In as much as Chinese real estate investors are sensitive to prices, they have recognized the suggestions on the value of New York City houses and land. As a result, their involvement in the market is increasing. During The Real Deal, a U.S. Real Estate Showcase & Forum held in Shanghai, Naftali Group’s CEO said that when they focus on NYC luxury real estate, they are always interested in basics. He also added that demand cannot be created. In this regard, he says that in bad times, demand in New York City remains constant, while in other cities, it vanishes completely.
Fredrik Eklund, a star of Million Dollar Listing New York and a broker at Douglas Elliman, said that he always use a trick to put the idea into peoples’ mind, that they are not successful until they acquire an apartment in New York City. On the same note, Jonathan Simon, the CEO of Simon Baron Development makes it clear that safety has been an important factor for the demand of New York real estate. He says that the city is the safest in America and that it has been enormously cleaned up creating a big difference.
The president for Halstead Property Development Marketing, Stephen Kliegerman, said that the Chinese are now looking to other opportunities away from the highly marked Manhattan and are now having interest in Downtown Brooklyn, Harlem and other parts of the city. Town Residential CEO Andrew Heiberger adds that Chinese investors are very price sensitive and intend to spend $800,000 to $2 million to acquire an apartment. He also adds that in New York City, brokerage is far well regulated than in China. He said that the Real Estate Board of New York and the New York Attorney General’s Office has ensured that the laid down procedures are adhered to, thereby protecting the customers.
Town Residential is a real estate firm in New York City. It was started by Andrew Heiberger who is also the CEO. They are specialists in marketing, leasing and sale of Luxury residential. They have set the new standard in the industry.
The article was originally reported on The Real Deal a U.S. forum held in Shanghai.