Buying Condo/Coop in Upper East Side NYC

Buying Condo/Coop in Upper East Side NYC

Member since 2024 · 2 posts · 1 vote

I'm relocating to the Upper East Side this June for a three-year period and am considering purchasing a 1-2 bedroom apartment with a budget of $1-2M. As someone new to NYC, I'd appreciate insights on:

  1. The current state of the UES market in this price range
  2. Whether buying makes financial sense for a 3-year timeline versus renting
  3. The pros and cons of co-ops versus condos in the neighborhood

I'm particularly interested in hearing from those with experience in the area, as I'm looking to make an informed decision. Any recommendations or advice would be greatly appreciated!

Hi - I'm new here and am unfamiliar with the NYC market and area. I'll be moving to Upper East Side in June for 3 years and am looking to buy a 1-2 bedroom apartment in the area with a budget of 1-2M. How is this market? Is it worth buying vs renting given I'll be staying there for 3 years. What does everyone think of Coops vs Condos in the area? Any advice would be appreciated! Thanks.

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Member since 2024 · 1k+ posts · 351 votes
1y

@Neil Patel Welcome to Bigger Pockets!!  Using the search function gave me this, hope it helps https://www.biggerpockets.com/forums/62/topics/1211224-nyc-c...

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  • Investor · CA · Member since 2024 · 82 posts · 31 votes
    1y

    Hey Neil,

    Welcome to the forum and to exploring NYC real estate! The Upper East Side is a fantastic area, and your budget gives you great options to consider. While I haven’t invested in NYC specifically, I can share a bit of perspective:

    For a 3-year timeline, buying can make sense if you’re confident in the market’s appreciation and can find a condo with flexibility for renting it out later. Co-ops often come with stricter rules, so a condo might be better for short-term ownership.

    What’s exciting about your journey is that NYC has so many unique opportunities—you’re not just buying a place; you’re investing in a lifestyle. Let me know how your search goes. I’d love to hear what you decide and connect more about your experience.

    Best,

    Anderson

  • Melanie P.Pro Member
    Rental Property Investor · Member since 2023 · 1k+ posts · 922 votes
    1y

    You'll be in the middle of the overall upper east side apartment market. 1 or 2 beds 1 or 2 baths in a nice and safe building. With your short time horizon I'd avoid the coops unless your broker knows for a fact the one he's proposing is easy to get in and out of. 

  • Member since 2024 · 1k+ posts · 351 votes
    1y

    @Neil Patel Welcome to Bigger Pockets!!  Using the search function gave me this, hope it helps https://www.biggerpockets.com/forums/62/topics/1211224-nyc-c...

  • Member since 2024 · 2 posts · 1 vote
    1y

    Thanks for the insight everyone. I will share more information about some of the properties I'm looking at when I visit in January/February. Happy holidays and a happy new year to you all!

  • Stuart UdisPro Member
    Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
    1y

    From a transactional cost standpoint alone, the fees on the way in and on the way out require significant appreciation to break even. Layer on the ability to invest the funds that otherwise would go towards the down payment and transactional costs and you likely come out ahead in such a short term horizon renting. Can you get a great deal on the purchase? Perhaps....but   the person relocating to any given market and who has to make a purchase in a finite period of time is generally the least likely candidate to get a great deal on the purchase, meaning the appreciation is even more important. 

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