Vaster has funded the essential investments of thousands of Americans in the prime real estate markets of New York City and Florida. Backed by Fortune International Group and the Related Group, we offer expansive loan programs so that you have access to the most competitive rates and terms available.
Recently, our loan officers assisted one of our clients with the purchase of a Brooklyn townhome. This deal required a very fast close and quick financing approval. Although the timeline was tight, we were able to make it happen for our client.
Let’s take a closer look at this Brooklyn townhome deal and explore how Vaster can help you find your next investment in the same way.
An Overview of the Deal
Vaster’s client initially wanted to purchase a 2019 townhome with about 3,200 internal square feet. The property had several important amenities and features that made it a great choice for our client's needs. Our client hoped to purchase the property quickly and rent or develop it for their own goals.
As with many of Vaster’s clients, the Brooklyn townhome client had a tight closing window before the property would be potentially available to other buyers.
What Amenities Does This Townhome Offer?
The townhome was a beautiful property with several decks, a scenic balcony, and even a private garage. This made it a prime townhome property, ideal for renting and generating passive income.
What Plans Does the Client Have for the Property?
Our client wished to purchase this property in the waterfront district of Brooklyn for investment purposes. It was only built a few years ago, in 2019, so it was a top pick for investors due to its quality, newness, and few to no expected maintenance issues.
How Did Vaster Help the Client Reach Their Goals?
Vaster quickly got to work when our client reached out to us in search of financing to close the deal before time ran out. Our client needed to close the deal quickly because they wanted to use the extra proceeds to purchase another investment property.
With a target financing goal of $4,300,000, Vaster was able to supply the client with exactly what they needed to close the deal in under 10 days.
What Makes Brooklyn the Perfect Investment Location?
Our client isn’t alone in searching for top-tier properties in the Brooklyn area. Brooklyn is an exceptional investment location for a variety of reasons.
Brooklyn Is One of NYC’s Trendiest Boroughs
For starters, Brooklyn is perhaps the trendiest borough in New York City. Why?
One factor is convenience. It’s easy to live in Brooklyn and still enjoy many of the major amenities and features of Manhattan, since getting to lower Manhattan is only a half-hour or so away by public transportation. Plus, living in Brooklyn means you’re adjacent to glorious Big Apple skyline views.
Brooklyn is also popular due to the high number of trendy shops, restaurants, galleries, venues, and more. And that’s not to mention all its green spaces. Brooklyn might not have Central Park, but it does have many other quiet and nature-focused alcoves for walking one's dog or enjoying the fresh air outdoors.
Many of the best Brooklyn properties belong to neighborhoods within walking distance of major attractions and amenities.
These popular neighborhoods include:
- Park Slope
- Carroll Gardens
- Bushwick
- Prospect Park
- Williamsburg
- Bay Ridge
- Midwood
- Kensington
In many ways, living in Brooklyn allows renters to get the experience of living in New York City without being quite so crowded.
Apartments in Brooklyn Are Coveted
Apartments in Brooklyn are desired by renters, buyers, and investors alike. Many of the apartments and single-family homes for sale are beautiful and historical, including brownstones with lots of closet space, outdoor space, and ample indoor square footage.
According to some sources, it is more expensive to get a quality apartment in Brooklyn than in Manhattan itself.
For example, the median rent in Manhattan for the first quarter of 2022 was $3700 per month. For the same timeframe in Brooklyn, rents ranged from $3075 to $5000 per month. That makes it a prime choice for real estate investors looking to earn passive income.
Those prices aren’t even the upper limit of what one can charge for quality real estate throughout Brooklyn. A recent Penthouse on Livingston St. was on the market for two months — yet quickly secured a renter paying an incredible $40,000 per month in 2022. This property is now the priciest rental in the entire borough.
The bottom line? Landlords and savvy businesspeople are quickly discovering the value of investing in Brooklyn.
NYC Offers Tax Benefits for Real Estate Investors
Investors are also increasingly looking into Brooklyn for their next portfolio addition because of tax benefits. For example, the Income Tax Credit or ITC applies to any businesses that make investments in buildings, machinery, or equipment. It counts for 5% of the first $350 million, plus another 4% of any money spent above that amount.
Put simply; investors can both save on their taxes and generate lots of passive income by investing in Brooklyn real estate.
Why Choose Vaster?
Whether you’re a renter or an investor, Brooklyn is a great place to start looking for residential real estate. But given the skyrocketing apartment prices mentioned above, you may need some assistance financing your purchase or first rental payment.
That’s where Vaster comes in. As an experienced and world-renowned residential and commercial real estate lender, we’re well equipped to help with your investment or purchasing goals, no matter what they may be.
Why choose us over other lending organizations? Our experience, expertise, and smart investment technology all make us a great option for your real estate goals.
Decades of Real Estate Experience
Vaster brings decades of real estate lending, analysis, and purchasing experience to the table. When you use Vaster for your financing needs, you’ll benefit from:
- Unparalleled expertise from our loan officers. Our loan officers know how to identify great deals from bad ones and secure favorable financing terms for your investment goals or other needs.
- Lots of experience in the New York City residential market. We know how quickly properties can move, and we help clients secure the deal and close the purchase rapidly in this high-speed market.
Experts in High-Value Locations
Our loan officers aren’t just subject matter experts in New York, of course. They’re also experts in Florida residential and commercial real estate, where we see some of the highest real estate prices in the country (particularly in areas like Miami and the Florida Keys).
Over the years, we’ve helped investors just like you reach their goals and close vital deals quickly when other financing efforts have fallen through.
Reach Your Investment Goals With Expert Assistance
Getting your first big property is a major milestone in your investment journey. But it can be tough to know when a financing arrangement is a good choice for your long-term goals or whether your current loan is really suitable for your budget.
Vaster’s loan officers can provide you with the expert assistance you need to:
- Buy the properties your portfolio benefits most from.
- Secure financing that works for you rather than against you.
- Beat the market, even when deals move fast.
Conclusion
This Vaster-funded Brooklyn townhome deal is just one example of how we’ve helped investors like you secure prime New York City real estate for their portfolios.
If you need financing fast, don’t hesitate to contact one of our loan officers and submit a loan application today.
Sources:
Brooklyn Heights Penthouse Sets Record for Highest Rent | The Real Deal
Homes in These 14 NYC neighborhoods Are Now More Expensive Than Manhattan | The New York Post
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