{"id":3533749,"date":"2015-11-28T10:46:29","date_gmt":"2015-11-28T15:46:29","guid":{"rendered":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/?p=3533749"},"modified":"2015-12-02T14:36:32","modified_gmt":"2015-12-02T19:36:32","slug":"haute-residence-new-york-luxury-real-estate-summit-recap-east-coast-titan-developers-panel-discussion","status":"publish","type":"post","link":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/haute-residence-new-york-luxury-real-estate-summit-recap-east-coast-titan-developers-panel-discussion\/","title":{"rendered":"Haute Residence New York Luxury Real Estate Summit Recap: ‘East Coast Titan Developers’ Panel Discussion"},"content":{"rendered":"
\"\u201cEast<\/a>
\u201cEast Coast Titan Developers\u201d Panel: (from left to right) William Zeckendorf, Francis Greenburger, Robert Gladstone, Miki Naftali, Michael Stern, and Don Peebles<\/figcaption><\/figure>\n

During Haute Residence\u2019s second annual New York Luxury Real Estate Summit, which took place November 18 in The Oak Room of The Plaza Hotel, New York\u2019s real estate experts spoke about current luxury real estate trends, success stories, and what\u2019s next for The Empire State\u2019s booming real estate market.<\/p>\n

The summit<\/a> featured three panels, the first of which was the \u201cEast Coast Titan Developers\u201d\u2013\u2013moderated by Gerri Willis, business news anchor and reporter for Fox Business\u2013\u2013followed by the second and third panels, the \u201cNew York Real Estate Power Players\u201d and the \u201cNext Generation of Power.\u201d<\/p>\n

In the first panel, big-name developers Robert Gladstone, Francis Greenburger, Miki Naftali, Don Peebles, Michael Stern, and William Zeckendorf, discussed where buyers are coming from, new opportunities for foreign capital, and defining a \u201cluxury\u201d property.<\/p>\n

Gerri Willis:<\/strong> Where are the majority of the buyers in the New York City luxury market coming from and what are they looking for in a potential property?<\/em><\/p>\n

\"497717546.323027108\"<\/a>
\u201cWe believe that 85 percent of the market is New York-driven, coming from the tri-state area, and 15 percent is from oversees.” – William Zeckendorf<\/figcaption><\/figure>\n

William Zeckendorf:<\/strong> \u201cWe believe that 85 percent of the market is New York-driven, coming from the tri-state area, and 15 percent is from oversees. And that\u2019s always been the number I\u2019ve seen for as long as I can remember. The countries change in terms of which countries are coming to New York and which are not, but this market, unlike London, is mostly driven by the local market.\u201d<\/p>\n

\"591352089_CB_8306_9752639FD5B9E46FD86C6571E0094ABC\"<\/a>
“Imagine what this city would be like if there was a loosening of some of the tax rules to really attract wealthy foreigners and not so wealthy foreigners.” – Robert Gladstone<\/figcaption><\/figure>\n

Robert Gladstone:<\/strong> \u201cOne of the issues in New York is that there is flight capital and it\u2019s coming here. Those buyers are afraid to be taxed like everyone else in this room is. So, that is the only deterrent to there not being a London experience in New York City. And if we did change our tax policies, and move the slogans aside, and try to encourage the wealth of the world to take homes here\u2026 Imagine what this city would be like if there was a loosening of some of the tax rules to really attract wealthy foreigners and not so wealthy foreigners.\u201d<\/p>\n

–<\/p>\n

Willis:<\/strong> Where do you see the next great influx of foreign capital coming from and why from there?<\/em><\/p>\n

\""They<\/a>
“They [wealthy Chinese] feel very safe about the economy here. They feel very safe about the currency. They feel very safe that everything is transparent here, which is not exactly the same in China.\u201d – Mike Naftali<\/figcaption><\/figure>Miki Naftali: \u201c<\/strong>In the last six months I would say, we have, once or twice a week, Chinese billionnares or CEOs or chairmans of very big companies coming to our office and trying to see if there is anything that they can invest in with us\u2026 the majority of the Chinese wealthy people believe for the next few years in China that it\u2019s going to be very difficult for them to make money, and probably difficult for them to maintain their wealth. They are desperately looking for investments outside of China\u2026 They feel very safe about the economy here. They feel very safe about the currency. They feel very safe that everything is transparent here, which is not exactly the same in China.\u201d<\/p>\n
\""I<\/a>
“I think the Chinese have sort of been putting their toe in the water and feeling the market out for the last few years, and I think that we\u2019re just at the beginning in that wave in capital.” – Michael Stern<\/figcaption><\/figure>\n

Michael Stern: \u201c<\/strong>The number of Chinese groups that are out looking for a home for their capital is enormous now. I think we\u2019ve barely scratched the surface. I think that we as New Yorkers and Americans don\u2019t really understand the scale of the Chinese economy the way maybe we should\u2026 I think the Chinese have sort of been putting their toe in the water and feeling the market out for the last few years, and I think that we\u2019re just at the beginning in that wave in capital.\u201d<\/p>\n

Don Peebles:<\/strong> \u201cI think one of the emerging international buyers for this market is South American buyers. If it weren\u2019t for the disruption of the real Brazilian currency, you\u2019d already see more of it already because most of the affluent South Americans have already invested in Miami\u2026 So, they are looking for an additional investment and New York is becoming much more interesting\u2026 I don\u2019t see them as a big consumer of our condos as much as I see them as potential capital partners for large-scale development.\u201d<\/p>\n

–<\/p>\n

Willis:<\/strong> What is a \u201cluxury\u201d property? Talk about the factors that are most important in classifying a property as luxurious\u2013\u2013interior, location, amenities, price per square foot? How do you differentiate your properties in the luxury category when every unit over 2 million is classified as luxury?<\/em><\/p>\n

\"\u201cI<\/a>
\u201cI think 15 Central Park West set the standard, captured the essence I think of what a luxury building is.” – Don Peebles<\/figcaption><\/figure>\n

Peebles:<\/strong> \u201cI think 15 Central Park West set the standard, captured the essence I think of what a luxury building is.\u201d<\/p>\n

Gladstone:<\/strong> \u201cMany years ago, every project was advertised as a luxury high-rise to distinguish it from being an FHA. So, the word \u2018luxury\u2019 had no meaning. Since 15 CPW, and a couple others, the word luxury has been redefined\u2026 You have to adapt your luxury. The number one luxury amenity is a golf simulator. \u201d<\/p>\n

\"\u201cI<\/a>
\u201cI think the truth is that when you create a certain project, you have a certain market demographic in mind, and I don\u2019t think that it\u2019s one size fits all.” – Francis Greenburger<\/figcaption><\/figure>\n

Francis Greenburger<\/strong>: \u201cI think the truth is that when you create a certain project, you have a certain market demographic in mind, and I don\u2019t think that it\u2019s one size fits all. I think there\u2019s a market place for minimalist modernism. There\u2019s a market place for post-modernism. And they\u2019re different; and they\u2019re different expectations. With 50 West, we sort of took a lifestyle approach. We wanted to make sure we had very, very generous amenities.\u201d<\/p>\n