By Robert, NYC Real Estate Specialist
Manhattan real estate has long been a magnet for buyers from all over the world. Whether it’s the appeal of a solid investment, a luxurious pied-à-terre, or just the dream of owning a little slice of the Big Apple, it’s no surprise that non-residents want in.
As someone who’s helped countless non-resident buyers navigate this exhilarating (and sometimes overwhelming) process, I’ve learned what works, what doesn’t, and how to make it all a lot less stressful. So let’s walk through how to buy a condo in Manhattan as a non-resident—the friendly, real-world way.
Why Manhattan Condos Make Sense for Non-Residents
Condos vs. Co-ops: Know the Difference
The first thing I explain to non-resident clients is the major difference between co-ops and condos. Co-ops make up about 70% of Manhattan’s housing inventory, but they are generally not non-resident friendly. These buildings have strict board approval processes, restrictions on renting, and often require the buyer to use the apartment as their primary residence.
Condos, on the other hand, are much more flexible. You can rent them out (usually with fewer restrictions), use them as a vacation home, or hold onto them as a long-term investment.
Stability, Prestige, and Long-Term Value
I’ve had clients from London, Dubai, and Toronto who chose Manhattan condos because of the city’s unmatched global prestige. One client from Hong Kong bought a one-bedroom in SoHo and told me, “Even if the market fluctuates, I know I own something iconic.” Manhattan real estate tends to recover well after downturns, making it a safe bet for the long haul.
Step-by-Step: How to Buy a Condo in Manhattan as a Non-Resident
1. Find the Right Realtor
I can’t stress this enough: work with someone local who knows the market and understands the unique needs of non-residents. A good realtor will be your guide, advocate, and translator (not literally, but sometimes that too!).
I once worked with a client from Australia who was buying remotely. We never met in person during the entire process, but through weekly Zoom calls, virtual tours, and constant updates, we secured him a dream apartment in Tribeca within 45 days.
2. Understand Your Budget and Financing Options
All-Cash vs. Financing
Many international buyers choose to pay in cash to make offers more competitive. But if you plan to finance, know that some U.S. banks work with foreign nationals—but the requirements are often more stringent. Expect higher down payments (usually 30-50%) and interest rates.
A French couple I worked with recently secured financing through a U.S. branch of their bank. It took longer, but we planned for it, and their patience paid off with a sleek, corner-unit condo overlooking Central Park.
Don’t Forget Closing Costs
Closing costs in NYC can be hefty. For non-residents, budget around 5-6% of the purchase price. That includes:
- Attorney fees
- Title insurance
- Mansion tax (for purchases over $1 million)
- Transfer taxes
We always go over this upfront, so there are no surprises later.
3. Define Your Goals
Are you looking for a property to rent out, a vacation pad, or a long-term investment? Your goals will shape your search.
For instance, if you’re buying to rent, focus on neighborhoods with strong rental demand like Midtown, the Financial District, or parts of Brooklyn. If it’s for your own occasional use, you might prioritize quiet streets, building amenities, and light.
4. Start Your Property Search (Yes, You Can Do This Remotely!)
Thanks to technology, searching for a condo from another country is entirely doable. I send curated listings, create custom video walkthroughs, and even FaceTime during showings.
One of my favorite memories is doing a virtual tour of a Chelsea loft while the client was sipping coffee in Madrid. “It’s like House Hunters International,” he joked.
5. Make an Offer and Negotiate
Once you find the right place, it’s time to make an offer. This includes:
- Offering price
- Proof of funds or mortgage pre-approval
- Desired closing date
Don’t worry—you don’t need to fly in to negotiate. Everything can be done via email and phone. I’ll guide you on strategy based on current market conditions.
6. Hire an Experienced Real Estate Attorney
In NYC, both buyer and seller have their own attorneys. As a non-resident, this step is crucial. Your attorney will review the contract, check the building’s financials, and flag any red flags.
Pro tip: Choose a lawyer who has worked with international buyers. They’ll know how to explain U.S. regulations in plain English (or your native language).
7. Due Diligence and Board Review
Even though condos are more flexible than co-ops, they still require a board package—a less intense one, thankfully. Your attorney and I will help prepare the documents.
This usually includes:
- Proof of income/funds
- Passport and visa information
- Purchase intent letter (brief statement of use)
Once the board gives the green light, it’s time to close.
8. Closing Day
If you can’t attend the closing in person, you can assign power of attorney to your attorney or a trusted representative. Funds are wired, papers are signed, and just like that—you’re the proud owner of a Manhattan condo.
Avoid These Common Pitfalls
Not Budgeting for Ongoing Costs
Remember, ownership isn’t just about the purchase price. There are monthly common charges, property taxes and maintenance. Know these numbers in advance.
Ignoring Building Rules
Some condos have rental restrictions, even if they’re generally more lenient than co-ops. If you’re planning to rent it out on Airbnb, for example, think again. NYC has strict short-term rental laws.
Going It Alone
The biggest mistake I see? Trying to go it alone. The Manhattan market is complex, and having a local expert makes a huge difference in timing, price, and overall experience.
After the Purchase: Now What?
Property Management
Many non-resident owners hire a property management company to handle things like rent collection, repairs, and tenant issues. I can recommend trusted managers based on your needs.
Renting Out Your Unit
If your building allows it, renting can be a great way to generate income. I help clients screen tenants, set rent prices, and market the property.
Visiting Your Condo
When you visit NYC, enjoy your home! You’ll already know the neighborhood, the building staff will know you, and it’ll feel like a second home.
Final Thoughts
Buying a condo in Manhattan as a non-resident might sound daunting, but with the right guidance, it’s absolutely doable—and incredibly rewarding.
Whether you’re investing from overseas, relocating part-time, or just love New York, I’m here to help you every step of the way. From the first Zoom call to the moment you get your keys (or the first rent check rolls in), I’ll be in your corner.
If you’re ready to explore your options or just have questions, let’s connect. Manhattan isn’t just a place—it’s an experience. And I’d love to help you make it yours.