Why Does Manhattan Property Have So Much Attraction to the Chinese ?
Manhattan's properties have always been a hot spot of the world's attention , People from around the world are proud to have a piece of Manhattan, from businessmen, to movie stars, to celebrities, all are earger to own property in Manhattan. Owning a property in Manhatan, or owning an office became a symbol of high social identity and status . In recent years, the U.S. real estate business has not been as good as before. But Manhattan's real estate business has never been a downturn, especially high-end properties are alwasy in high demand and very popular. Nowadays, more and more many wealthy Chinese people are in market to own properties in Manhattan , some buy apartments, some buy office building. This has become a trend. Then, people may ask why so many Chinese are intereded in owning a piece of Manhattan? Or, why Chinese people are so crazy about Manhattan properties ?
I myself a real estate developer, I am confident that the price of properties, whether residential or office, of Manhattan and the surrounding areas will rise sharply in the coming years .
In earlier years, very few real estate companies in New York had customers from China . Chinese buyers of Manhattan properties were very few. But in recent years , we have witnessed a sharp increse of Chinese buyers of real property in Manhattan. As the land price in Manhattan soaring, and with a lack of available land units , price of Manhattan's residential properties will continue to rise. But Chinese are still are eager to buy.
More and more Manhattan real estate brokers have similar stotries : they have more and more customers from China than ever before. They tend to purchase not only residential property, but also office high-rise office buildings. A recent example is Chinese real estate developler Fosun International recently spent $ 725 million to but an office building in Manhattan--Chase Manhattan Plaza . This building is the former headquarters of Chase Manhattan Bank. This purchase is just a iceberge of what the Chinese are investing in the Manhattan real estate business
Today, price rate of new residential apartments in Manhattan is around $ 2,000 per square foot , which will soon soar to around $ 2,500 per square foot . The most expensive price is in the Gramercy Park neighborhood . The average price is $ 2,455 per square foot. My company, Rosen partners,has developed a residential project in Gramercy Park,the price range of per square foot is
1600-2500 dollars. This Gramercy Park project is an excellent in location and price and it is below the average price .
Why is the price rising so dramatically in Manhattan ? Whats the advantage to own a property in Manhattan? I have listed a few reasons as follows:
1. Location and location! Manhattan, I think, as everyone knows, is the headquarters of the United Nations , the World Capital, Financial Capital , Cultural Capital ........ the "capital" list goes on and on. I will not repeat here. I just want to talk about a few simple points :
First, worth the money!
While investing in real estate in China may earn you huge profit profit, but investing real estate in New York is different, but because the system of New York real estate market is mature with stable price . Housing bubbles are unlikely to happen here, which means what you buy worth the the money??and you will have a piece of mind. As the Chinese government restricts its citizens' investest on domestic properties, overseas investment on property may be a better investment option for them.
Second, New York as an international metropolis is a great charm to Chinese people and the properties in Manhattan have room for appreciation .
As most Chinese people are eager to live in big cities, New York is undoubtedly one of the best options for them .
The population of New York City 's is 8,000,000 , and is expected to reach 10 million by 2030 . The factor is as the population grows, with limited supply of properties ,price of New York real estate will surely soar.
Third, there are many good schools in Manhattan.
In Manhattan, there are some well-known top schools , whether primary schools, secondary schools or universitis.For example, world-class universities, such as Columbia University, NYU, and Parsons School of Design, which Chinese people are very familiar with, are all located in Manhattan. Stuyvesant High School is one the the best high schools in America is also located in Manhattan. , there are many private schools in Manhattan as well.
With so many advantages to own a property in Manhattan, we can expect to see more and Chinese investors, buyers and developers to enter the New York market in the years to come. China 's wealth boom has led to the diversification of their assets , investment in real estate in Manhattan would be a good choice.