Apartments for the taking in Manhattan

USApartmentsApartments in Manhattan costing from $485,000 (€366,000) are being sold by Wyse Estate Agents from plans.

Wyse, a property management company which has diversified into sales in recent years, is working with prominent New York estate agency the Corcoran Group, which will look after lettings for Irish buyers.

To be built from the ground up and with a luxurious specification, The Orion Condominium site is just off Times Square and will share a block with the Port Authority Bus Terminal and a post office.

The "wall of glass" building will be the sixth largest residential tower in Manhattan, rising to 60 storeys. Completion is due in spring 2006. Developer Intell also built the W Hotel in Times Square and The Enron Building.

With the fall in value of the US dollar, property in the US has never seemed so attractive. Manhattan is a prime New York location where demand is high, so prices are not at the lower end of the scale. However, size for size, New York works out cheaper than an apartment in a top Dublin location.

Luxury apartments have increased in value by 45 per cent in the last five years, despite 9/11. Overseas buyers are thick on the ground in Manhattan, among them Riverdance director John McColgan and Bono and Adam Clayton of U2.

Studio apartments at the Orion Condominium start at $485,000 (€366,000), one-bedroom apartments cost from $600,000 (€452,789). Two-bedroom units are from $850,000-$900,000 (€641,451-€679,183) and three-bed apartments start at $1.6 million (€1.21 million).

There will be 550 units in total at The Orion Condominium when completed, the majority of which will be 320 one-bedroom apartments; there will be 153 two-bedroom units, 70 studios and just eight three-bed apartments.

Sizes range from 49 sq m (525 sq ft) for good-sized studios to 135 sq m (1,450 sq ft) for three-bedroom apartments. The fit-out will be to a high specification, with polished wood floors and custom-designed kitchens with steel appliances. Floors 29 to 31 will be reserved exclusively for amenities, which will include a health club, gymnasium, swimming pool and 18-person Jacuzzi.

A valet, concierge and laundry facilities will also be provided. Outdoor terraces and a loggia are planned for communal use. Service charges are expected to be $90-$100 (€68-€75) per sq ft per month. A parking space costs an additional $25,000 (€18,861).

Owners will also be liable for New York State taxes, which are paid quarterly. With newbuild properties such as the Orion, a tax abatement exemption programme provides relief at up to 100 per cent for the first two years, plus the construction period. Relief continues for the following eight years at a decreasing rate, ending up at 20 per cent for the final two years of the 10-year period. This cannot be applied for until the purchase is completed, so buyers should be prepared to pay up to a year of full taxes before the benefit is approved. Details should be confirmed by the buyer's attorney. According to the brochure, monthly rents expected for the Orion apartments range from $2,100-$2,400 (€1,588-€1,815) for studio units to $5,500-$6,500 (€4,159-€4,916) for the largest three-bedroom apartments. Payment arrangements are staged, with 10 per cent on signing the contract, another 10 per cent in six months and the balance on completion.