Why Invest in NYC

WHY Chinese in China are buying real estate in New York?

1. In the United States & in New York City:

  • Safe & stabilized political system and economy.
  • No legal & financial restrictions for foreigners to buy and invest in real estate properties.
  • Safe haven – New York has the most stable real estate market in the world.
  • Good schools & universities for Chinese children to attend.
  • Many global financial, diversified companies and hospitals in New York for employment.
  • New York is the financial capital of the world.
  • World-wide investment in New York real estate.
  • Good returns on real estate investment.
  • EB-5 investment for permanent residency in the United States – many New York based real estate companies have the EB-5 approved projects.
  • New York City is a city that never sleeps. More suitable to the Chinese living style with all its easy accessibilities and availabilities of merchandise, daily necessities, conveniences, brand name and “no name” shops, large department stores, restaurants, world’s best museum, city with most national sport teams such as basketball, football, hockey, and baseball.

    Last but not least, New York City is the entertainment center of the world with musical, Broadway shows and the Lincoln Center.

  • Well extended public transportation system such as subway, public buses, commuter train & buses, taxi, limousine service etc.

    New York is a pedestrian city that one can walk on the streets and not the highways like in other United States city.

2. In China:

  • In 2012, Chinese government loosen restrictions on foreign investment.
  • Cash heavy Chinese companies like the insurance company are looking for high returns on investment.
  • Rapidly appreciating Yuan.
  • Slowing Chinese economy.
  • High property prices in China.
  • Complicated property ownership rules in China.
  • Growing Chinese population with newly acquired wealth.
  • For Chinese immigrants who choose to settle in New York City because of its many potential job opportunities, choices of schools and universities. The foremost priority for any immigrant is to buy a house or condo to settle down as quickly as possible.

WHAT real estate the Chinese in China are buying in New York?

Below is an investment chart giving the readers an idea of the magnitude of Chinese real estate investment in New York City. The information is taken from various data sources deemed reliable. It is presented subject to errors, updates and changes without prior notice.

Year Chinese Business Entity Investment Description Investment Address Investment Amount
2012 Xinyuan Real Estate Condo Development – 216 units 429 Kent Avenue, Williamsburg, Brooklyn, NY $54,000,000
  Xinyuan Real Estate Condo project Hell’s Kitchen  
  Xinyuan Development site East 60th Street NY  
  SOHO China 40% stake in General Motors office building Fifth Avenue, NYC $700,000,000
  Wanda Group Movie theaters    
  China Vanke Condo building – 61 story 610 Lexington Avenue, NYC  
  Greenland Holding Group Mega project -Condo building Pacific Park, Brooklyn  
  Fosun International Office building 1 Chase Manhattan Plaza $725,000,000
2014 Anbang Insurance Hotel – Waldorf Astoria   $1.95 Billion
2015 February Sunshine Insurance Group Hotel & Residences – Baccarat Hotel 20 West 53rd Street, NYC $230,000,000
  Chinese buyer Sherry-Netherland Penthouse   $70,000,000
  Chinese buyer Condo 157 West 57 $47,4000,000
2015 December Kuafu Properties Development site 143-155 East 60th Street $300 million
  Kuafu Properties Bulk Apartment purchase MiMa Tower, New York City $260 million
  Kuafu Properties Development site East 86th Street & Lexington Ave $134 million
  Kuafu Properties Development site Hudson Rise $62 million
2015 December Bank of China Office Tower 7 Bryant Park $600 million

According to Cushman &Wakefield, the global real estate company based in New York City, between 2008 and mid-2014, Chinese investors poured $33.7 billion into real estate in the U.S., predominately targeting New York, Los Angeles and Washington, D.C.

7 Bryant Park – The Bank of China

7 Bryant Park – The Bank of China

Baccarat Hotel Residences

Baccarat Hotel Residences

Of that total, $5.9 billion went to Manhattan and another $717 million was invested in the outer boroughs such as Brooklyn & Queens in New York.

For the first time in 2014, wealthy Chinese buyers spent more on New York City real estate than Russian billionaires.

A good example to illustrate it is a good profitable investment in New York City real estate if the location choice and timing are “right”, and follow the time proven advice “Location, Location, Location”.

Below is a snapshot of the sales transaction chart showing the resale profit for 15 Central Park West in New York City from 2010-2013. Since then the resale dollar amount has rocketed for the other resale units.

Information is taken from the New York City records and it is presented subject to price changes, errors and updates without prior notice.

15 Central Park West Unit # Square Feet First Closing Date Sale Price from the Developer 2nd sale date from the resale Sale Price Profit for the seller
Penthouse #20 6744 8/31/2007 $42,405,000 2/15/2012 $88,000,000 $45,595,000
Penthouse#41B 4024 7/31/2008 $10,700,000 12/20/2010 $40,000,000 $29,300,000
27A 3105 6/12/2008 $11,500,000 5/20/2011 $24,500,000 $13,000,000
37C 2761 2/15/2008 $10,500,000 5/15/2012 $23,350,000 $12,850,000
28D 3176 1/11/2008 $8,820,000 12/16/2011 $21,000,000 $12,180,000
31D 3176 1/7/2008 $12,700,000 11/30/2011 $24,000,000 $11,300,000
3A 2900 10/15/2008 $6,700,000 9/19/2011 $17,000,000 $10,300,000
36C 2761 2/12/2008 $10,300,000 9/15/2010 $19,000,000 $8,700,000
15B 3364 4/8/2008 $15,400,000 12/14/2012 $24,000,000 $8,600,000
25D 2439 12/12/2007 $5,990,000 1/21/2010 $13,730,000 $7,740,000
9G 2242 6/25/2008 $6,650,000 12/29/2010 $12,400,000 $5,750,000
9M 1862 3/26/2008 $4,270,000 7/15/2011 $9,250,000 $4,980,000
6C 2540 10/22/2007 $6,700,000 8/10/2010 $11,500,000 $4,800,000
25B 1736 4/18/2008 $4,150,000 6/1/2010 $8,499,621 $4,349,621
11K 2520 12/3/2007 $5,070,000 10/7/2010 $8,450,000 $3,380,000
12L 1925 12/6/2007 $4,360,000 8/19/2011 $7,500,000 $3,140,000
6L 1369 11/29/2007 $2,360,000 5/23/2011 $4,900,000 $2,540,000
7G 1756 10/30/2007 $3,250,000 10/21/2011 $5,575,000 $2,325,000
2D 2234 7/25/2008 $4,250,000 12/6/2011 $6,500,000 $2,250,000
3F 1987 1/22/2008 $4,900,000 10/26/2012 $6,950,000 $2,050,000
24C 1745 12/10/2007 $5,300,000 5/3/2010 $7,100,000 $1,800,000
14J 1312 12/20/2007 $2,640,000 6/20/2011 $3,880,000 $1,240,000
14H 1343 4/14/2008 $2,640,000 5/17/2010 $3,750,000 $1,110,000
12H 1292 7/24/2008 $2,540,000 11/15/2010 $3,370,000 $830,000
7K 1034 11/6/2007 $2,440,000 2/5/2010 $2,925,000 $485,000