Asian Investors On Carlton Deals Circle More Than $500 Million Of New York Condo Deals This Month
September 14, 2016
Chinese and Japanese investors continue to show great interest in New York ground up condominium and conversion developments provided such transactions meet current market and underwriting requirements.
As indicated above within the last 30 days, Asian investors have either gone to contract or LOI on Carlton transactions for approximately $150 million of equity and $350 million of debt on three different New York ground up and condominium conversion transactions. These commitments underscore the continuing dynamic of Asian investors looking to invest in solid New York condominium projects with quality operators where their basis makes sense.
The New York condominium and conversion market is still showing good sales velocity and pricing on projects which are priced properly. Moreover, the New York economy is still solid and growing, and the below statistics and facts show same.
– The average sales price and average price per square foot for condominiums under $10 million are still setting records.
– New developments represent 58.4% of sales in the luxury residential market with a median sales price of $7,500,213.
– Available inventory for new developments has fallen since last quarter.
– The New York economy continued its seven-year expansion with a record increase in jobs, a growing tourism sector and a sustained construction boom. Additionally, most forecasts call for further economic expansion and gains in employment
Cher Chang
Carlton Group – Head of Asia Division
cchang@carltongroup.local
917-332-2059 Direct
604-729-3586 Cell
