It appears that both luxury buyers and institutional-sized investors may soon be choosing NYC as an alternative to London.
Britain’s economic and political turmoil may prove to be good news for New York’s real estate market as the value of the pound dropped to its lowest since 1985 after the U.K. officially voted on June 23rdto leave the European Union. Sorting through 43 years of treaties and agreements is no easy task, and it may take a full two years for the country to negotiate its withdrawal and officially cease being a member.
According to Manhattan-based international real estate attorney Ed Mermelstein in a June 2016 article featured on Brick Underground, he’s observed an influx of investors over the last six to eight months choosing New York over London to do business and invest in the luxury real estate market. This may be an indicator that real estate investments were slowing across England even before the “Brexit” issue. New capital gains tax for foreign investors implemented in 2015 and more stringent visa requirements seem to have already created issues for foreign investors looking to live in England.
What could the Brexit vote mean for prospective buyers in the New York market for properties in the million-dollar range? Probably not much as the vast majority of foreign buyers are typically in the market for condos over $5 million. Additionally, foreign investors purchasing in New York typically do not consider co-op’s.
New York Living Solutions, a boutique real estate firm located in Lower Manhattan has access to a multitude of preeminent luxury properties in Manhattan. Our devotion to highly personalized service has resulted in many pleased clients. We look forward to working with you on a time-efficient and cost effective search for your perfect property.
New York Condo Market – 54 Bond Street
The 54 Bond Street building was conceived in 1874 by celebrated architect Henry Englebert, and now caps the corner of a quaint, cobblestone block that has become the most innovative, high end residential street downtown.
The interior of 54 Bond Street has been masterfully restored and re-imagined by Steven Harris Architects
into beautifully detailed and light filled spaces, with soaring ceilings and modern claasic appeal.
Over the past 100 years, world renowned painters. pugilists, screen sirens, muses and musicians have also called this brilliantly poetic building home.
-Cast iron building on the National registry of historic places
-Elevator key card access
-High speed wiring
-Virtual doorman Residence Features:
-South and East exposures
-14 custom built, fully operable windows with restoration glass
-Reclaimed European oak Chevron wood flooring imported from Belgium
-13′ ceilings throughout – perfect for displaying large art pieces
-Leutron dimmers throughout
-Miele washer and dryers
-Full Gourmet dine in kitchen
-custom designed Banca Nambia custom countertop
-La Cornue Cornuf 5 burner gas stovetop
-Bateig Azul Limestone slab floor
-Dornbracht fixtures in platinum