Quote:
Originally Posted by TonyL
Inquiring minds want to know what your occupation is to be able to afford a luxury unit in any of these towers?
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My apologies for not noticing your comment before!
I worked for years as a Trader on Wall Street (started at age 21 with the help of my Uncle who also worked in the business all of his life). After two decades of that high pressure job, I worked as a Banking Executive before going into RE investment business.... first as a part time 'hobby weekend job' then full time when all of these new luxury towers started popping up everywhere.
The return on your RE investment is outrageous if you are able to partner with a few developers who need financial investors to turn their plans into reality. I have been extremely fortunate to have partnered with some of the best and most talented development teams over the past ten years.
I will stay in this business at least for the next ten years if the market for luxe units stays high and these mega towers continue to reach for the sky. I knew once properties started to be built fronting Central Park, investing at the start of the building process was the way to go. And so far that is holding true.
I have also purchased a number of buildings that are being converted as well as many turn key units that I utilize as rentals. There are SO many people who are skeptical of the market fluctuations so they continue to rent while staying in Manhattan. The old rent vs buy discussions on Curbed are so worn out as everyone living in Manhattan knows that rents will continue to climb to stratospheric heights for at least the next decade.
In NYC, it is either continue to rent, buy now and hope for unit appreciation so you might flip and move up in the market or move to the outer boroughs and continue to rent.... which many younger people do once they get married and start planning on children.
Thanks for your inquiry! Being a new poster here I didn't want to really reveal too much info but I thought why not, right? Of course revealing this fact comes with its drawbacks as you might have seen with a couple of recent rude comments/exchanges.
I have decided to refuse to participate in those kinds of exchanges in the future just to keep my nose clean!