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Conventional wisdom suggests that if a $5 million apartment is a good investment, then a $15 million apartment must be an even better one.<\/p>\n
In my experience, that isn\u2019t necessarily true.<\/p>\n
After advising buyers and investors in Manhattan<\/a> for 20 years, I\u2019ve found that the best-performing properties are not always the most expensive.\u00a0 In fact, there are many situations where a well-selected $5 million condominium has a stronger long-term investment profile than a $15 million trophy residence.<\/p>\n The difference comes down to one word:\u00a0 Liquidity.<\/p>\n \u00a0<\/p>\n Read about Wei Min\u2019s style in\u00a0Best Manhattan property agents<\/a>\u00a0and\u00a0Role of a buyer\u2019s broker<\/a>.<\/p>\n \u00a0<\/p>\n Luxury Is Not the Same as Investment Quality<\/p>\n A $15 million apartment is unquestionably an extraordinary asset.<\/p>\n However, extraordinary assets often have a much smaller buyer pool.<\/p>\n When it comes time to sell or rent out, there\u2019s only a handful of qualified buyers or renters looking for that exact combination of location, layout, size and price.<\/p>\n A $5 million apartment, by comparison, typically appeals to a much broader audience (at least compared to the audience of a $15 million apartment).<\/p>\n That larger buyer pool can translate into faster resale, stronger competition and more resilient pricing during changing market conditions.<\/p>\n For long-term investors, that matters.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Weimin\u2019s article, The 5 Manhattan Condominium Buildings I Would Buy Today<\/a><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n The Importance of Market Depth<\/p>\n Every investment has multiple transactions:<\/p>\n The purchase Many buyers focus exclusively on the first.<\/p>\n Professional investors think just as carefully about the second and third.<\/p>\n The deeper the market for a particular asset, the easier it is to convert that asset into cash without making significant price concessions.<\/p>\n In Manhattan, market depth generally increases as you move down the price spectrum.<\/p>\n There are substantially more buyers capable of purchasing a $5 million condominium than a $15 million residence.<\/p>\n That creates an important structural advantage.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Scarcity Is Valuable\u2014But Only If Buyers Agree<\/p>\n Scarcity is one of the characteristics I value most.<\/p>\n But scarcity alone is not enough.<\/p>\n A building may have only twenty residences, yet if demand is limited, that scarcity provides little benefit.<\/p>\n The most attractive investments combine scarcity with consistent demand.<\/p>\n That is one reason I often favor buildings with exceptional locations, enduring architecture and broad local and international appeal over properties whose primary selling point is simply extravagance or price.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Deal Example:\u00a0\u00a0Investor client\u2019s condo at Devonshire House, one of Manhattan\u2019s distinguished prewar condos designed by\u00a0Emery Roth<\/a>.\u00a0 Rented out in 2 days after receiving multiple applications.\u00a0\u00a0This was our prewar condo investment strategy<\/a> and it worked out tremendously well.<\/p>\n \u00a0<\/p>\n Rental Demand<\/p>\n Many of our clients intend to rent out their apartment for cash flow.<\/p>\n Even if they don\u2019t intend to rent out, rental demand remains an important indicator of investment quality.<\/p>\n Buildings that consistently attract high-quality tenants generally maintain stronger pricing and broader market acceptance over time.<\/p>\n Rental demand creates another source of liquidity that can help support long-term value.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Buying Prestige Versus Buying Performance<\/p>\n Prestige has value.<\/p>\n Iconic addresses attract attention and can become important parts of a diversified portfolio.<\/p>\n But prestige alone should not determine an investment decision.<\/p>\n The better question is:<\/p>\n Will the next buyer value this apartment as much as I do?<\/p>\n That question often leads to very different conclusions.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n My Investment Framework<\/p>\n When evaluating Manhattan condominiums, I focus on four characteristics:<\/p>\n Acquisition basis The acquisition basis refers to whether it\u2019s a good value relative to comparables.<\/p>\n A more expensive apartment is not automatically a better investment.<\/p>\n Likewise, a lower-priced apartment is not automatically a bargain.<\/p>\n The objective is to purchase the highest-quality asset at a price that offers the greatest long-term potential.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Weimin\u2019s article, What Makes a Manhattan Apartment Investment Grade? A Framework for Long-Term Value<\/a><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Final Thoughts<\/p>\n The goal of investing is not to own the most expensive apartment.<\/p>\n The goal is to own the apartment that offers the strongest balance of downside protection, liquidity and long-term appreciation potential.<\/p>\n Sometimes that apartment costs $15 million.<\/p>\n Very often, it costs considerably less.<\/p>\n In my experience, disciplined investing consistently outperforms buying based solely on prestige.<\/p>\n That is why, if I were allocating my own capital today, I would spend less time asking, \u201cWhat is the most expensive apartment I can buy?\u201d<\/p>\n And more time asking,<\/p>\n \u201cWhich apartment offers the best long-term investment characteristics?\u201d<\/p>\n Those are rarely the same question.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n What We Do<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/06\/Media-Appearances-8.png\")
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\nThe rent out
\nThe eventual sale<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/04\/28_East_10th_Street_4A_Dining_Room_final_VS1-1024x684.jpg\")
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\nLiquidity
\nBuilding management
\nExit \u2013 rental or resale<\/p>\n
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