Table of Contents
1 //I LOVE NEW YORK.
To millions of people, New York City has an indescribable charm. A concrete jungle where dreams are made, more than 250,000 new people start their careers here every year. They often start working in a restaurant or shop working their way up the ladder to their American dream. That’s why people love New York so much, not because anything is here, but because they believe anything is possible here.
There are nearly 1.7 million people living in Manhattan alone, an island just 23 square miles. What is so special about New York City is that a large portion of these people are high net worth young professionals with an average income of over $100,000. Now that sounds like a lot but when you pay an average of $3,500 for your apartment it becomes quite relative. The city attracts high potential and talent in almost all industries.
New York proudly calls itself the most diverse population in the world. In practice there are people from all over the world living here. This has an impact on unique cultural diversity, reflected in the variety of activities and restaurants. You can go out to dinner at a different restaurant in your lifetime in New York. Broadway and the Lincoln Center offer top quality performances, concerts, ballet and opera all year round.
New York City welcomed a record 52 million visitors in 2012 (up 2.1 percent over 2011) and continues to be the United States’ premier city destination. About 20% are international. The hotel has shown an occupancy rate of almost 90%. The total impact of tourism is $70 billion.
Tourism is NYC’s fifth largest industry. Also in the top 5 are Legal, Financial, Media, Advertising and Fashion Services. Keep in mind it is through the efforts of the mayor of Bloomberg New York City has now become the fastest growing Tech Industry in the U.S. Even though online sales have turned Wall Street into a museum, New York is still home to the majority of the Rich 100 companies.
New York’s fashion industry employs 173,000 people, accounting for 5.7% of the City’s workforce. Home to more than 75 top fashion trade shows plus thousands of exhibition spaces, New York City attracts hundreds of thousands of fashion visitors each year. The top fashion schools in the country are located here led by the Fashion Institute of Technology and Parsons The New School for Design.
With more than a hundred universities in the New York area, the city is also home to more than millions of students. Some of the best Universities are located right in Manhattan, such as Columbia (116th and Broadway, Upper West Side) and New York University (Washington Square, Greenwich Village). However, there are many other high quality public and private institutions such as The New School. and Cornell..
New York City is a sunny place. Central Park gets 234 days of sunlight a year, half of which is plain. With the four seasons one enjoys a white Christmas and can ski just a 5 hour drive from here. It was a hot and humid summer, many going from town to Hampton’s beach gate for a few hours. Indian Springs and Summers make it the most pleasant time to visit, May – June and September – October.
9 //INVESTMENT BENEFITS
There are two types of ownership benefits that an apartment will generate. First, if you choose to rent out an apartment, it will generate income. The general net income gain (less general fees and taxes) will be between 2.50 and 3.00 dollars per $1,000 investment, meaning 3.0% – 3.6% net income gain. Most importantly one can expect some appreciation of the property. Based on research by Douglas Elliman the last ten years show about 2.5% annual appreciation (this includes the 2008-2009 financial crisis!).
10 //CHEAPER THAN MOSCOW
New York may sound expensive, but it is not the most expensive city in the world. In fact, New York is only ranked #9 in the world when it comes to real estate, after cities like Tokyo (#8), Paris (#4) and Monaco (#1).