Why LA Buyers Are Looking For New York Condos – The Hollywood Reporter
For years, the story is the same. New Yorkers, tired of their cramped and expensive city, fled to Los Angeles, the land of big construction sites and the great sun.
But now real estate agents in New York have noticed a remarkable trend: A surprising number of Angelenos are buying pied-Ã -terre in New York. âThere is an attraction right now. People are coming back to New York City knowing that this is about to be such a really exciting time, âsays Jim St. Andrew of Compass. âIt has been closed and nothing is happening at all. Now I feel like it’s going to be better than ever, and I think a lot of people want to be a part of it. This year, says St. Andrew, “25 percent of my clients are from LA.” In recent years, that number has been closer to 10 percent.
So what is fueling this moment? âThere is a lot of inventory even though the demand has been great. There are almost 7,000 units for sale in New York, âsays John Gomes of Elliman’s Eklund | Gomes. Add to that the perception that there are deals to be made (although prices have rebounded from last year’s pandemic-induced drop); New York’s strong tech industry; low interest rates; and the fascination of millennials for the city that never sleeps. This is the stuff of which bicÃ´tiers dreams are made.
There is also the convenience of a pedestrianized town. “The mood is so happy”, says Million Dollar Listing NY‘s Amy Herman Schechter of real estate company Serhant. “If I were to take a video now, I’m standing in front of one of the Italian cafes on the Upper East Side and there’s a good feeling, every table is taken, people are in their summer dresses.” Herman Schechter now has five SoCal customers who buy in New York City, typically between $ 2 million and $ 10 million.
Many Angelenos are drawn to new developments like 17 Jane Street in the West Village, a historic hand-laid Belgian brick garage from 1910 recently converted into seven boutique condos designed by famous architect Sir David Chipperfield. According to CityRealty.com, Jennifer Lawrence purchased a $ 21.9 million condo in the building in 2020.
In Chelsea, the Angelenos shop at the sleek 21-story hybrid condo / rental The Maverick, which features SoCal-friendly amenities like a spiritual concierge.
Uptown in Morningside Heights, Vandewater, a new 33-story residential condo (with prices ranging from $ 900,000 to $ 5.8 million), attracts Angelenos with its 24,000 square feet of programmed space. Particularly attractive are the elegantly designed private gardens by Michael Van Valkenburgh Associates.
âIn one case, one of the parents is doing business in New York, so it will be the New York pied-Ã -terre,â explains Peter Denby, Vandewater’s sales manager. “In another case, they will use it for their visit, then in the third case, the family bought a bedroom for their child to live in while they go to school.”
Currently on the market in Tribeca is a 10 room, 4,500 square foot condo located inside 443 Greenwich Street, an 1882 building known as a celebrity favorite, where residents have included Jake Gyllenhaal, Meg Ryan, Harry Styles, Justin Timberlake and Jessica. Biel. It is listed at Douglas Elliman for $ 13.995 million.
Schechter adds that she is also seeing clients who have turned to larger places in the past year. “[People are saying], ‘Our seats seem a little small now that we are commuting and flying back and forth again. We want to get something that looks more like a house, âsays Schechter. âThe coronavirus has definitely caused people to need more space, especially if they have bought a dog. I have a lot of bi-coastal people who have pets and they want a bigger space for their pet. Among these improvements are free guy director Shawn Levy, who recently spent $ 13 million on a 6,280-square-foot two-level penthouse in Tribeca, nearly double the size of his old New York pad.
A TV producer, who asked that his name not be used, says THR that he also recently bought a bigger place in the city, having obtained his first pied-Ã -terre in New York in 2017. list, âhe says. âIt’s almost like a cultural recharge. When you do these shows and movies you always try to emulate a real life version and I think it’s easier to do that in New York than in Los Angeles where, especially if you work in the business, you’re in a bit of a bubble. In New York, you find other groups.
But no matter how many Angelenos bought in New York City, it will still take time to make up for the estimated 216,000 people who have left the city because of the pandemic. But if trends are any indication, the Big Apple is about to bounce back. As Gomes notes, âHow could you ever write off New York City? “
It seems Angelenos agrees.
A version of this story first appeared in the August 18 issue of The Hollywood Reporter magazine. Click here to subscribe.