Tag: New York

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

Alexis Christophorous Interviews Jonathan Miller on Manhattan’s Luxury Market & Foreign Buyers

Last week major real estate firms in Manhattan issued their Q1 2016 Manhattan Market Reports. According to the reports, the average Manhattan home now costs $2 million. The reports also reveal some interesting insights into foreign buyer trends and the larger real estate market.

When speaking to clients in the last few months, these questions have come up repeatedly 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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Fall’s Most Buzzed About Real Estate Conversions

Empire Stores DUMBO Rendering

Rendering: Midtown Equities’ retail and office conversion Empire Stores located in DUMBO in the Brooklyn Bridge; http://www.empirestoresdumbo.com/

With little space to build new properties in hyper-dense New York City, it’s no surprise that developers are eager to give makeovers to pre-existing buildings not living up to their potential. Whether they are being redone with an eye towards retail or commercial occupation, there are a slew of exciting renovations slated to open in the next few months all around the city. Check out a few of the most buzzed about below:

  1. Dumbo’s Empire Stores: Dumbo has long been one of Brooklyn’s chicest neighborhoods, with residents like style-setter Olivia Palermo upping the style factor on this quiet waterfront oasis of calm. The neighborhood is about to get a fresh injection of fashion and fun with the 19th century warehouse Empire Stores opening the end of this year. Expect stunning views over the city, and
    Read more…

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Art Preview: The Whitney’s Hottest Openings

Art Preview: The Whitney’s Hottest Openings Composite of photos taken at the Whitney Museum | Feb 2016 - Tony Sargent | Bottom Right Image: "Cafe Metropole" by Lisette Model courtesty of the Whitney

In its first year at its new location in Manhattan’s red-hot and distinctly international Meatpacking District, the Whitney Museum of American Art has lined up a slate of marquee exhibitions for the fall.

The stunning Renzo Piano-designed building, between the buzzing High Line and the Hudson River, has a permanent collection of thousands of works by some of the most important modern and contemporary American artists, including Jasper Johns, Cy Twombly, and Cindy Sherman. The museum draws in part on this vast and significant archive to stage the next few months’upcoming shows while holding special exhibitions for up-and-coming New York-based artists. Read more…

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New York Luxury Real Estate Update | From “Versailles” to Jeff Koons’ New Studio

New York Luxury Real Estate Update |  From “Versailles” to Jeff Koons’ New Studio The High Line District has transformed in 1 year | Photo from Sept 28, 2014 by Tony Sargent

As all New Yorkers know, if you’re not moving forward, you’re behind, and real estate is no exception. Summer saw some of the island’s most influential denizens make real estate moves and news in keeping with the city’s exhilarating pace.

Some noted developments:

Alert to all aspiring Upper East Side trophy property holders and investors: there was a drop in the asking price for the “Versailles in Manhattan” and the listing moved over to Compass. Kenneth D. Laub’s spectacular East 64th Street townhome, dubbed “Versailles in Manhattan” for its rococo Louis XIV layout and interiors can now be yours for a cool $25 million. Over on Fifth Avenue Read more…

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Under the Radar Hamptons: Not-to-Be Missed Hidden Gems

Under the Radar Hamptons: Not-to-Be Missed Hidden Gems Amagansett Beach - Photo By Tony Sargent

The Hamptons have long been the see-and-be-seen summer spot for New Yorkers, so much so that sometimes a weekend out East can hardly feel like a break from the city at all. If you’re ready to escape the crowds, spend your next trip exploring these tucked-away gems, beloved by those who have been going to the Hamptons for generations, and know they truly represent the best of the Hamptons’ spirit.

A truly mellow weekend in the Hamptons should be all about cooking and eating great food, much of it from the many farms that dot the Hamptons’ landscape. Luckily, the area is rich with purveyors of fantastically fresh fare for cookouts, picnics, and long days on the beach.

Hamptons Aristocrat is a food truck that could only exist in the Hamptons, painted a serene cream color, illuminated with Edison bulbs, and bursting with local flowers. Everything they serve is organic, locally sourced, and most importantly, delicious. Cavaniola’s is a cheese lover’s dream, stocked with enough comté and camembert to satisfying even the most discerning foodie. Round Swamp Farm Market is in an old farmhouse on an East Hampton farm that’s been in the family for nine generations, and their rhubarb, sugar snaps, and spring beans – not to mention their pies – are to die for.

When you are ready to venture out for your food, Sagtown Coffee is Montauk’s most low key and lovely java joint. Tucked away in an alley, the buzzy brewery offers an array of high-grade coffee (available iced, too, of course) without the scene-y vibe that accompanies even the most casual trip to Jack’s or the Golden Pear. And while the rest of the world is getting their lobster roll fix at Cyril’s, stop by Beacon in Sag Harbor for yours with a serene view from the deck, and an expertly crafted cocktail to match.

To work off all that camembert and lobster, skip the scene at Flywheel and Soul Cycle and head to Sup Yoga at Kamadeva, which combines paddle boarding and yoga into a killer workout that maintains a mellow vibe. And for an airy take on the great outdoors, head to the Elizabeth A. Morton National Wildlife Refuge – the birds are so gentle and trusting they’ll come eat right out of your hand.

And the culturally-inclined need not feel compelled to make an appearance at a Parrish Art Museum opening to get their fix: On Friday nights, Bridgehampton’s Silas Marder Gallery projects classic films like Cool Hand Luke and Woody Allen’s Sleeper on the side of their barn-cum-gallery, attracting a cool and creative crowd who also appreciates the space’s avant garde sculpture garden. And for modern art aficionados, a pilgrimage to the Pollack Krasner House and Study is an absolute must – the floor in the house where the artist lived is splattered with paint in Jackson’s iconic style.

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

Posted on April 4, 2016

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