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New York City is no stranger to the foreign investor, especially when it comes to real estate. Manhattan is the epicenter of American condo investments; and there seems to be no slow in the market for that demand anytime soon. Phil Hall writes that ” The surveyed real estate executives [states] that foreign investors [will] have the biggest impact in the city’s residential market (57 percent), followed by the hotel sector (47 percent), office buildings (37 percent) and retail (30 percent)” (1). Since the 2008 housing crisis and the rise of ultra high end luxury condo developments, foreign investors from both Russia and China have dominated the investment pool, accounting for more than 50% of investors.

Although to this date much of the spotlight has been placed on Chinese investors, that is slowly shifting towards the middle eastern investors. More specifically, real estate has seen growth from India and other countries with a growing middle class (2). Recently, many of the English-Speaking Indian investors looking into the New York market, are those that are priced out of the London market. The Indian government does limit the amount of abroad investments per capita to $250,000. Even though investors are restricted to a numerical limit annually, obviously investors want to get the most for their money and make their investments worthwhile.

Photo Via The Real Deal

Foreigners often look to Manhattan as a “relatively” stable luxury real estate market. Forrest Cardamenis writes that “The continued interest in New York’s most expensive [luxury market] speaks to the continued safety of investment in the city’s real estate” (3). As long as there in continued stability in New York City real estate, there will always be a demand for developers, real estate agents, and property managers alike.

Written By Kylie Keller

(1) National Mortgage
(2) The Real Deal
(3) Luxury Daily

Filed under: Blog by Antonia Watson
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So far, the 2016 year has proven to be quite busy for the Watson International Realty team. The turnover rate for properties has been quite impressive; and numerous deals have been closed recently, in light of the summer season approaching.

Two properties in prominent, on trend neighborhoods just sold for record pricing. The Edge 10D in Williamsburg just sold for $1.9 million as well as 2 units (2G and 2H) in 308 E 79th street on the Upper East Side for $1.2 million.

In other news, the contracts are out for two properties: 30 West Street 2C in the heart of the Financial District for an astounding $1,199,000. The other property, 240 E Tremont, is a townhouse located in a growing neighborhood in the Bronx listed for $950,000 (2).

Other properties in rising neighborhoods have just been exclusively listed for Watson International. Recently in Harlem, 2545 Frederick Douglass Blvd Unit D just became available for $995,000. A two bedroom unit in Manhattan’s Upper West side, 55 West 95th street Apartment 25, has just been listed for $1,400,000. In addition, apartment number 54D in 350 W 42nd Street in Hell’s Kitchen’s Orion Building has just been reduced to $2,650,000. The Orion is a full service doorman building complete with luxury amenities and unobstructed views on Manhattan’s skyline (1).

Photo Via Corcoran

In addition, the townhouse at 435 Dekalb in Brooklyn’s Bedford-Stuyvesant neighborhood is actively showing for $4.6 million and is great property for an investor and/or developer who is looking for a great return on investment in the upcoming years as the neighborhood continues to become gentrified. In the Windsor Terrace area, 207 Prospect Park SW 5E is back on market for $825,000 and is another great investment property with a tenant in place. Lastly, in the Upper East Side, 118 E 60 29G is back on the market for $1,650,000 after a board turndown (2).

Written By Kylie Keller

(1) Street Easy
(2) Corcoran

Filed under: Blog by Antonia Watson
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In the New York condominium market, the costs of development for luxury condos have increased and the condos have stayed on the market for longer periods of time. This combination has led to a slow in development, even in areas of extreme gentrification like the Lower East Side.

Manhattan developers are realizing the escalating costs of their investments, and are looking to slow or cease development in New York. Developer David Amirian told Ari Harkov of the Daily News that “There are more people looking to sell development sites today than ever before. Many sponsors/developers are having issues with raising debt and equity financing, and this will ultimately affect the market in the short term” (1)

Photo By NY Daily News

Most of the issues are stemming from the fact that there are unrealistic expectations in the marketplace. The buyer is often unaware of the amount of resources that are poured into property development. To avoid paying exorbitant prices for luxury condos, buyers will let them stay on the market.

However, at the end of the day, “something is worth [only] what someone is willing to pay. [The developers] have to buy right, build it quickly, and have to sell right away” (1). The opportunity cost is too high for developers, and buyers will soon have to accept the state of the market. Steve Witcoff told the Real Deal he believes “that we’re going to see some real distress” (2). The end results could also have the developers lowering prices to meet buyers’ demands or to sell altogether.

Written by Kylie Keller

(1) NY Daily News
(2) The Real Deal

Filed under: Blog by Antonia Watson
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Last Monday May 9th, The Pink Tie organization hosted their annual Pink Tie Gala at Crest Hollow Country Club in Woodbury New York to raise money for cancer research (1). Every year, the Pink Tie organization throws a glamorous and upscale event for professionals in the Real Estate industry to network, all while raising money for a charitable cause.

The Crest Hollow Country Club

The founder of Watson International, Antonia Watson, attended the event with many influential New Yorkers and real estate professionals. What distinguishes Antonia as a top broker in Corcoran is her commitment to raising awareness for and attending charitable events. One of the attendees of this year’s gala, Joe Moshe, stated that “This is just the beginning. We plan to raise millions of dollars, every single year. People want to be a part of something big and this is something big” (2).

From Left to Right: Insignia Title’s Yossi Zarfati, Yankee Jim Leyritz, and Watson International’s Antonia Watson

Written By Kylie Keller

(1) Long Island News
(2) Pink Tie Organization

Filed under: Blog by Antonia Watson
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On Wednesday May 4th, New York City’s socialites gathered together, dressed to the nines, for Central Park Conservancy’s annual Frederick Law Olmsted Awards Luncheon (better known as the “hat luncheon”). Each year, The Conservancy gathers together to raise money to fund the upkeep and beautification of Central Park.

Photo Via Antonia Watson

The Founder of Watson International, Antonia Watson, attended the star-studded event with many other influential women in New York. Martha Stewart, Karen LeFrak, and Princess Firyal of Jordan all made an appearance, just to name a few (1).

Photo Via WSJ

Despite the rainy May weather, the event had a great turnout and the Conservancy raised $3.9 million to assist with the maintenance and improvement of the park. Fred Shuman of Archstone Partners said he spends “a lot of time in California, and the crowd there would never turn out in such finery, and in such bad weather. This is what I love about New York, the show always goes on” (2).

Written by Kylie Keller

(1) WSJ

(2) Page Six

Filed under: Blog by Antonia Watson
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The Watson International Team of the Corcoran Group hosted its annual fundraiser – A Night of Fashion and Finance — on the evening of April 27th, 2016 at the Bene Rialto Fashion House in Midtown Manhattan. Together, the team was able to raise an astounding $7,170.85 for Cents-Ability“, a New York City based non-for-profit.

Antonia Watson (Founder of The Watson International Team) has been involved with Cents Ability and has supported its cause for many years now explaining, “Everyone should be afforded the opportunity to understand their finances. Cents Ability is given our city’s youth that opportunity which is a cause I proudly stand behind.” Cents Ability is “a nonprofit dedicated to educating and empowering teens to achieve their goals through the prudent and informed management of their financial resources.” (1).

Bene Rialto is a retailer that features emerging designers and “the goal is to foster a truly dynamic community for our customers by collaborating with chefs, artists and musicians to create experiential events and showcases” (2). One of the highlights of the evening was having the founder of True Gault Shoes, Sandra Gault, present for a Meet-and-Greet with the guests of the evening. The hors-d’oeuvres were provided by and prepared by Chef Casey Repetti: who owns a private catering company and generously donated private cooking classes for the cause of Cents-ability as well (3).

The Watson International Team will continue to give back by donating 10% of their commissions earned to Cents Ability from now until Labor Day (10% of all commissions earned through the attendees of A Night of Fashion and Finance). In addition, True Gault Shoes is contributing 10% of all sales through attendees to Cents-ability through May 15. All of the ticket proceeds were donated to the Cents-ability organization.

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Below are some of the beautiful moments captured throughout the event: it was a lovely evening where contributors from all over gathered together in the spirit of generosity.

Antonia Watson captured with Dr. Shabsigh and Mr. Fields.

Margaret Watson, Joann Decongelio, and Carol Scaglione.

An action shot of celebrity Chef Casey preparing the delectables for the evening.

Incredible gourmet hor dourves compliments of Chef Casey Repetti at Casey 2 Cook (celebrity chef).

Cents-Ability’s Samantha Shlimbaum (Cents Ability) and Michael Russell (The Watson International Team Member) greeting guests at the door.

Antonia Watson, the evenings host, pictured with celebrity makeup artist Alicia Olivieri of NBC’s “The Today Show.”

Host Antonia Watson (founder of The Watson International Team) and Michael Russell (The Watson International Team Member)

(1) Cents-Ability
(2) Bene Rialto
(3) Casey 2 Cook
(4) True Gault Shoes

Written By Kylie Keller

Filed under: Blog by Antonia Watson
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Out with the old, in with the new.

After the housing crisis and a surge in development of renovated properties, “many residential buildings in New York [are] rethinking, refurbishing or increasing their offerings in an effort to compete with the thousands of square feet in amenities indigenous to newly constructed buildings” (1).

Ms. Talel, a partner at law firm Stroock & Stroock & Lavan says that “co-ops are now doing what they can do to maintain value and to attract the right kind of purchasers” (1). More buildings, such at the Trump Plaza on Third Avenue and 61st Street are looking into amenities that go above and beyond to add value. The spending budget, in the six figure range, allows for the flexibility to create a duplex gym, with the talk of adding a wine cellar.

Most of the presidents who are on real estate co-op boards are making the decisions coming from a place of competition. The newer buidings that are being developed around the neighborhoods spur on a competitive edge and force existing co-ops to “level up.”

Photo Via Corcoran

For example, the residents in the Chelsea Landmark on West 25th St “recently asked for — and received — an updated gym, barbecues for the terrace and a room that can be rented for parties” (1). Of course, with new amenities come higher costs to the residences. Some of the more reasonably priced co-ops can be found in the financial district, where not everything has hit “market rate yet.” One of the more recent complexes to hit market rate are The SouthBridge Towers. These co-ops, such at 77 Fulton Street, are in buildings surrounded by renovated high rises. In order to compete, these buildings will too, have to “level up.”

Written By Kylie Keller

(1) New York Times
(2) Corcoran

Filed under: Blog by Antonia Watson
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The first quarter of 2016 demonstrated the result that comes from tension in the markets. As Manhattan rents and vacancies had hit a high, landlords needed to act accordingly to compensate for that loss.

Photo Via WSJ

The CitiHabitats quarterly report states that “average rents for all apartment sizes were relatively unchanged, while the borough’s vacancy rate declined, reflecting an uptick in demand for rental housing” (1). The demand for housing increased when Manhattan property Mangers and Landlords began giving concessions for those who rented and people who signed the lease on the building.

These incentives could come in the form of free utilities or a free month’s rent. “Other goodies can include free use of the gym for a limited time, iPads and gift cards for brokers” (2). Many landlords were setting the president to make their properties more attractive, given the rise in Manhattan rentals over the past few years.

Photo Via Corcoran

In order to “be competitive” with outer boroughs, the concessions provide a way for Manhattan landlords to still be an option to those looking in Brooklyn and Queens. Josh Barbanel of the Wall Street Journal writes, “The rise in concessions followed a bump in the vacancy rate last fall. Together, the two factors suggest a further weakening of the Manhattan market” (2).

Written By Kylie Keller

(1) CitiHabitats Quarterly Report
(2) WSJ

Filed under: Blog by Antonia Watson
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Downtown New York City Real Estate has had a central focus on the Financial District specifically. What the market (and its residences) have not accounted for are the affects of the surround neighborhoods.

“The New York market has officially rebounded… Manhattan real estate, long thought of as a safe harbor for investments, started its rebound quicker than other regions across the country that were worse hit” (1). Since 2001, the population of lower Manhattan has more than doubled (2).

Firms are now looking into developing modern luxury residences of the increasing demand for properties of that caliber. Development companies believe that what they have done for 57th street (Billionaire’s Row), they can also do for the Financial District and surrounding neighborhoods like Tribeca and SoHo.

Photo Via Hollywood Reporter

Many of the luxury residences planned for the future are in the “mid” price range, ie 3-7 million, which was the range missing in Billionaire’s Row. Billy Gray writes “A rendering of Kravitz’s 75 Kenmare, where condos will be priced from $1.7 million to $12 million” (2). Despite some (relatively) conservative price points, the new developments taking place are not short of the condos in the higher price range. For example, the planned building on 10 Sullivan street has a “3,000-square-foot condo for $11 million and a $29 million duplex.”

Written by Kylie Keller

(1) Forbes
(2) Hollywood Reporter

Filed under: Blog by Antonia Watson
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Donald Trump: Entrepreneur, Real Estate Mogul. Presidential Candidate? He has a strong background in leadership, but leadership in politics? Many argue that The United States cannot be run the same as a business. However, the US Government is a public entity; and that end goal is to provide what is best for its American Citizens. “He campaigns as a Republican, vowing to create jobs and economic growth, slash taxes and government bureaucracy and put an end to illegal immigration and terrorism” (1).

Charles Gasparino of the NY Post writes that often in American politics, “voters often take chances when times get rough by electing candidates who challenge the status quo” (2). It seems that when campaign season comes around, there are monumental events (ie 9/11) that change the course of politics and the way that voters behave when they reach the polls. In 2008, when Obama was elected president, he represented a “alternative” way of thinking. In 2016 Trump could be categorized as that same type of candidate that changes and disrupts the status quo.

In an interview with Konrad Putzier of The Real Deal, Faith Hope Consolo of Douglas Elliman Real Estate states that “We need someone who can run the country like they run their business… if he’s the Republican candidate, I do [plan to vote for him]. He stands for a lot of the great American principles that I believe in” (1). That is what most people want: someone who stands for their beliefs, someone with principals.

If Americans prioritize more jobs, this will further improve the unemployment rate. To date, Trump has created more than 34,000 jobs and would be able to spot the gaps in the economy to perform that on a larger scale. [In his development business alone, he has created 22,450 positions, but the state of New York says that “leisure and hospitality” companies like Trump’s typically have a 1.5 multiplier effect” (3).] In real estate alone, Trump has been responsible for over 250 developments and counting. Developments boost the economy by providing infrastructure, business flow through funds and loans, and (most importantly) jobs for the American people.

Photo Via NY Post

Trump is a household name associated with the real estate industry, more specifically the New York City real estate industry. When leaders are put in such high political positions, attention is drawn to the tied industry. “While the industry may be politically conservative, New York is still a liberal town” (1). With real estate in Manhattan on the cusp of an appearing bubble, fellow real estate influencers look to Trump for guidance, wisdom and stability in the upcoming election. Putzier mentions “Meister [real estate attourney and Trump supporter] said he senses a “softening in the anti-Trump sentiment” among real estate players” (1).

Both Democrats and Republicans can agree that Trump has no problem expressing his strong opinions and political stances. Gasparino writes that “admirably to many Americans (myself included), Trump speaks his mind, uninhibited by left-wing political correctness” (2). The next couple of months will be a determining time for the American people as well as the real estate market.

Written by Kylie Keller

(1) The Real Deal
(2) NY Post
(3) CNN Money

Filed under: Blog by Antonia Watson
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