Headlines

New York Apartments, Art Top Gold as Stores of Wealth, Says Fink

June 11, 2015

Gold’s traditional role as a store of wealth has been usurped by contemporary art and apartments in cities such as New York and London, according to Laurence D. Fink, head of the world’s biggest asset manager. “Historically gold was a great instrument for storing of wealth,” the chairman of BlackRock Inc. said at a conference in Singapore on Tuesday. “Gold has lost its luster and there’s other mechanisms in which you can store wea...

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Chinese Could Spend $50 Billion on New York City Real Estate Over Next Several Years

June 11, 2015

NEW YORK (TheStreet) — Chinese cash injected into New York City real estate reached record levels in 2014. That could be just the beginning. “Over the next several years, we’ll see — potentially — over $50 billion injected into the market from China,” said Cushman & Wakefield’s Chairman of New York Investment Sales Bob Knakal, who has engineered some of the splashiest sales of New York properties to Chinese buyers. The U.S...

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Wealthy New Yorkers Say Goodbye to Suburbs, Hello to City

June 11, 2015

Wealthy New Yorkers are no longer fleeing Manhattan for the sprawling estates of Westchester — in fact, the bucolic burbs have become a tough sell, with buyers instead plunking down their millions on mansions in the sky. Only 11 $10 million-plus estates in Westchester have sold in the past seven years, records show. Meanwhile, the number of New York City homes that sold for more than $10 million was 1,355 for that same period. “The st...

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Mandarin Oriental teams up with Saudi group to buy Hotel Ritz in Madrid for HK$1.12b

June 11, 2015

Luxury hotel operator Mandarin Oriental International has teamed up with a private Saudi Arabian multinational group to acquire the 105-year-old Hotel Ritz in central Madrid for €130 million (HK$1.12 billion). A 50-50 joint venture formed by Mandarin Oriental and The Olayan Group will also spend an extra €90 million to renovate the 167-room hotel in 2017. “The Olayan Group is no stranger. It has a long and deep relationship with Jardin...

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New York Real Estate Overpoweringly Attracts Local and Global Investment

June 9, 2015

While real estate is often thought of being a transaction between buyer and seller in a resale or developer in a new development, there are other key players that ensure the success of a deal. In order for a new development project to launch, the developer and architect are supported by investors. Given New York City’s presence as a global city, its real estate market achieves strong financial support from international investors. Chinese inv...

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