An attractive young woman in a dark pantsuit is pacing the edges of demolished urban lot, chanting quietly and gently tossing grains of vodka-soaked rice while development executives looked on appreciatively, smiling beneath their ceremonial hard hats as an ancient ritual is performed on the site of their newest project.
If the scene sounds bizarre, it is also almost surely a glimpse into the future of New York City real estate
“Everyone can benefit from good energy,” said Eric Benaim, President of Modern Spaces, whose company has enlisted the services of “Certified Feng Shui Consultant” Laura Cerrano of Feng Shui Long Island to advise them on every facet of the design and construction of Vista Court, a 15-story residential building on Purves Street just south of Northern Boulevard. But while Mr. Benaim might very well be correct, every trend in city real estate would point to the fact that Modern Space’s decision to feng shui its newest project is being made with explicit intent to attract the most sought after buyer in today’s market; the Chinese.
Roughly $30 billion was invested in New York City real estate during the last year alone, making it the premier city in the world in that category, outpacing London, Tokyo, Paris and Hong Kong. A vast amount of that investment capital came from overseas, with European, Pacific Rim and South American investors, but Chinese investors are widely believed to be leading the way.
It was perhaps inevitable. Even a beloved boutique manufacturer could only survive for so long on the condo-crazed shores of Williamsburg. Brooklyn Brewery was the city’s first big-time microbrewer and helped bring the sudsy movement to the East Coast in the 1990s. Now, the brewery’s home has been quietly sold, and it looks like a Read More
Last week, the American Institute of Architects announced that work for designers has been slumping the past five months, and yesterday the New York Building Congress reported that construction starts for the first half of the year were down 40 percent from the same time in 2010. Both are bad news, because the construction economy was supposed to have begun turning around this year, and that still is not the case.
That must make Brooklyn an alternate reality.
It is a widely held belief that wherever Wall Street goes, so goes the rest of the city. That is why the recent news that the Street could be headed for layoffs has real estate brokers worried. Sure, last week’s quarterly reports put Manhattan housing on the rebound, but the recovery could falter Read More
The Hamptons and the North Fork could tumble into the same utensil drawer, at least by price.
Less than $320,000 separates the median sales price for the Hamptons from that of the North Fork, according to a new second-quarter report from Miller Samuel and Prudential Douglas Elliman. The median in the Hamptons was $770,000; Read More
Two deeds filed in city records Wednesday morning show that Madonna‘s very weirdly located new mansion officially cost $32 million. She bought the 12,000-square-foot house–where there’s a 38-foot-wide drawing room overlooking a garden; a formal dining room off a garden terrace; three pantries and two kitchens; two libraries and a sitting room; a parlor-floor Read More
Michael Hirtenstein, a connoisseur of glitzy and enormous real estate, has one less mega-property to worry about. According to the listing for 23 Gramercy Park South, the former telecom mogul is in contract to sell the 20-room, $20 million townhouse.
Mr. Hirtenstein, who said earlier this year that he owns three places in Manhattan, four Read More