Sunday, November 29, 2015
Monday, November 2, 2015
111 Murray in Tribeca
111 Murray is Tribeca's new super tower, expected completion 2018. Designed by Kohn Pedersen Fox, 111 Murray rises to 800 feet and 64 stories, culminating with a distinctive crown at the top. It is located one block from the World Trade Center and across from Goldman Sachs.
One bedrooms start at $2 million and 2 bedrooms between $4.5m to $5m.
Website: 111 Murray
Friday, October 2, 2015
Overall Q3 Market
Limited inventory not meeting demand is putting upward pressure on prices.
Number of sales, from pent-up demand since the financial crisis, increased 9.8% compared to a year ago. A robust local economy, weaker US dollar and global economic uncertainty all played a role in shaping the Q3 market.
Friday, September 25, 2015
The construction of ultra luxury property along Manhattan's Billionaire's Row, as discussed with CNBC's Brian Sullivan on Talking Numbers, is happening now.
The super high end buildings include 432 Park Avenue, Nordstrom Tower, 220 Central Park South and 111 West 57 Street. The skyscape of 57th Street will be quite different a year from today.
By Alex Veiga, Associated Press Business Writer
Friday, Sept 18, 2015, 10:35AM EST
Shanshan Wu already owns three houses back home in China. But the 36-year-old has spent the last two months in Chicago shopping for a three-bedroom. She's got cash to spend - up to $400,000.
And she's not done.
"The real estate market in China is dropping and I'm planning to sell one of them to maybe buy more houses in the U.S.," said Wu, whose hometown of Yunfu is in the province of Guangdong in southeast China.
Thursday, September 3, 2015
520 Park Avenue
520 Park Avenue, 54-storey limetone tower designed by star architect Robert A.M. Stern, aims to be the next 15 Central Park West. It will have 23 full-floor residences of 4,600 square feet each ranging from $16 million to $37 million. In addition, 7 duplexes and one triplex, ranging from $70 million to $100 million.
Amenities include a garden, pool and white glove service. But unfortunately, entrance is on 60th Street (not Park Avenue).
Website: 520 Park Avenue
Friday, August 14, 2015
Successful entrepreneurs and professionals from around the world have been investing in Manhattan apartments for a long time.
We are very familiar with the reasons clients invest in Manhattan, New York because this segment is our focus. The basic drivers are as follows:
New York property is regarded as a safe investment against inflation, economic uncertainty, political instability and even theft in their home country. High net worth investors work very hard to accumulate wealth and they work hard at preserving it as well.
Tuesday, August 4, 2015
JULY 31, 2015
A strong U.S. dollar isn’t just making vacations overseasmore affordable; a brawny buck puts foreign real estate on sale, too.
Jason Kumpf, real estate expert at USForex, says their clients are “absolutely” using dollar strength to justify buying international real estate, particularly in continental Europe and the U.K. Even Canada is attracting more Americans now that the loonie is at about a 20% discount to its U.S. counterpart, says Kumpf.
Wei Min Tan, a residential condominium specialist at Rutenberg Realty’s Castle Avenue, says select buyers will always want to invest in a top-tier city like London, but a wave of buyers is also favoring countries with lower costs of living, including Malaysia, Thailand, and Costa Rica.
“They may see it as a place to retire in the future. Here [retirement] can cost so much, there it’s a fraction,” Tan says.
Sunday, July 5, 2015
After a slower first quarter, one which saw prices level off, the second quarter saw a total 180◦, setting a historic, record high for the average sales price for Manhattan apartments, now at a whopping $1.87 million. While there are a number of different key themes from the past 90 days, the overarching one is, quite simply, the obvious lack of inventory on the market. Those subthemes, however, include:
- # 1: Stalled Inventory Growth – The consistent lack of inventory, despite last quarter’s slight uptick, is what produced these record-setting, headline-making prices this past quarter. The lack of inventory and strong demand makes it a total seller’s market and as long as that demand remains, whether it’s coming from foreign or domestic buyers, those prices will continue to remain high.
Tuesday, May 26, 2015
Friday, May 1, 2015
Size 826 sf, common charge $994, tax $426
Size 826 sf, common charge $994, tax $426
Annual rental return: 2.6%
Annual appreciation: 10%
Return on investment with 50% downpayment: 21%
Saturday, March 14, 2015
Buyers of property in top markets like New York, London, Paris, Sydney come from all over the world. As people get more financially savvy and outlook becomes more global, they no longer limit potential investment to within their home country.
As such, developers are marketing their property abroad to potential foreign buyers. One of the most common ways is through property shows held at foreign countries. For the foreign buyer, here are 5 reasons why buying overseas property at these property shows is a bad idea.
Tuesday, February 24, 2015
Had the pleasure of speaking to Karla Palomo of Bloomberg for the Mexico/Latin America Bloomberg TV on foreigners investing in New York property.
Thursday, January 8, 2015
Two days ago, I created a chart showing the investment performance of New York apartments vs key stock indices. Business Insider picked it up, had an article about it and called it, "One Chart Explains Why Billionaires Are Investing In New York Apartments."
Yes, you'll have to click on the link to read the chart and article.
Sunday, January 4, 2015
New York Times calls 2015 The Year of the Condo as twice as many new condominium units are expected to hit the market. This gives buyers more choices and some pricing relief as competition among developers increases.
Thursday, January 1, 2015
My most memorable interview of 2014. Barely made it, had to run from Lexington to Fifth Ave because roads closed for Obama. Heart rate still up during the segment.