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Douglas Elliman Managing Director Jacky Teplitzky on the growth of international buyers for housing in New York City.
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-- more on the real estate story let's talk about Manhattan and not an expensive.
The luxury real estate market isn't being treated as a haven for some investors.
Cash only buyers from places overseas very often flocking to this market citi's Smith is joining us in a news -- newly developed -- building.
In Manhattan's fashion district we used to call that well no man's land the tests and the last time you're on that and -- A -- but it's still Manhattan -- -- still surrounded by some of the passes hotels and restaurants and bars and shows.
In the -- we actually have a -- kept lives.
-- who is -- real estate broker from Douglas Altman you've been exploited selling unit like it's going for about two and a half million dollars.
One might actually think -- that its top does sell a place that price to back -- nineteen -- -- -- in this sort of housing environment.
Is -- no accident in not actually in Manhattan and we act in a complete sending frenzy.
Right now and these area and -- you know north of Madison square -- is actually booming because people are looking for something different.
IBC's what -- used to be like.
Sixteen years ago not able to -- hauling -- has too much too many people on the streets so what do you get for your money at their apartment that are looking at right now as we walked towards the newly remodeled kitchen and what is a over a hundred year old building.
Exactly but you're talking about it shall not with the Clinton -- -- leaving with everything.
That comes with and without about the high ceilings with W but -- exposed pipes -- talking about.
Great open kitchen for entertainment.
How -- cooking by the -- whole way.
And everything that.
People always concede is involves the true enough to Levy in New York okay something we've been talking about -- cash is king.
And your buyers are coming in asking for 10% down along -- honestly.
They're walking and putting cash on the table we're -- if you're saying cash is king and we -- cash cash is coming from all over the world right now.
Mainly from South America Brazil is leaving to -- I think teen pageant in -- coming in to do their shopping and go to Broadway and we also have Colombians and of course let's not forget about the Russian.
Well that's -- fascinating so they're coming in from our other places not a typical international buyers.
They're coming in from the south American countries it's typically gonna be there second home maybe.
This is going to be their fifth or sixth okay.
But you know police -- they're not counting definitely they want to have any place.
In Manhattan they want to go to Broadway they want to go to the ballet and they want to shop he -- they'd drop.
Not and that means just Jack.
They're coming they're buying an apartment in New York so that they can go shopping -- -- Are anywhere from real quick we have to hand it back -- that.
The studio -- biggest kind of been saying well -- that is not necessarily the nicest neighborhood alone more lit.
If not why not not nice is but not is commonly occupied -- -- are well known you think that's changing accident.
-- at changing you have to remember that.
In New York we are in an island and basically all the neighborhoods are changing what used to be.
A year ago trendy it's not trendy anymore it's like a restaurant everybody is basically migrating to a different area and ease ease the area to be for the next and -- All right thing and you heard here at exactly that -- -- done Salomon we'll be here all day by the way guys looking at these apartments.
Two and a half million dollar places 19100 square -- -- dollar in debt.
Q bathrooms and these candidates hard to keep these things on the market they're selling will likely see this on for cash.
They're selling international.
Buyers back yeah thanks did and -- the comment coming from somebody who lives on 42 street so you can call my name.
Ratings David it not been nice it's not the west village -- sorry if it is not operate side it's not -- -- -- data.
And every side Rick and he's name is -- I -- you know I -- then it thank you so much.
