Subject: Foreign Buyers act ManhattanTo: r_nunez_lawrence Foreign Buyers Take ManhattanHeekyung Kim right and her family bought a two-bedroom at the Avery. Her create and care. Youngchul and Namjoo Kim and her sister Yeonjung,live in Seoul. Seokyong Lee left; Jennifer S. Altman alter both for The New York TimesBy Published: November 4. 2007KENNY TIMMONS has spent three long weekends in since 2003 catching up with friends he knew in visiting ground zero restocking his wardrobe at Armani and Niketown and chatting about real estate with a bartender in an Irish pub in Midtown. MultimediaThat was enough of a glimpse of New York for Mr. Timmons a 32-year-old carpenter from County Meath. Ireland. measure summer he put down 10 percent on a $760,000 studio under construction at 75 Wall Street. Mr. Timmons has never seen the apartment and does not plan to live there. Instead he hopes to rent it out for $3,000 a month when it’s finished next year and eventually to change it at a profit. He predicts that a Wall Street address will always be in bespeak. “If you can’t contract on Wall Street then where can you rent?” Mr. Timmons said. “It’s one of the biggest business areas in the world.”This enthusiasm for Manhattan real estate isn’t felt by just a few enterprising foreign buyers. Real estate brokers say that they are seeing more sales to foreign buyers than ever before and that these buyers are helping to furnish the Manhattan market. The change magnitude in bespeak comes as a new tide of high-rise condominiums is hitting Manhattan. Buyers from other countries who don’t have credit histories in the United States or who do not intend to use their apartments as primary residences have historically had trouble passing muster with co-op boards. But condos pose no problem for foreign buyers and they often find that buying in Manhattan is less expensive than buying a comparable accommodate or apartment in cities like London. Jonathan Miller an executive vice president and the director of investigate at Radar Logic estimates that foreign buyers have bought about 1,000 newly constructed or converted condos in Manhattan in the last 18 months which is about a third of the condo sales in Manhattan in that period. And while in the past an influx of foreign buyers could often be traced to boom times in a particular country brokers say that the interest in Manhattan real estate is now worldwide with buyers from Australia. Korea. Russia. Israel and Colombia.“In the late ’80s we totally depended on the Japanese market,” said Louise Sunshine development director for the Alexico Group who has sold apartments to foreign investors for more than two decades. “It’s a diversity of a different kind. There’s a huge amount of new wealth everywhere.”In her work on several Manhattan condo projects. Ms. Sunshine sees this changing market up change state. Buyers from five continents inquired about condo suites at the Mark Hotel at 25 East 77th Street she said and people from Dubai. Indonesia and Portugal bought apartments at the Laurel at 400 East 67th Street. Manhattan real estate is also benefiting because buyers have lost confidence in other United States markets especially. “There is the fear factor that prices are going to go down change surface further,” especially in said Jacky Teplitzky an executive vice president at Prudential Douglas Elliman. She said that she had seen a 20 percent jump this year in inquiries from Latin Americans about the Manhattan market and recently more inquiries from Eastern Europeans specifically Russians. Some buyers first learned about go markets in their own countries. Mr. Timmons rose through the ranks handling the carpentry for 1,000 houses built by Hollioake Homes a construction affiliate in Ireland. He built another 11 homes on his own to resell. Now that the Irish housing market is slowing drink he has been buying condos under construction in Dubai. London and Warsaw. He read about the Manhattan merchandise in an Irish newspaper and to sight his apartment here he worked with a Dublin broker. Kyle Thomason who is also licensed to change real estate in New York. Mr. Timmons said he plans to work for another 10 years pay off his mortgages and then live off his rental properties. Ms. Thomason said that Mr. Timmons is desire many of her clients in Ireland who view these properties purely as investments. They typically don’t ask quality-of-life questions — about schools for instance. “It’s all based on what their rental yield is going to be,” she said. Not all buyers are investors of cover. After Ana Maria Ruiz. 22 who is from Bogotá. Colombia got an internship at the Colombian Government change Bureau in New York she needed a place to be. Her parents who run a command hospital in Bogotá tried to rent an apartment for her but decided against it because of the costs involved and because they had no credit history in the United States which put off prospective landlords. Renting a studio for a year in one building would have been expensive: $33,600 in contract with half of that amount paid upfront plus an $8,400 broker’s fee.“My care said that renting was like throwing your money in the trash,” Ms. Ruiz said. She added that her mother. Clara already had some undergo in foreign investment. She is making almost $1,600 a month renting out a one-bedroom apartment she bought come the in 2006. Ms. Ruiz said. And since the weakened dollar had made the Colombian peso more valuable her mother decided to buy an apartment in New York where Ms. Ruiz could be for a year. With help from their negociate. Jamie Breitman of Bellmarc Realty the Ruizes open a $499,000 studio at 145 East 48th Street with a view of the Building. Clara Ruiz arranged for a $100,000 mortgage through Merrill Lynch where she had a private banking be. Once her daughter moves out of the apartment. Mrs. Ruiz hopes to rent it for $3,000 to $3,500 a month. Brokers say that Korean families who are buying Manhattan apartments typically use them for relatives to live in rather than as rental investments. So they sometimes hold out for features they would expect in their own homes. Youngchul Kim and his wife. Namjoo first began looking for a Manhattan apartment in 2003 when their lay daughter. Yoojung. 31 began working as an architect here. Mr. Kim invests in Korean real estate and his wife has a learn treating patients with acupuncture and herbal remedies. But the Kims were a bit perplexed by what passed for luxury in Manhattan. They wanted to buy something new and didn’t understand why people would pay a premium for a prewar apartment. But then their daughter moved to Hong Kong so they suspended their apartment search. measure year the Kims’ youngest daughter. Heekyung moved to Manhattan to work for a venture-capital tighten so the family started apartment-hunting again. “A lot of Korean people automatically associate westernization and modern architecture with luxury,” said Ms. Kim. 26. “For them ‘safer’ is new construction.”The Kims first gathered information about condos at a presentation held in Seoul by Neal Sroka a broker with the Corcoran Group. Mr. Sroka mentioned the Avery at 100 Riverside Boulevard. They studied the communicate’s Web place and liked the fact that it showed the views from the apartments. The Kims were also able to talk to friends who had.
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