Lion of the Blogosphere

Rich Chinese woman buys $6.5 million condo in Manhattan

Peter from Long Island advised me of this story. The rich Chinese woman claims it was for her 2-year-old daughter, just in case she attends college at Columbia.

What’s also interesting is the quote from the real estate broker, who apparently only deals with the super-high-end Manhattan condo market. He says that 25% of his clients are Chinese. This confirms what some commenters have been telling me, that these super-luxury condo buildings in Manhattan are primarily for foreigners.

Where do rich Americans live then? Pre-war co-ops?

Written by Lion of the Blogosphere

March 28, 2013 at 11:11 AM

Posted in New York City

15 Responses

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  1. I hope that Dominican immigrant who won the Powerball moves in right next door.

    Tarl

    March 28, 2013 at 11:24 AM

  2. Super-luxury buildings in London, Dubai, Hong Kong, and many other places are marketed to foreigners. Owning a luxury condo in a large foreign city is now cool.

    Blog Raju

    March 28, 2013 at 11:27 AM

    • Add Vancouver to the list. I grew up in toney West Van. It is now taken over my super rich Chinese, Iranians, Russians, etc. My high school grad class is having a 40th reunion soon. Almost none of them live in West Vancouver now, and many have left the Vancouver area entirely. The real estate prices there are crazy and its been taken over by foreigners. Now I know how the native Indians felt. But at least we took them out of the stone age, As far as I can tell the newly arrived colonists have not brought any benefits but just crowds, corruption and crime. Vancouver was a really nice city in the 1960’s.

      Melykin

      March 29, 2013 at 2:52 AM

      • Now I know how the native Indians felt.

        Funny, I’ve thought the same thing before. I’m going to be visiting Van this summer, and although I hate big cities of any stripe, I’m sort of looking forward to it in the sense of getting to see a part of Canada that is under foreign occupation. I don’t know how it’s all going to turn out.

        Samson J.

        March 29, 2013 at 11:16 AM

  3. Buying a multi-million dollar condo in Midtown? Silly foreigners.

    Ian

    March 28, 2013 at 11:39 AM

  4. This brings to mind the recent story of that Chinese college student living in another megabuck condo “dorm”. The corrupt Chinese ruling class skim tons off the top of their booming economy, and give their “Princeling” spawn whatever they want.

    Elite universities, such as HYP, had better watch out: perhaps the mainland Chinese will decide that their princeling scions should all have elite educations to go with their other toys, and their ruthless tactics may work better, against the Asian discrimination at these schools, than the weak effort shown by Asian Americans (money has always spoken loudly at these schools: something the Chicoms have plenty of). Now rich Americans are losing chances at the best housing, and the future may well be education as well.

    Sanjuro

    March 28, 2013 at 11:45 AM

    • The corrupt Chinese ruling class skim tons off the top of their booming economy, and give their “Princeling” spawn whatever they want.

      Hey just like our corrupt ruling class!

      Now rich Americans are losing chances at the best housing, and the future may well be education as well.

      Since ordinary white Americans are already shut out of HYP, why should they care if a different politically connected group (i.e., not them) displaces the current group that owns the place?

      And those average white Americans will not be denied an education; you don’t have to go to HYP for that, you can get it anywhere with a decent library.

      Tarl

      March 28, 2013 at 12:41 PM

    • What’s astounding? These Chinese buyers pay everything up front, no mortgage and no questions asked.

      Just Speculating

      March 28, 2013 at 1:20 PM

  5. I wrote about Elite Castles In Feudal Manhattan
    http://eradica.wordpress.com/2013/03/26/elite-castles-in-feudal-manhattan/

    describing a connection between not only Chinese foreigners having multiple $50 Million luxury penthouses there, but Arabs and Russians joining their Murkan counterparts in Monaco and London as well.

    Foreign Elites will be just as bad as American Elites in their reign. Much of these residents are – tada – made wealthy from real estate developing other luxury condo sites.

    432 Park will be even more grandiose than ONE57, which initially fascinated me here.

    When I discovered a 50 sq.ft. storage closet rents for $200,000 – well, I nearly had to cancel my visit to MOMA.

    Firepower

    March 28, 2013 at 1:34 PM

    • I wouldn’t say those Chinese elites are wealthy because of real estate dealings. A lot of them are bureaucrats, and not businessmen.

      Buying property is form of money laundering.

      Just Speculating

      March 29, 2013 at 9:00 AM

  6. Don’t they buy condos since all the co-op boards would never in a million years let a crass oligarch or whatever the asian equivlent is move into their building, like it was with Jews until recently, the irony now being its fake-WASP Jews who run and care about those co-op boards, like golf clubs.

    Monroe Ficus

    March 28, 2013 at 2:30 PM

    • It should be apparent, as each year passes, that money increasingly trumps all as its influence grows greater.

      Co-op boards are for Old (established) Money – like The Dakota, where renting a closet costs $500,000.
      One57 is for the Nouveau Riche. Co-op board be damned.

      Firepower

      March 28, 2013 at 10:57 PM

      • Yes, some of our real estate brokers are dealing with dirty hands, especially when it comes to the Chinese.

        Just Speculating

        March 29, 2013 at 9:02 AM

  7. “Where do rich Americans live then? Pre-war co-ops?”

    Connecticut.

    Anthony

    March 28, 2013 at 3:05 PM

  8. Sour-grapes reaction pending.

    IC

    March 28, 2013 at 3:58 PM


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