Luxury condo units are becoming a trend in New York. As per Property Report, one of the biggest New York real estate developer Extell Development currently teamed up with JLL [ which is a dominant company in the international marketing of residential property] to come up with a luxury condominium project, One Manhattan Square.
Extell have been making a name over the past years. They were the ones responsible for the record breaking One57 luxury condominium tower worth $100.5 million.
JLL on the other hand was able to sell more than 4,300 units in London, which is worth $4 billion in a span of three years.
As per Scott Latham, JLL's vice-chairman of New York capital markets group stated that Asian investments are making their way in dominating London.
"Investors are looking to diversify their investment portfolios, Asian investments have predominantly been in London. But I think the next logical venture is into the US, and markets like Tokyo and Australia."
As per The Edge Property, the One Manhattan Square will first launch in Asia by mid-November. As per the executive vice-president of development at Extell, US marketing will then start marketing early 2016.
The spot for Asian investors will be around $1 million to $3 million, and that is for a one to three bedroom units in One Manhattan Square.
Anthony Mannarino, who is the executive vice-president of development at Extell then added that:
"That's really the market that's underserved, there's tremendous demand, both domestically and internationally, for this kind of product - whether you want to buy as an investment, to live in, as a pied-à-terre or for your children."
One Manhattan Square has 815 units. The building is located near Manhattan Bridge and the East River.
As per the website, Asians are the biggest investors in New York. As per Latham, Asians are dominant not only in terms of number of transactions, but also in dollar value investments.
