Category: International

Recently Listed – A Luxurious 2-Bedroom Condo That Will Steal Your Heart

The Campiello Collection in Chelsea was developed by Elad. It was one of their first condos in New York in the early 2000’s when most people would head to the Upper East Side still when looking to buy, to find themselves a Classic 6 – as the traditional 2-bedroom coop homes were referred to with their closed kitchens and small maid rooms. While no one measures square footage in the same way, these ranged from 1,400 to 1,600 Square Feet.

By 1998 developers had started to convert former warehouses in lower Manhattan and Chelsea was about to undergo great change. Formerly the Barney’s parking lot (Barney’s is back – around the corner) this building was built ground up as a boutique full-service luxury condo. One of its key features that make it stand out today are the extra spacious living rooms and bedrooms. To attract buyers downtown back then, it was all about space. By the 2004 developers started chopping the apartment sizes down so many later New Developments in Chelsea and the area had small second bedrooms and tighter living / dining combinations.

This home was recently updated with the most beautiful of 5″ wide plank white oak floors which look and feel incredible under your feet. Peaceful beyond belief, this residence is a great escape from New York without having to leave. Enjoy this short clip. Price: $ 2,995,000

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Off to the Races: 2016 Horse Racing Season Guide

Off to the Races: 2016 Horse Racing Season Guide Kentucky Derby - Photo: iStockphoto/ Jill Lang

Ready, set, hats!

May marks the beginning of horse racing season, and its attendant mint juleps and mojitos, bright sundresses, and huge statement hats. To prepare you for high racing season, my team and I have put together a primer of the most important races, what’s at stake at each this season, and how to answer the most pressing question – what to wear? Read more…

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Remembering Zaha Hadid

Remembering Zaha Hadid Cultural Center, Baku Azerbaijian by Zaha Hadid - Photo: iStockphoto/Asurobson

“People think that the most appropriate building is a rectangle, because that’s typically the best way of using space. But is that to say that landscape is a waste of space? The world is not a rectangle.” – Dame Zaha Hadid

Recently, when I learned the sad news of Dame Zaha Hadid’s passing, I was reminded of the moment in 2015 when Read more…

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Manhattan Market: What Does a $2.5M Condo Really Cost Foreign Buyers Today?

Manhattan Market: What Does a $2.5M Condo Really Cost Foreign Buyers Today? Rise in local currency cost to a foreign buyer for $2.5M NY property, from 2014 to 2016 based solely on currency value fluctuation

Much has been written about Chinese and Russians dropping $30+ million on Manhattan luxury condominiums since 2012. As a result, even sellers of condos priced between $1-4 million ask: “Where are the foreign buyers for my home? What will you do to attract them?”

While huge amounts of foreign currency is being spent on US real estate, not every property type is benefiting from it or is appealing to an international buyer. Generally, foreign buyers who Read more…

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Top Luxury Travel Guides for Weekend Getaways

Top Luxury Travel Guides for Weekend Getaways The French Alps and Lake Geneva as seen from Nyon, Switzerland | Photo: Tony Sargent NYC (C) 2016

I recently returned from a last-minute trip to Switzerland to visit family. Since my brother, sister and close family friends live near Geneva or Zurich, whenever I travel to Switzerland I’m lucky to get an insider’s take on where to eat, shop and play.

Where do you go when you need an insider’s guide to your destination’s top luxury design hotels, foodie hot-spots, designer boutiques and galleries? Obviously a Lonely Planet guide isn’t going to cut it. These four guide series Read more…

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Chinese Buyers Purchase $28.6 Billion in US Property, Find Safe Haven in New York Real Estate

Chinese Buyers Purchase $28.6 Billion in US Property, Find Safe Haven in New York Real Estate

This summer, a luxury family home in Scarsdale, NY sold for $1.75 million. On the surface, such a sale is hardly remarkable. In fact, perhaps the most unremarkable part of the sale is that the buyer’s Chinese nationality drew little attention. Even a year or two ago, the sale of a non-Manhattan luxury home to a foreign investor would have been unusual. Today, it’s increasingly commonplace. The Shanghai-based investor who purchased the Scarsdale home (and immediately rented it out to a local family) is one of hundreds of Chinese investors who are increasingly investing in real estate not just in Manhattan, but also in New York’s boroughs and suburbs.

In the last year, Chinese buyers have replaced Russian buyers as the primary real estate buyers in New York– and this trend is expected to continue throughout 2015. Given current international market fluctuations and Russia’s continued economic struggles, this news may come as little surprise to many of you.

Since last year, Ukrainian turmoil, economic sanctions against Russia and a progressively worsening economy have slowed down Russian purchases in New York real estate, said Marlen Kruzhkov, an attorney with Gusrae Kaplan Nusbaum who advises many investors from former Soviet Union countries.

Chinese buyers, on the other hand, are eagerly pulling savings from their home country and investing overseas, and New York real estate has been a prime target for these investments. The recent stock market crash, including the late August drop of 8.46% in a single day for the Chinese exchange – capping off a 32% drop between June and July, according to Bloomberg data – has only enhanced the trend.

In the year ending in March 2015, for the first time, Chinese buyers exceeded all other buyers in terms of unit purchases and dollar volume, purchasing $28.6 billion worth of U.S. property, according to National Association of Realtors. In particular, they have been finding their safe heaven in New York real estate.

“New York is an international market. They feel that the market is very transparent, very conservative and they feel very comfortable in coming to the U.S. and to buy real estate in New York,” said Emily Zhu, director of marketing for Advantage America EB-5 Group, who works with many Chinese developers and investors in the U.S.

As the Scarsdale purchase reflects, Manhattan is no longer the only target for foreign investors, who have been seeking better prices and yields in the other boroughs. “A lot of Chinese buyers are starting to accept places others than Manhattan,” Ms. Zhu said.

For instance, Chinese developer New Empire Real Estate (NERE) is currently building on Park Slope’s Fourth Avenue and “there are a float of Chinese buyers that buy even before the development is constructed; there are a lot of pre-sales,” said Ms. Zhu, who represents the developer.

After the stock market turmoil, “some Chinese investors will want even more to diversify their assets in order to own something that is tangible rather that intangible,” Ms. Zhu said.

Things have changed for Russian buyers. “The economy is contracting terribly and the situation is getting progressively worse,” said Mr. Kruzhkov. As a result, he added, “The nature of purchasers has changed. There are less people buying.”

In particular, small and medium-sized Russian investors seem to have disappeared altogether from the New York City real estate market.

Only the wealthiest are still around, but they have changed their targets.

“In the last 6 months, they have been investing in different things, they are not necessarily buying apartments. They are investing more in development projects or pre-existing income producing buildings, more commercial or mixed-use,” properties said Mr. Kruzhkov.

For example, one of his Russian clients recently sold a Manhattan apartment for almost $25 million. He immediately re-invested in a development project.

A major flow of foreign capital into New York’s development market – especially as Chinese markets continue to cool – is a trend to watch in the coming months.

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Joseph Dirand Shares His Design and Architecture Secrets With Shaun Osher

In 2014, award-winning Parisian architect sat down with CORE’s CEO, Shaun Osher to share his inspirations and secrets and which infuse his created spaces with innovative qualities that are a unique expression of his vision relative to each project’s location and also express his own cultural roots.

I’m consistently inspired by CORE’s ability to teams up with the best in architecture, design, development and staging to bring the best marketing and fresh approach to each of our clients’ properties and projects. For more information on how my team and CORE would bring our custom bespoke marketing model to best serve your real estate needs, contact me at Tsargent@corenyc.com or via the contact form above.

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Monday Market Video: Average Manhattan Home Now Costs $2M

Posted on April 4, 2016

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