Sunday, July 10, 2016
By Wei Min Tan
1) Average price per sqft of a Manhattan Condo was $2,073, up 30 percent compared to a year ago. The average Condo apartment was $2.758 million in Q2. This is skewed upwards as driven by new development closings.
Friday, July 8, 2016
Two weeks since Brexit and global markets continue to adjust to this new uncertainty. The pound sterling declined to a 30 year low. The British and world markets continue their reactions.
Here are potential impacts to New York property as result of Brexit.
1) New York edges past London as top property destination for foreign investors
London and New York property have always been competitors for foreign investment. Both are regarded as the most prime and secure markets in the world, a safe place for asset diversification.
Sunday, June 12, 2016
A buyer's broker identifies good deals and advises on the Upsides and Downsides of each property. Then, negotiates price and brings in the team to close the deal. Glad to contribute to this NY1 segment.
Tuesday, March 29, 2016
By Wei Min Tan
1. What is the new rule?
New York is piloting a new disclosure rule that requires LLCs to disclose the names of its members. This new rule, on a test run, will take effect from March till August 2016. The rule is aimed at uncovering money laundering activity.
2. What types of property are affected?
The rule will only impact transactions involving:
(i) all cash
(ii) property priced at $3 million or higher
(iii) LLC (limited liability company) ownership
Wednesday, February 3, 2016
Sunday, January 31, 2016
The core of the Manhattan, New York residential condominium market for investment purposes lies in the $1 million to $4 million price point. This segment represents the studio to 3 bedroom sizes which are most in demand. Anything larger than a 3 bedroom in Manhattan is a mansion by our standards. Here are three strategies we use when recommending investment buys to our clients.
Tuesday, January 26, 2016
Interviewed about the 2016 Manhattan property outlook by Sino Vision's Living in NY TV show.
Wei Min Tan is a property broker focusing on Manhattan, New York luxury condominiums and foreign buyers. He is often interviewed by the media including CNN, The New York Times and The Wall Street Journal on the subject of foreign buyers of Manhattan property. Wei Min can be reached at +1.212.380.6134, email@example.com