International Buyers Attracted to Condos in New York and Miami
- Jul 20, 2011
New York–Two luxury condominiums developed by Africa-Israel USA are attracting international buyers from countries including China, Italy, Brazil, Russia and Singapore.
At 20 Pine in Lower Manhattan, a residential conversion of a 1920s-era commercial building, foreign buyers account for 40 percent of purchasers, with the largest number of buyers from Italy, Russia and China. Amenities include a 60-foot lap pool, Hammam lounge, spa, billiards room and golf simulator.
At Marquis Residences in Miami, 60 percent of buyers are foreign, most of whom are Brazilians. Other hail from Italy, Singapore and France. At 292 units, Marquis is a relatively small property compared nearby properties that house as many as 1,800 condominiums in one development.
Lori Ordover, managing member of the Ordover Group, a consultant for Africa-Israel USA, says the amenities at these properties are a definite draw, but that they don’t tell the whole story. “The residences are large, more home-like, with high-end luxury finishes more conducive for family living,” Ordover says. “International buyers are proud to buy at 20 Pine because of its prime location in the financial district,” and they are “buying the condominiums at Marquis as primary or secondary homes, not as an investment.”
With both condominium communities, location is a draw. 20 Pine benefits from close proximity to subway lines and restaurants. Marquis Residences sits at the epicenter of Miami’s downtown arts and entertainment district.
Ordover adds that economics play a role in attracting foreign buyers, both at 20 Pine at Marquis Residences. “It’s a sign of the times,” she says. “The dollar is still relatively weak as compared to other currencies. You can really get a great bang for your buck.”