The Chinese Are Buying Residential in New York City than Any Other Place

The Chinese residential buyers might not be as price-sensitive as many people expect, but they actually know the value proposition of the NYC luxury real estate and they are with time increasing their footprint currently in the market. This is according to New York’s leading residential players.

According to Miki Naftali, the CEO of Naftali Group, when people are considering real estate, they look at the basic. Its demand is something that is impossible to create. In some places, the demand is always low at the bad times, but in New York, the demand remains constant.

Fredrik Eklund, the star of the Million Dollar Listing New York, and the Douglas Elliman broker said that one of the best tricks he uses when planting an idea in a customer’s heads is that, they haven’t actually made it in life until they have owned an apartment in New York City

The CEO and founder of Baron Development, Jonathan Simon attributed the key factor to New Yorks appeal to be safety of the town. New York is actually the safest big city in the whole of America.

Stephen Kliegerman, who is the president of Halstead Property Development Marketing, said that Chinese buyers were actually opening their eyes to the opportunities that were outside of prime Manhattan, with their interest in Harlem, in Downtown Brooklyn and other parts in the New York City.

Town Residential CEO Andrew Heiberger , admitted that Brooklyn shouldn’t actually be known as borough. According to him it will be the next great city. He also said that many of the Chinese buyers were actually extremely price point sensitive, and they were looking to spend between $800,000 and $2 million for the apartments.

The conversation, which was moderated by TRD’s Editor-in-Chief,Mr.Stuart Elliott, specialized on some of the important factors to look out for when someone has decided to invest in New York City. Some buyers, especially the foreign ones, find it tricky to obtain financing, so it was necessary that they showed up with a lot of cash reserves. He also said that the brokerage in the New York City was way better regulated and more transparent than in China.

TOWN Residential is New York’s leading luxury real estate services firm. The firm was founded in the year 2010. It was created by the CEO and co-chairman, Andrew Heiberger and it is also co-chaired by Joseph Sitt. It specializes mostly in luxury residential sales in New York.

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