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We'll following hurricane -- last fall many New York City brokers feared it would negatively impact the real estate market and lower Manhattan that two major skyscraper to skyscraper projects.
Have already brought in close to a billion dollars in sales just this month alone that's starting.
Does indeed has spring to finally -- for the real estate market following hurricane damage joining us now.
Is developer of one of the building that Stephen what cop with goth group chairman.
And CEO also you on the Woolworth Building used to be guys filling in the world right yes it -- united -- let's let's pull back first of all and and think of another tiger obviously and he was awful and devastating but I I think no.
At no time did the city suffer more in my lifetime and yet after the 9/11 attacks.
Then that people said it will never recover lower Manhattan particularly will never recovered real estate it.
Is it the same kind of phenomena where the resilience of lower Manhattan just continues.
To show it's it's faced no matter what happens.
I think so yes and and I was there -- 9/11 we were discussing it.
I was in that rescue effort and did you ever doubt that lower Manhattan would come back not one time not when you witness the -- cops and all the other room rescue people on top of that -- -- I was there that evening with a dear friend of mine so I had done to so and so when sandy that you had no doubt we come back it's from that as well -- when I was at at my chemistry property as well well won't that that entire evening in the next day so I had I had no doubt and.
There are a lot of people that were though we know that allowed people have called into question whether or not the Manhattan real estate market is ever going to be as vibrant as it was before the financial crisis for sure.
But it seems like it's coming back what is driving the resurgence -- -- a billion dollars in sales just in the last few weeks -- mean and it sounds like businesses pretty good.
It it is that it is that -- cities -- of an incredible place to live.
It's crime for any.
Did their jobs now again tactile technology jobs and interest rates -- We sold and indeed we we sold at a velocity that we could have never predicted in four and a half weeks where.
Close to 600 million dollars in sales that's.
That's nothing short of incredible.
Is it is it just you need to do your -- it is it that you did the nature of Manhattan and particularly lower Manhattan or is this something you think that.
That you see signs of green sprouts.
-- coming up all over America -- real estate market well personally I see the green sprouts we are very active develop developing in Miami and we're seeing quite a bit Miami.
And New York I think it's probably more pronounced certainly from Miami though is is is not -- mostly cash but it's or at least heavily cash but a lot of foreign money in their two.
It is a cash market it is a huge they have huge -- from the Latin American market but plenty of traction also from Europe from Russia.
And I think from New Yorkers -- and many of my friends find them.
The buyers here because we signed 20082010.
That a lot of Chinese buyers for coming in a lot of European buyers were coming -- we want Americans who want New Yorkers to be right here right my the.
This project 150 Charles is exclusively.
New Yorkers we have.
No speculators we frowned upon them.
And interestingly enough we have no foreigners and I think more and the reason is is that the families just found this project it's it's a large.
He's a large apartments very suitable to families -- want to live in the west village.
Now I -- I don't wanna rain on the parade is wonderful news but.
In addition to rentals going up that's one reason why people are choosing to buy instead of right because rents are so -- right now.
Property taxes have been going up quite a bit I don't a couple of properties in Manhattan my taxes have gone up does that concern -- could that squelch the the growth of this market.
I think I Texas always concerned me and it it it can be an onerous burden to people and I think at some point.
In time it's it's problematic but I don't think we've reached that point quite yet New York City is a fabulous place and you pay something to live here I remember sitting with the mayor and that's what he said in front of the real estate executive committee and I subscribe to it at that some point though.
It it it it does reach a tipping point.
Steve went cop coming into thank you very much for being with doesn't it doesn't hurt they've got some of the prime prime missed the location spots in in this city and Charles three days to -- but that is the heart of the west village at.
Certainly it can't hurt to be in those places thank you -- on the Woolworth Building instant or where it's never -- -- man and you got to go to the Woolworth Building thank you real historical site thanks a lot well coming up.
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