Foreign Buyer Guide to NYC Real Estate - Peter Zinkovetsky

From Avenue Law Firm - Foreign Buyer Guide to NYC Real Estate explores what foreign nationals need to know before buying property in Manhattan and throughout New York City. The episode covers how non-U.S. citizens can legally purchase condos, townhouses, commercial property, and other real estate in Manhattan, Brooklyn, Queens, The Bronx, Staten Island, and the surrounding boroughs, while also explaining why co-op purchases can be more difficult due to board approval, U.S.-based income requirements, domestic tax returns, and primary residence expectations.

Listeners will learn about major tax and financial considerations, including FIRPTA withholding, ITIN or SSN requirements, NYC Real Property Transfer Tax, New York State transfer tax, mansion tax, nonresident tax planning, and estimated personal income tax issues tied to New York real property sales. The discussion also compares all-cash purchases with foreign national mortgage programs, including larger down payments, international credit documentation, overseas income verification, bank reference letters, asset verification, and the role of lender approval in Manhattan real estate transactions.

This episode also highlights the importance of due diligence when reviewing condos and co-ops, especially special assessments for roof replacement, elevator modernization, façade repairs, Local Law 11 inspection work, capital improvement plans, reserve fund balances, board meeting minutes, offering plans, amendments, engineering reports, and building litigation. It explains how responsibility for special assessments may be negotiated in the contract of sale and why identifying current, pending, or anticipated charges before signing can help foreign buyers avoid unexpected ownership costs.

Manhattan real estate attorney Peter Zinkovetsky, founder and managing partner of Avenue Law Firm, guides international buyers through contract review, contract negotiation, title examination, FIRPTA compliance, due diligence, closing representation, remote closings, power of attorney requirements, apostille or consular legalization, and ownership structure decisions involving individual ownership or a U.S.-based LLC. The episode also discusses estate tax concerns, Form 706-NA, New York LLC transparency laws, beneficial owner disclosure, and how Avenue Law Firm assists local, out-of-state, and international clients from its office at 505 Park Avenue, #1201 in Manhattan.

Avenue Law Firm

505 Park Ave #1201, New York, NY 10022

(212) 729-4090

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