126 Riverside drive

Thinking of buying a NYC apartment for your child?

According to WSJ, some parents are purchasing apartments for their college bound children. While this is not a new idea by any means, parents who do the math of paying rent while their children pursue their education, sometimes decide it makes sense to buy a place instead. At that point, some purchasers are also thinking of their retirement in Manhattan at the same time. Why wait 10 years or more when the prices will be higher? Purchasing now gives them a place for their college age children as well as place to eventually live in or use as a pied-a-terre. In some cases, parents may be planning when the children are several years away from college age. There was one example of a wealthy family purchasing in the famed Extell building One57 aka 157 West 57th street a few years ahead. Their daughter was recently born!

Consider these factors as well in your purchase:

1- If it’s a co-op will they allow college student children to live there? Many co-ops do not want their buildings turning into dorms.

2- A condo would be a much wiser investment since you or your children can rent it out without restriction.

3-What areas will appreciate the most over the next few years? My bet is on Harlem and upper Manhattan as well Hudson Yards area.