Does anyone invest in New York City?

Question

I realized a few days ago that NYC real estate is averaging around $2,000 per square foot. I know that it is more practical to invest in much lower priced areas, but does anyone here in the BP community actively invest in this area?

Josh Gruber · Answer

@Ben Bymaster I deal with NYC real estate investing all day, every day. If you have any questions I can probably give you some insight into investing here.

Ben Bymaster · Answer

@Joshua Gruber awesome, thanks!

Heath M. · Answer

I can rent by the room too...lol

Ben Bymaster · Answer

@Heath M. That actually might be a good idea! haha

Heath M. · Answer

I need to market to some of those New Yorkers!  No income tax in TN, I could save them a ton!  LOL

Anthony Dooley · Answer

The Trump family invests there. Based on news articles, it seems that 64,000 left NYC for Florida in 2018. I read from another source that many New Yorkers are renting apartments in other states, like Florida, in order to show proof that they spend enough time there per year to claim it as their residence, just to avoid the taxes of NY. They still work and live there. Apparently, it's cheaper to rent an apartment, have utility bills, insurance, etc. and leave it vacant than pay the taxes of NY/NYC.

Gibran Saliba · Answer

@Ben Bymaster you can invest in New York. Just make sure you can make a profit even after taxes.