Manhattan retail + limited service hotel in the press

Article on Hotel Azure, Prime Retail + 28 room hotel, on Real Estate Weekly.


By Roland Li

Hotel Azure, an 11,047 s/f hotel with 1,460 s/f of retail, is on the market for $23.8 million. The Chinatown property, at 120 Lafayette Street, was originally listed for $29 million in October. It has a 7% capitalization rate.

The listing brokers are Wei Min Tan, an executive vice president of Castle Avenue Partners at Rutenberg Realty, and his partner, Susan Chan.

250 E 57 St

250 E 57 Street Tower in Midtown East, designed by SOM.  Building will house a Whole Foods, retail, school and residential condo tower at the top.  This is the coolest looking residential building to date.

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International Property Buyer on WSJ

Article from the Wall Street Journal on International Property Buyers.  In New York, my observation is that foreigners buy in buildings that are not too popular with locals.  Maybe because they are WOW-ed by the amenities and brokers bring them there because it's an easy sell.  The foreign buyers seem less concerned with the fundamentals such as supply vs demand.

Reading about London and Paris, I do see why international buyers gravitate towards (in the case of New York), Central Park and Fifth Avenue.  It's the addresses they know and their friends know.  If I were buying in London, I would gravitate towards Knightsbridge too.

  


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