4 of New York's Priciest Condos

Hunting for a condo in New York City has never been for the faint of heart. With some of the priciest real estate in the world, shopping for a new living space in NYC can present a financial challenge to all but a very select group of the extremely wealthy. However, even the wealthy need a little help in looking over the options.

Budgets for Billionaires
720 Park Avenue may not sound like a bargain hunter's neighborhood, but with an asking price of just $27,500,000, this condo would definitely qualify as one of the more affordable in the selection of top end NYC condos.

This is a 14 room condo built in 1929 by Rosario Candela. With 80 feet of frontage onto Park Avenue, the unit gets lots of light and offers a wonderful cityscape view. There is a 30-foot living room, three fireplaces, original plaster moldings and herringbone floors. All in all, a nice little spot for the budget conscious.

A River Runs By It
There is also a 7,687 square-foot condo on the 14th floor of the Superior Ink building, located at 400 W. 12th street,  that offers a panoramic views of the Hudson River and lower Manhattan.

Designed by Robert A. M. Stern and developed by renown Related Properties, this yet to be finished unit is listed at $35.75 million. With construction still underway, this would be a good time to suggest any special amenities you might have in mind.

A TriBeCa Treat
Yes, there really is something nice south of Columbus Circle, and it can be yours for somewhere in the neighborhood of $45 million. This is the penthouse at 145 Hudson and was designed by James Carpenter to look like a crystal box in the sky.

The 7,500 square-foot, four bedroom, four bathroom duplex features a large wraparound terrace, museum quality insulated glass, and walls that allow art work to avoid damage from the sun.

A Walk in the Park
If you're looking for something a little closer to the park though, there is a nice little place at 50 Central Park South, just above the Ritz-Carlton, which is listed for $77.5 million.

This is a nice unit with two-levels, featuring a 900 square-foot living room on the 31st floor and offers one of the nicest views of Central Park of any of the NYC condos available. At that price though, you'd better hurry.

NYC Condos: The Best of the Best

Luxury is the key element for the most prestigious NYC condos. With sophisticated design, premium services and lavish amenities, these condos are the best of the best in New York City.


15 Central Park West

Two limestone-clad towers make up this impressive condominium complex, which was fully completed in 2008. The two towers conveniently sit on the corner of Central Park West and West 61st Street. They are connected by a glass enclosed lobby and a scenic 60 foot wide courtyard separates them.

There are 75 different floor plans to choose from, ranging from spacious one bedrooms apartments to full floor penthouses.  Additionally, there are 30 suites available for purchase to residents for guest apartments, staff or private offices. The apartments are designed with chef kitchens, premium appliances, luxurious bathrooms and generous sized bedrooms. The floor to ceiling windows offer stunning views of the city and Central Park.

Residents are provided with first-class amenities, including a private dining room where an in-house chef can accommodate up to 80 guests with full service catering. The 14,000 square foot fitness center features state of the art workout equipment, along with a brilliant 75 foot swimming pool and two steam rooms. Residents also have access to a 1,400 square foot meeting room, private screening room and a game room.


Time Warner Center

This stunning twin tower complex, which was completed in 2004 reaches from 58th Street to 60th Street. It is a mix-used building which includes 198 apartments, a 1,200 seat jazz theater, the Mandarin Oriental Hotel and several  upscale retail shops. Conveniently, there is also a Whole Foods Market located in the basement.

These luxurious NYC condos are designed with 60 different floor plans available. You can choose a spacious one bedroom, a full floor penthouse or a duplex with up to 4 bedrooms. In the custom designed gourmet kitchens you will find top of the line appliances. Hardwood floors, high ceilings, marble accented bathrooms and expansive walk-in closets give even more appeal to these exceptional apartments.

These twin towers offer an abundance of amenities to residents. There is a stunning glass enclosed 75 foot swimming pool, along with a deluxe spa situated within the state of the art fitness center. A well equipped children's playroom and a beautiful landscaped roof deck are also available for residents. Additionally, there is a 24 hour valet service, concierge and doorman ready to welcome residents home.


Trump International Hotel and Tower

At the corner of Central Park sits this famous 44 story mix-used tower, which was redesigned in 1997. The bottom 17 floors of the tower are home to 168 hotel rooms. From floors 18 to 44 you will find 166 brilliantly constructed condominiums.

The apartments have been designed with sophistication in mind. Innovative appliances sit among Snaidero Italian cabinetry and a full height center granite shelf in the gourmet kitchen. The luxurious bathrooms are designed with marble or limestone floors and walls and over-sized air jet and whirlpool baths. Large floor to ceiling windows provide amazing views of New York City and Central Park.

Residents can enjoy a world class spa and health club with top of the line equipment, which includes a stunning swimming pool. They are also provided with in-home dining and full catering services for guests or a romantic dinner for two. In addition, they have access to a dry cleaning and laundry valet, full service concierge and 24 hour room service. Banquet and meeting rooms are also available for residents.

These extraordinary NYC condos offer exceptional amenities to meet all of your living and pleasure needs. They are indeed the best of the best in New York City.

Financing NYC Condos

If you are ready to make the move and purchase one of the many NYC condos currently on the market, there has never been a better time than right now. Interest rates are at an all-time low and NYC condos are at their lowest prices in years. All of which makes for an opportune time to get your own little piece of the American dream, but only if you qualify for financing.

New York City is a place like no other, and that applies to its housing and lending options as well. There are several factors to consider before committing to the purchase of a condo. In order to get the best deal and the best rate, you need to thoroughly understand what all is involved in your getting qualified for condo financing. Ideally, this process should start a good two to three months before you actually plan on purchasing, in case you run into any unforeseen issues. For qualification purposes, your lender is going to run your credit, check your work history and factor your income and expenses; this is done to confirm you do qualify and for how much. Most lenders that loan on NYC condos are looking for a credit score of at least 740, for Private Mortgage Insurance (PMI) purposes; if you are not in that range, you may have to do some credit clean-up to raise your scores. In some cases, you might be able to get away with a lower credit score, but only if you can put more money down towards the purchase.

Regardless of where you go to obtain financing, the steps you must take are all going to be the same. The lending guidelines are strict when it comes to NYC condos, mostly because of the high risk of default on this type of property. To make up for that risk, lenders now ask for bigger down payments, higher credit scores and a bevy of other stipulations that must be met prior to loan approval. You still have choices as to the type of loan product you wish to obtain, but keep in mind that if you plan on going with any of the government-sponsored enterprises (GSE), such as FHA, Fannie Mae or Freddie Mac, the condo project you choose must either be an approved condo project at the time of purchase or the project must meet certain criteria. If you want to bypass the guessing game, you can search Fannie Mae for the current list of approved NYC condos.

Once you find the perfect condo, and before you make an offer, make sure to get all of the particulars on the project, particularly what additional maintenance or association fees you are expected to pay. All of these charges must be factored into your loan's debt-to-income ratio, and you have to fall within the strict limits set by the lender. An overlooked fee of just $25 dollars can sometimes get your loan denied. You definitely do not want this to happen once you are already in contract; having to bow out of a purchase might mean you have to forfeit your earnest money deposit. Another important fact to consider is that condo loans usually take longer to close because of all the criteria that must be met. To protect yourself and your interests, make sure your real estate agent and your mortgage broker are both familiar with the complexity of purchasing a condo, and all it entails. Buying NYC condos is not rocket science, but it does require a team effort and skilled dedication from everyone involved in the transaction.

New York City Condos: Prices on the Decline!

The prices for New York City condos have seen a decline in the first quarter as new buyers prefer to buy moderate to lower-cost studios. They are also happy to manage themselves in one-bedroom units, which is mainly because of the previous rising rent of the city’s condos and apartments.

However, the good news for condo owners in New York is that the prices for New York City condos have suffered the least decline out of the major metropolitan cities across the states. After the housing market peak, the prices of the New York City condos registered a fall of 14% since its last peak. However, the counterpart cities like Los Angeles, San Francisco and Chicago have registered a dip of 40 percent, 35 percent and 33 percent respectively.

The price listings for all condominiums and co-ops drastically changed in the last three months. The decline was registered first in Manhattan and Los Angeles. Astonishingly, more than 50% of the sales revenue was accounted for studios and single bedroom units.

The increasing price and sophisticated feature-based accommodation has made the rental market too hot for people to make an investment. They are finding it easy to buy a starter home to cater their basic needs. The low rates of interest are letting more people take a step ahead to buy their starter home at a very early stage.  This resulted a hike in the prices of studio deals by 19 percent over the last fiscal year.

Over the last several years, the market peaks in the prices for condos, both for sale and rent has made tenants think of buying their own home. People have found themselves comfortable living in a small cozy home, rather than spending lavishly in condos.  Going for a clear mathematical assessment will let you know that you will be profited after buying your home, rather than taking a condo on rent. Katharine Tuckerman makes a monthly payment of $2,200 which includes her mortgage and maintenance and she says it’s less than what she would have to pay for a condo on rent for the same size.

Is it The Right Time to Buy a Condo?

Everything has its peak and so has its fall. The prices of condos have really declined; however, statistics show the alarming increase in the price of studios and single room apartments. This implies the prices will balance shortly in the near future; maybe we have to wait for a few months to get another ‘top story’ in real estate. This is really a good time for investors to buy a condo or even individuals can consider it as a good option. Condominiums do have their own benefits and added advantages of security, social life, community gathering and others.  However, if you can pay the huge price during the time of buying the condo (a bit reduced and not so huge now), then you can enjoy the comfort and luxury for the rest of your life.

The speculation of price decline in New York City condos and other areas was prompted after the market prices reached the upper threshold. It is only a matter of time that the prices will settle to its normal levels because people are once again moving toward condos, especially for rents as condo owners are providing a rebate these days. With continuing economic stability, people of the New York City will once again look forward to owning a condo, so its best if you can manage to own one now and take advantage of the present price decline.