More celebrities headed to Harlem

According to NYPost, Steven Pasquale best known for his role in Rescue Me has purchased a penthouse in Harlem’s 1 year old building Uptown 58 for $1.56 million. The aprtment located at 58 West 129 street just off Lenox avenue has 3 bedrooms and 2.5 baths and was on the market for a little over a year. The 7 story building features only 19 units and has a bike storage, package room, a garden and roof deck.

310 W 140 street from Propertyshark 15' wide townhouse with 3 units sold to Alex Trebek for $1.92 million
310 W 140 street from Propertyshark 15′ wide townhouse with 3 units sold to Alex Trebek for $1.92 million

Recently as well Alex Trebek of “Jeopardy” bought a $2 million Harlem brownstone for his sone Matthew, who plans to open a restaurant there. That townhouse located at 310 West 140 street sold for $1.92 million. The townhouse had a 2bd/3ba duplex plus 2 floor through one bedroom apartments for rental income.


Some Brokers fear less Chinese buyers for NYC real estate

According to The Epoch Times, a survey that was done by the Real Estate Board of New York(REBNY) of about 400 real estate brokers showed that about 10% of the brokers had concerns about a slowdown of Chinese buyers for Manhattan real estate. The survey was compiled prior to the stock market crash in China so that was not a factor. Some experts feel that options for Chinese investment became fewer with the market crash.

Since 2013, the Chinese government has been making it harder to get money out of the country.  Additionally, EB-5 visas were delivering green cards in exchage for a $500k investment in about 1 year but due to demand, green cards are now being received in about 3 years.

According to some experts who deal with wealthy Chinese, some of the deals that are now being consummated for luxury residential Manhattan real estate are being purchased with money that was already taken out of the country in prior years.

One loophole is to purchase collectible items like art in China and then sell it overseas since there isn’t a limit on personal property being moved out of China.

What do you think the impact will be on Manhattan’s real estate market if any?

Lowe’s to open first stores in Manhattan

According to CNBC, Lowe’s will be opening two stores in Manhattan in the next couple months. The first on Manhattan’s Upper West side will have a soft opening in the next few weeks and though about a quarter of the size of their normal locations, will feature lots of merchandise for Manhattanites. Shortly afterwards, their new Chelsea location will open up as well. The Upper West side location will be at 2008 Broadway in the ground floor of the Copley condo in a space formely occupied by Food Emporium.

This move comes roughly 10 years after Home Depot opened their two locations in the city. Expect urban merchandise like foldable brooms and lots of technology to showcase merchandise not found in the store.