Chris Holden

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New York’s Thriving Real Estate Economy For The Chinese

by Chris Holden - September 24th, 2015.
Filed under: Real Estate.

This is a summary of an article that originally appeared on a website known as The Real Deal. In summary, Chinese real estate buyers are recognizing the value of NYC apartments for sale and real estate and are increasing their patronizing of the market. In some cities, demand for real estate diminishes during financially bad times, while in New York City the demand for it is constant. Douglas Elliman broker Fredrik Eklund says that he wants his clients to think that they have not truly made it in their life until they own w New York City apartment. According to Eklund, there is a “third new development Wave” of developers creating buildings with desirable amenities and hotel living up high in the sky. Founder and CEO of Simon Baron Development, Jonathan Simon, put an emphasis on safety being a key factor in New York’s appeal. He says that it is the safest city in America and that the place has been cleaned a great deal. President of Halstead Property Development Marketing Stephen Kliegerman tells us that Chinese buyers are keeping their minds open to opportunities outside Manhattan, with considerations in Downtown Brooklyn, Harlem, and other areas of New York City. Town Residential CEO Andrew Heiberger says that Brooklyn should not be just a borough, but that it should be the “next great city.” He tells us that most Chinese real estate clients are price-point sensitive and are only looking for $800,000 to $2 million apartments. Kliegerman also says that foreign buyers find it difficult to obtain financing, so they need to show up with plenty of cash reserves. On the other hand, Hielberger also says that New York City brokerages are much more transparent and regulated than Chinese ones. The Real Estate Board of New York and the New York Attorney General’s Office help ensure that rules are obeyed and therefore offer great protection for consumers. These panelists then went from being professionals to talking about more personal matters, such as their own dream homes in New York City. Kliegerman, for example, would like to live in Downtown Brooklyn.

Lastly, this article will briefly discuss Town Residential. Town Residential is a luxury real estate firm of New York, was founded by CEO and co-chairman Andrew Heilberger, and Joseph Sitt co-chairs the firm. It is a crucial part of New York’s real estate landscape. The firm specializes in luxury real estate. It has established a new standard of excellence within the real estate industry. The firm is run by a team of professionals who have unsurpassed knowledge and experience in the industry. It has won many accolades for its role in residential real estate.

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