign national, international buyer looking to purchase property in Manhattan New York, now there may be financing option available to you. The borrower should meet the following requirement in order to qualify. This is offer (updated on 10/3/2011) through Douglas Elliman Capital Mortgage company.

Below are general requirements, each borrower will have very specific list of requirement based on individual:

• $450,000 minimum loan amount, $3,000,000+ maximum loan amount 40% minimum down payment

• 18-60 months post closing reserves are required, depending on loan amount

• Borrower must establish an escrow account equal to 9 months PITI

• Borrower must establish a second account designated for automatic loan payments

• Income documentation required

• Eligible property types include co-ops, condos, single family homes

• Title may be held in the name of a corporation

• 75 day rate lock

**WE ARE NOT MORTGAGE BROKERS**, we are Real Estate agents that are have successful experiences working with foreign international buyers in Manhattan New York. We work with mortgage professionals that can provide financing for you if you are seeking financing. Call us today (917)837-8869 to discuss your Manhattan New York Real Estate purchase.

To better familiarize yourself as Foreign nationals buying in Manhattan New York, read these blogs articles below:

1. Can Foreign international buyer buy a Manhattan NYC condo?
2. Foreign Buyer Frequent Asked Questions
3. Use Local Expert for you Manhattan New York condo purchase
4. How to determine a good Manhattan New York condo investment

We are Manhattan NY condo agents, we have helped many out of town buyers (parents) buying for their son or daughter that is currently living in New York city for work or school. Our team covers various neighborhood of Manhattan from South of 125 Street all the way to Financial District. We also cover some certain neighborhoods of Brooklyn such as Brooklyn Heights, DUMBO, Williamsburg, and Downtown Brooklyn.

If you are parent and looking to buy for your children, here are Five Big Tips for you:

1. If you or your parents are new to Manhattan New York market, please know that there is condo and coop market. There is about 20-30% price difference between both housing product. If you are looking at properties online, it is important for you to know that not all coop will accept a parents buying for children scenario.
2. If the parents are buying a condominium for child, a good rule of thumb would be $1,000 per square foot for Manhattan Condominiums. This price per square foot will vary based on location, condition, building amenities, size and many other variables. But to keep things simple for you, at $1,000 per square foot, if you plan to spend $500,000, we are most likely going to be focusing on studio to alcove studio apartments.
3. Time frame: What is your time frame as to purchase a condo or co-op here? Does your child have a lease that may expire soon? If there is no financing involved, a resale condominium requires about 30-45 days to process a condo application once the contract is signed. If it is a Co-Op, it can take anywhere from 90 days to more to process the co-op board package and interview. If you need financing, the process can be much longer for both Condo and Co-Op.
4. Funds: Is this going to be an all cash transaction? Or is it going to be financing? Prepare your funds and liquidate out of any money market for the down payment is essential. In Manhattan New York, at contract signing, we will require 10% of purchase price as down payment. If you need financing, the bank may require you to put down 20% or more of the purchase price in order to obtain financing.
5. Title of the property: Many of our buyers structure deals differently based on their specific needs and financial picture. Some prefers to co-purchase the property with their young adult child, some prefers the young adult to take title on their own, some prefers to establish an LLC (limited liability corporation) or a trust to hold the Real Estate. According to your needs, we can make some suggestions and also direct you to an expertise attorney who may be able to advise you better.

If you and your parents are from out of town (another country or another state), you may want to let them know that Manhattan Real Estate market is unique and unlike anywhere else in the world. The purchase process is different than anywhere else they are from. If they are not sure of the purchase procedure, contact us directly at(917)837-8869 so we can help explain it better to them. Call us today so we can help you navigate through the Manhattan Real Estate maze. We work hard to help you have a stress-free purchase. Call us at (917)837-8869