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For the first part, see my post of 12/5/14.

Here are some additional thoughts/concerns to be aware of:

• I can’t emphasize enough the importance of understanding the market. Many buyers from outside the US do not realize how competitive the current market is, that it is a seller’s market, and that there are likely to be multiple bids on any property that is priced to sell, usually going above the asking price. Bidding low in hope of getting a “deal” does not work. There is little room to bargain back and forth when sellers have several offers to choose from. You need to discuss this with your agent and trust the advice you get.

• Be aware that there are tax concerns and get advice from an attorney and accountant in New York as to how to minimize these while you own and when you eventually sell, or if you or a co-owner should die. If the property is an investment and you receive rental income, you will generally have to file federal and state tax returns, and pay tax on any profit. In case of death, there are high estate taxes on foreign investors, which can be avoided by transferring the property into an entity other than an individual or partners.

•Setting up the entity into which the property can be transferred takes a month or two, typically. If you are certain you will be purchasing, it may make sense to create the entity prior to shopping for the property. If not, it is best to wait until the property is in your name and then go through the process of creating the entity and transferring the property into it. Sellers will not want to wait for you to do this between entering into contract and closing the sale.

• When you sell the property you will be subject to a tax under FIRPTA, the Foreign Investment in Real Property Tax Act. This tax will be withheld at the closing, but is usually refundable as long as you have complied with tax regulations while owning the property.

• Opening a bank account in the US should be done before making purchase offers, as you will need to pay ten percent of the purchase price when you sign a contract. You must then be prepared to transfer funds into this account to complete the purchase and to receive and issue funds while you own the property.

My company, Wohlfarth & Associates, represents buyers and sellers not only in New York City, but also in the Hamptons, Fire Island, the Hudson Valley and coastal Maine. We are very active in numerous international real estate associations. I can provide referrals to attorneys, lenders, and securities firms who have extensive experience dealing with the international community.

I am always happy to answer questions regarding the above.

Robert P. Rems
Licensed Associate RE Broker
Wohlfarth & Associates Real Estate
890 West End Avenue, Suite 1F
New York, NY 10025
Office: (212) 666-1600 X27
Cell: (347) 263-0203
rrems@wohlfarth.com

My web page: http://www.wohlfarth.com/agent/robert-rems-29.html

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Please visit the web page to see photos and video:

http://www.wohlfarth.com/listing-details/upper-west-side-coop-970078.html

To view, click on images below and enlarge as needed:

Please visit the web page to see photos and video:

http://www.wohlfarth.com/listing-details/upper-west-side-coop-970068.html

Last night was our second visit to Da Marcella. This is a simple place serving high-quality Italian food at very reasonable prices.

We’ve now tried a number of dishes and were very happy with all. These include fried calamari (very tender and lightly battered), fresh mozzarella with roasted peppers, an asparagus salad special, gnocchi with shrimp and tomato (very light, perfect gnocchi), skirt steak with brandy cream sauce, calf’s liver with sage, and a whole roasted branzino. Each main course comes with oven-roasted potatoes and a fresh vegetable. The only dessert we tried is the ricotta cheesecake, and it was very good.

It’s a great find and a better value than so many of the Italian restaurants in the area.

http://www.damarcellavillage.com/Home.html

At $40 for 4 courses, this is a steal. Recette is one of our favorite restaurants, and our dinner last night was nothing short of spectacular. Included are a snack, two plates, and dessert. The entire menu is available, with the only supplement being $15 for the two most expensive plates, the duck and the lamb.

We started with the hamachi crudo and Buffalo sweetbreads, then continued with skate, quail, pork belly with shrimp, and langoustines. For dessert, we had an assortment of three ice creams and a chocolate banana gateaux.

To take advantage of this deal, you have to arrive by 7 PM, and it’s only available until Labor Day. This would cost $146 for the two of us at regular price, but it was only $80. We will definitely be back before it’s over.

Monument Lane has been around for a few years, and we live only a block away, but it was one of those places we just never got around to trying. A Blackboard Eats deal for 30% off was what finally got us to give it a shot, and I’m very glad we did. Nice atmosphere, warm and attentive service, and very tasty and interesting food made it a happy experience.

I started with the pork salad, with fried pig’s ears that were crisp and delicious. Stanley began with sauteed squid. I had the tilefish with a tomato sauce and sunchoke, fava beans and olives. Stanley had another appetizer, rabbit with gnocchi and goat cheese, with a side of pole beans. I had a Saranac brown ale and he had Mother’s Milk stout.

We did not have room for dessert, but the dessert menu looked tempting.

This is definitely a place we will return to.

Click on the image below to view, and enlarge as needed:

To view, click on images below and enlarge as needed:

Please visit the web page to see photos and video:

http://www.wohlfarth.com/listing-details/upper-west-side-coop-970063.html

Last week, we had the opportunity to try both of these in the same day. I had reserved for dinner at Oiji a few weeks in advance, then we were invited to get together with friends for lunch at Hanjan. I was excited about Hanjan after reading Pete Wells’ 2-star review in the Times. I thought it might make sense to postpone Oiji but then decided it would be fun and interesting to compare and contrast the two. Hanjan was pretty good, but Oiji wins by a mile.

To be fair, I should point out that the lunch menu at Hanjan is limited, and the dinner menu has a number of main courses not available at lunch, so I am basing my judgment on the two dishes I tried and the general appeal of the menu. My impression is that Hanjan is more traditional, the sort of food Koreans might eat every day. I started with chicken katsu, which was decent but of no great consequence, and then had the bulgogi with bibimbap, which should have been called bibimbap with bulgogi. The dish was mostly rice, with just a tiny bit of beef.

http://www.hanjan26.com/

Dinner at Oiji was a more exciting affair, as might be expected as the chefs come from Gramercy Tavern and Bouley. The food is a modern take on Korean. From the very appealing menu, available at both lunch and dinner, we chose four dishes and an order of sticky rice. First, fried chicken with spicy soy vinaigrette. This was far superior to the katsu at Hanjan, juicy pieces of chicken with a delicious sauce. Next up was pig’s trotter salad, with large meaty slices of pig foot. Loved it. Then we had pork belly with kimchi. Delicious. Last was oxtail with root vegetables, with tender meat falling off the bone. The sticky rice was excellent, and the amount of food was just right. It’s all small plates, so plan on 4 or 5 dishes for 2 people. There is a nice selection of beers.  Afterward, we were given a bowl of honey butter chips, which were very good, perfectly crisp if a bit overwhelmingly sweet. The service was great and the staff could not have been nicer. We are looking forward to coming here again.

http://www.oijinyc.com/