This week it was reported that a South American family has bought and closed on ~$27 million worth of residential condos at Waterline Square in Manhattan. Apparently they went into contract (after the online showings) and closed on the same day, which I suppose you can do when it’s an all-cash deal like this was. The agent, Maria Velazquez, didn’t disclose who the family was, but apparently they’re from Peru and they wanted a safe place to park their money during this pandemic. Uncertain times usually create buying opportunities, and it sounds like the family did get a bit of a bulk discount here. But it’s also interesting to see where capital is flowing right now and what is perceived as a safe haven. Residential real estate in one of the world’s preeminent global cities probably won’t come as a surprise to any of you.
Daily insights for city builders, delivered every morning at 6 AM ET. I’m Brandon Donnelly — a Toronto-based real estate developer and founder of Globizen. I’ve been writing here since 2013.
One response to “$27 million worth of condos in New York”
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[…] Pre-construction condo sales and land sales have slowed dramatically. As Charlie Munger mentioned in the Journal this week: “Everybody’s just frozen.” We are all trying to glean what the future holds. (Charlie and Warren have been remarkably quiet over the last several weeks, but they’ll be on the online stage — on my birthday — for their annual meeting.) At the same time, we have noticed sentiment start to become more positive over the last week or so and we have sold a number of larger suites at Junction House. In my humble opinion, now is an excellent time to continue making these sorts of decisions. […]
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