You're watching...
Jack Teplitzky, Douglas Elliman managing director, on why buyers of all demographics are scooping up Manhattan real estate today.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
So the real estate story New York stop Manhattan's newest big name neighborhood no -- Sanders met joins us from there -- -- you are standing in an apartment worth 2.3.
Million dollars.
It is and it's about 19100 square feet and Jackie -- -- is actually.
The realtor that -- in charge of selling this particular property.
A lot of folks are saying two bedrooms.
15100 square feet but this is net -- that's -- you pay.
-- You're selling these quickly in this environment yes absolutely because we have people coming from all over.
We have demographics big demographics change in New York when -- got exactly so we head into the international buyers of that coming into bot.
We have the families that are deciding not to move up to the suburbs and actually to stand Citi.
We have the young professionals that want to work in Google that it's you know they nearby here.
We have basically every single demographics in the world we have they.
Women that went.
What I and that's really interesting one thing I found really interesting is that is that a lot of the young families the -- single folks that married have a kid easing move -- to the suburbs.
They're choosing to stay in the city now and I properties like this with two veterans.
Amenities today look for.
The first thing -- and -- air -- The most -- you know features in an apartment because they don't want to go to the basement.
-- to be able to Washington -- especially when you have kids.
You know -- they have basically about the monthly there's a pretty spacious kitchen for a New York apartment is while that's probably a necessity.
Exactly because they want to be able to.
They should be able to entertain and be able to look at their kids why yeah actually cooking so this like these that of kitchen -- these open it's very much in the -- -- to talk about these international buyers that are flooding the market are they taking out loans are they paying cash the international buyers most of them is all cash.
Today domestic buyers of it was -- big markets aren't those buyers in general where they making their money is an old money is it new money.
I would say all of -- about but -- actually seeing much more new money and old money.
All the money they're -- a going into different areas in the CD but to have a whole new generation of new money coming in.
And I'm real traction we're gonna have to leave it there but the baby boomers they're choosing not to go by and sunny Florida they'd rather have a place in the city by the -- and restaurants to Bahrain in Florida that they want to go to the restaurants they want to go to the paparazzi they want to be able to take the taxi and state of driving everywhere.
Fascinating RA -- -- let's give thanks for joining us.
-- 2.5 million dollars this is middle of Manhattan march 30 street right by the Empire State Building this.
But you are closed all that stuff and that's really the elegance of living in Manhattan and the real estate market here -- I mean I can tell you Sandra I cannot believe what what I'm saying in Manhattan I mean open houses of insuring your finding out from your guests packed across the study right now it is.
