Chinese Buyers Increase Real Estate Purchases in New York City

The Real Deal Magazine featured an article by Hiten Samtani titled, “Chinese are spreading their wings in NYC, resi experts say at TDR Shanghai forum,” which can be found at http://therealdeal.com/blog/2015/09/12/chinese-are-spreading-their-wings-in-nyc-resi-experts-say/. The Real Deal Magazine covers real estate news in NYC and it recently held its first ever real estate showcase and forum in Shanghai. This article talks about Chinese buyers increasing their residential investment purchases in NYC and presents several influential NYC real estate brokers and developers who explain why this is happening. They talk about how NYC apartments for rent on townrealestate is safe for a big city and developers are building incredible properties creating an environment where there is a constant demand from buyers.

One of the panelist in this forum was TOWN Residential CEO Andrew Heiberger. TOWN Residential was founded in 2010, has ten offices located throughout NYC and recently formed a partnership with the Miami based real estate firm Fortune international. TOWN focuses on marketing, selling and leasing high-end luxury residential properties and property developments. Mr. Heiberger says Chinese buyers are sensitive to real estate prices and typically look for properties that are in the range of $800 million to $2 million. He went on to say that the Real Estate Board of New York and the New York Attorney General’s Office highly regulate NYC brokerages making them more transparent so that consumers can be highly protected.

The panelist at the forum, which included brokers and developers such as Fredrik Eklund, Miki Naftali, Jonathan Simon, Stephen Kliegerman as well as Andrew Heiberger went on to explain how it can be difficult for foreigners to get financing to purchase real estate in NYC, so it helps if they come in with a lot of cash reserves. Currently many Chinese buyers are looking at properties in other parts of NYC outside of Manhattan as well as Harlem and Brooklyn. The panelist seemed to be satisfied with the current real estate market in NYC and even described what their dream home would be in the NYC.

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