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Old Posted Jul 24, 2019, 6:11 PM
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1What the developers are counting on...

https://therealdeal.com/issues_artic...onaire-buyers/

NYC’s billionaire buyers
There are only a few dozen of these red-velvet-rope players looking to buy in Manhattan at any given time, but snagging one is a golden ticket for a broker or developer


By E.B. Solomont and Erin Hudson
July 01, 2019


Quote:
There are currently 65 listings in Manhattan that are priced at $30 million or more — not counting the shadow inventory that developers are intentionally holding back, or whisper listings that aren’t officially on the market. That includes 23 properties asking more than $50 million.

While there are roughly 2,600 billionaires worldwide, top brokers in the city said there are only a few dozen uber-wealthy buyers shopping for a New York property at any given time.

“There’s this pool of buyers, and a lot of people know when they’re making the rounds,” said Bess Freedman, CEO of Brown Harris Stevens. “Agents that are in the market all know about these buyers; they’re walking around seeing different product.”
Quote:
While the rest of the luxury market has been struggling and dealing with an oversupply of inventory, the last few months have been buzzing with activity among the billionaire set. The same week Bezos closed on his pad at 212 Fifth, hedge funder John Griffin paid around $77 million for an Upper East Side townhouse, setting a residential record.

Earlier this year, Citadel hedge funder Ken Griffin (no relation) closed on New York’s priciest residential property to date, a $238 million penthouse at 220 Central Park South.
Quote:
The number of U.S. billionaires has inched higher as their counterparts in Asia have weathered slowing global trade and other headwinds. In New York City, there were 105 billionaires in 2018 — overshadowing cities like Hong Kong (87), San Francisco (75) and Los Angeles (39).

Though purchasing luxury real estate is discretionary, owning a portfolio of homes in strong markets around the world is also a way to preserve (and grow) wealth.
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