Tag: real estate

How Tech Transformed Venice Beach Real Estate

How Tech Transformed Venice Beach Real Estate Venice Beach is fast becoming Silicon Beach | Photo: iStock.com/MyDinga

Why do some neighborhoods transition and become the hottest addresses in town seemingly overnight while others stagnate? One trend my team and I are watching closely this year is the role of tech in neighborhood place making. Earlier this year, we took a closer look at how the co-working revolution is reshaping New York real estate from Midtown East to Brooklyn. Out in LA, tech is also the driving force behind residential property spikes, especially along “Silicon Beach”. 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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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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Luxury Real Estate Report: The Sargent Report – Spring 2015

Luxury Real Estate Report: The Sargent Report – Spring 2015

Tony Sargent has released an e-version of his Luxury Real Estate newsletter The Sargent Report – Spring 2015. The current issue features 2015 New York market predictions and other articles: Luxury New Development Update, International Snapshot, Digital 3.0 – Tech & Real Estate, and more.

As the world’s local agent, Tony Sargent provides his unique perspective and insight on Manhattan’s luxury market, as well as globally connected world-cities. A local expert, Tony has developed a private global network of top brokers with whom he shares clients and market knowledge to his clients’ benefit. Tony is tapped to speak at Industry events such as Inman Connect and RE/MAX’s European Annual Convention as well as many others and was recently invited to be a regular author/contributor to the highly acclaimed real estate industry news-site, Inman News recently.

To read the full four-page issue of The Sargent Report as a PDF, click here or on the Report in the right column. For a mobile-friendly Flip-book version, click here.

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Tony Sargent & Shaun Osher | Named To The Real Deal’s Top 5 Residential Agents of the Week

Tony Sargent & Shaun Osher | Named To The Real Deal’s Top 5 Residential Agents of the Week

For the week of December 26, 2014, The Real Deal ranked CORE’s CEO, Shaun Osher and me as one of top 5 agents of the week for our sale of our 30 Bond Street, Penthouse at $5,350,000. We were #5 for the week.

We worked together closely to create engaging marketing and press, outreach to the luxury broker community and worked hard to get every client into the home and find the best buyer for the coop and owners. We ultimately set a record price for the 30 Bond Street and Noho coops.

Inspired and proud to be a part of the CORE Team and a trusted agent Shaun and our clients can count on.

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Grand Central Grandeur – Its Secret Rooms and History

To the thousands of New Yorkers and visitors who pass through Manhattan’s Grand Central Station, there is always a moment of silence and awe when they see the grandeur of it. For those who know that once it was doomed to be destroyed and even after it was saved, the walls and ceiling were dingy, the windows obscured by black paint from World War II, to see it today is breathtaking.

This short video by Above New York takes you into Grand Central’s secret rooms and is a reminder that behind the scenes in our great city, thousands toil unseen to make New York the wonderful home that it is for millions and the dream of many more.

Grand Central Grandeur from Above York, LLC on Vimeo.

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

Posted on April 4, 2016

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