Q: Do you have any advice for Manhattan home buyers?
A: If you see something you love, and you can afford it, you should buy it. In Manhattan I’ve never seen someone regret buying property, but I have seen lots of people regret not buying. Don’t try to time the market. If you buy for the right reasons, you can’t go wrong.
Q: Is there a typical Manhattan buyer these days?
A: No two buyers are the same. New York is very beautiful and eclectic in terms of buyers and buildings. That’s what makes the city special. Take Tribeca—it was not originally built for residential use, but many buyers are attracted to the huge volumes of space, the beautiful high ceilings, etc. Then there are buyers who aren’t attracted to those qualities at all. They want something more modern, with floor-to-ceiling windows.
We could sell a loft in Tribeca for $4,000 per square foot, or an apartment in the Time Warner building for that.
There are a limited number of townhouses, and not everyone wants them, but those who do create that market for townhouses, the same with Tribeca lofts.
That’s the beauty of New York. It is simultaneously an old and a new city.
Q: What are some of the neighborhoods you see emerging?
A: Far West Chelsea is emerging. Art appreciators are drawn to it because of the galleries and the spaces.
Madison Square Park has become one of the most active neighborhoods in the city. Not so long ago, it was considered a bad neighborhood. Now it has the park, incredible retail like Eataly and new trendy hotels like The NoMad. The transportation is great, and new restaurants are catering to new residential activity.
The Bowery is also very exciting. We did a project at 52 East Fourth Street.
Q: Who is buying apartments in Manhattan? What groups of people?
A: Here we have probably the most diverse buyer pool in any city. Artists, financial professionals, tech entrepreneurs, international buyers, entertainment people, entrepreneurs in general and professionals.
Q: Where are the international buyers typically coming from?
A: They come in different waves at different times. Right now, everyone is talking about Chinese buyers. We are doing deals with lots of different people from all over the world, people from every continent—except Antarctica.
New York has this romance with the world. It’s in movies, stories. Owning a penthouse in the sky in New York is a dream people have all over the world.
jallon@observer.com
