Go to university or specialize in a master’s degree in New York. It is not just a dream, more and more new generation students are finding a way to afford what the Big Apple is able to offer: not only the best universities or specialized academies, but along with that the possibility of a network with few equals in the world. Which is what counts, in addition to academic preparation.
The most fortunate families can take a step further by combining the needs of their children with the investment opportunities that this phase of the real estate cycle offers in New York, by buying an apartment that, once their children’s studies are completed, can easily be put to income thanks to its proximity to universities or study sites.
It deals with purchases with a different cut from the “classic” ones of the pied-a-terre or income apartment in Manhattan: we went to look for opportunities in comfortable areas with Universities and Academies but at the same time in areas with prices still accessible. We have taken into consideration the most famous universities in New York, considering as the address that of the main offices.
Columbia University (Columbia 116 & Broadway, subway 1 (red) B (orange) C (blue). Considering Columbia University, certainly the most interesting area is that of Harlem. In Central and West Harlem in average asking prices are 593 thousand dollars (about 525 thousand euros) for a study, 695 thousand dollars (about 615 thousand euros) for a bedroom, 975 thousand dollars (about 864 thousand euros) for two bedrooms.
How much would it make to rent the apartment? it starts at 1,900 dollars a month (1,700 euros approximately), for a bedroom it goes from 2,100 to 3,800 dollars a month in the case of a condominium with common services like concierge, gymnasium etc. (1860-3.365 euros) and for the two bedrooms we are around 2.300 dollars with a bathroom and 3.100 dollars with two bathrooms (2.040-2.745 euros). In terms of rental yield we can reason on a cap rate of 3.5-4% net of the expenses related to the property.
NYU. (44 west 4th, subway (Greenwich Village) RW (yellow) 6 (green) BDFM (orange). Surely the most interesting area for NYU (New York University) is Williamsburg, average asking prices in Williamsburg are 690mila dollars ( 611 thousand euros) for a study and 890 thousand dollars (788 thousand euros) for a bedroom while for the two bedrooms it rises to 1,449,000 dollars (1,283,000 euros approximately).
Rental costs are around 2 thousand dollars a month (1770 euros) for the studio, from 2,100 to 3,800 euros (1860-3,365 euros) for a bedroom, 2,300 dollars for the two bedrooms with a bathroom (about 2000 euros) and up to $ 8,000 for the two bathrooms (7085 euros). As a yield you can have a cap rate up to 4.6% net of the expenses related to the property.
The New York Film Academy, from which several stars have come out and where the greats of cinema have sent to study the members of their families, is at 17 Battery Park in Manhattan. Taking the Financial District as a point of reference, the average required prices are 749,000 dollars for a study (663,000 euros), 1,150,000 euros for a bedroom (1,018,000 euros) and 1.8 million euros for two rooms bed (1.6 million euros).
To rent a studio, instead, it starts at $ 2,350 a month (about 2,000 euros), for a room for $ 2,700 (2400 euros) and for the two rooms of 3,000 and 4,250 dollars depending on whether with a bathroom or two (2700-3.700 EUR).
The idea of buying a property for the children who come to study here is very interesting to keep the building for investment, also because most of the Italians who lived here and still live there yes she is bitterly regretting that she did not buy, taking into account the money spent on rent.