New York City real estate brokerage Broadway Realty announced a strategic alliance with Singapore’s Zenith Realty Services, forming a conduit for Singaporean buyers seeking investment opportunities in NYC.
“During last few years, we saw the ups and downs of the New York real estate market and buyers from many different countries come to us to buy,ˮ said Elliot Bogod, Broadway Realty founder, noting that residential investors have been drawn to branded buildings, such as Time Warner and W Hotel and Residences.
“Since the crisis in the financial market, Manhattan real estate started performing like never before and has caught the attention of smart money,” said Bogod.
He said many of his buyers aren’t just looking for apartments. “Many are also looking for commercial investments producing a yield of three to four percent or greater. In particular they are interested in buying retail condominiums with tenants, or mixed use properties in Manhattan. We introduced them to a couple of sale-lease back deals priced at $20 million and higher.”
According to Bogod, Zenith Realty is one of the fastest growing realty companies in Singapore.
“Zenith is very familiar with our client’s needs. Very low yields on the investments made in real estate in Singapore and softening of the Asian real estate markets, as well as increased duty taxes prompted many buyers to look at alternative markets,” said Pui Lai Ho of Zenith.
“In Singapore it is customary to close on real estate transactions within 30 days, so we are dealing with sophisticated buyers prepared to act fast. All of the due diligence is done before the contract signing and buyers are entering hard contracts with rapid closings.”
Bogod and his team will be attending property shows in Singapore and Hong Kong this autumn to meet with prospective buyers, as they did in Russia, Ukraine and England in prior years, before the interest from investors in Asian countries grew to its current high level.