CHANGE MARKET : LOS ANGELES
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Haute Living
Los Angeles
March/April 2012
One York Sales Team Chases Chinese Buyers
Famous Mexican architect Enrique Norten’s One York’s penthouse had previously jumped from $25 million to $34 million. However, the penthouse has failed to find a buyer and now the sales team is trying a new strategy, traveling to Shanghai and Beijing to chat up potential buyers. They remain hopeful that one might take the penthouse at $34 million.
According to the South China Morning Post, a building that has seemingly been attracting Chinese buyers is the Manhattan House, where the sales team “is planning a roadshow to key cities on the mainland to help shift their allocations.” We think the parking garage at One York would probably help its win over the Manhattan house any day.
Via: Curbed NY
Dec 14, 2009 6:33 PM
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Chinese consumers are not only financially boosting the Chinese and Hong Kong luxury markets, but they are also significantly contributing to luxury retailers in American cities like New York.
As China closes the gap itself and the United States to become the largest luxury market in the world, more and more luxury firms are turning eastwards. Wooing affluent Chinese customers has become a priority. The launch of the Illusion superyacht is one effort in this direction.
China is quickly taking over the luxury market, buying more than practically any other country when it comes to extremely expensive high-end items, including cars.
Jerry Rice’s Atherton, California mansion—on the market for $11 million—was all set to sell, contract and all. It looks like cold feet on the buyers’ end is going to cost them.
According to recent reports, Asian investors are buying up real estate in Millbrae and Foster City at quick rates, surprising even local brokers and agents who cannot remember a period of such excitement coming from a foreign group of buyers.
Jamie Dimon, the C.E.O. of JPMorgan Chase, will likely face intense scrutiny at the firm’s annual shareholders meeting tomorrow as the fallout grows from a $2 billion trading loss it announced last week.
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Los Angeles
March/April 2012
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