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Chinese Trump Russians As Manhattan's Top Apartment Buyers

Tyler Durden's picture




 

With Canada having closed the door on the cash-for-canadian-citizenship housing bubble blowing machine, it seems the Russian oligarch sanctions have left a gaping window for the Chinese to swoop and spend their billions. As Reuters reports, for the first time in history, wealthy Chinese top wealthy Russians are the biggest buyers of Manhattan real estate. It seems Manhattan real estate will always be home to some desperate capital flow, money-laundering 1%-ers cash - no matter what the price.

 

 

It wasn't so long ago that Russian oligarchs dominated the world of real estate, buying status-heavy apartments like the $88 million dollar Robert A.M. Stern penthouse. Now, Russian activity in the real estate market has dropped off since the unrest in Ukraine, and the U.S. imposing sanctions on Russia.

The time is right for the Chinese to buy, according to real estate brokers at Douglas Elliman Real Estate.

 

"...there is a lot of ease up on the visa coming to visit in the United States and as well as the rise of the middle class wanting to establish their American dream..."

"In our own business we're seeing almost a 50 percent of an increase compared to five years ago. I mean Chinese is a culture that we love to have tangible assets and real estate being one of them. So this is something that's not just in New York. We just like to buy real estate." The current hot commodity for Chinese buyers in the Big Apple is Central Park's One57. Here, they can spend $18.85 million for a three-bedroom or $55 million for an apartment taking up the entire 81st floor. The building comes with all of the amenities of a five-star hotel.

 

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Sun, 04/27/2014 - 16:49 | 4701803 remain calm
remain calm's picture

Pending currency collapse. Simple,  buy hard assests: Gold, Oil Wells, Real Estate, Butt Plugs.

Sun, 04/27/2014 - 16:55 | 4701823 DoChenRollingBearing
DoChenRollingBearing's picture

Not all hard assets are equal, nor are all people.  My best general suggestion is to start with gold.  Land gets taxed.  Oil wells may be controlled.

Butt plugs?  I really don't know what the, er, downside would be.

Sun, 04/27/2014 - 16:57 | 4701828 ilion
ilion's picture

When Japanese bought the Rockefeller center it was indicative of the medium-term top in US real estate prices. good luck Chinese!

Sun, 04/27/2014 - 17:03 | 4701845 813kml
813kml's picture

Butt plugs are a shit investment.

Sun, 04/27/2014 - 17:15 | 4701868 kurt
kurt's picture

Buy and Hold!

Pulled one out a 4" clay pipe when working for JB Mackey Plumbing and Septic Service. (That's where the money is.)

Sun, 04/27/2014 - 17:23 | 4701892 johngaltfla
Sun, 04/27/2014 - 17:36 | 4701925 kaiserhoff
kaiserhoff's picture

Butt plugs are kind of kinky,

  and vibrators have better gross margins;)

Sun, 04/27/2014 - 23:36 | 4702880 All is chosen
All is chosen's picture

and better batteries than a Tesla.

Sun, 04/27/2014 - 17:27 | 4701902 remain calm
remain calm's picture

Butt Plugs: When the shit hits the fan it will be best to have maximum protection, both in coming and out going, unless of coarse your preference is to take it on. Then you can opt out of plugging.

Sun, 04/27/2014 - 17:08 | 4701855 Berspankme
Berspankme's picture

Love the hypocrisy of our ruling elite. Demonize these guys while using their cash to blow a bubble. Fucking hypocrites

Sun, 04/27/2014 - 18:37 | 4702111 MontgomeryScott
MontgomeryScott's picture

Buying assets doesn't seem to be possible (at least, the assets you are describing).

Buy GOLD, and have your 'government' confiscate it (like Roosevelt did in '33).

Oil wells? SERIOUSLY? the oligarchical powers-that-would-be already OWN all the oil (or, if you find some on your property, will TAKE it by force).

Real Estate? GTFOOH! If you don't pay your REAL ESTATE TAXES to the ELITE, they will TAKE IT FROM YOU BY FORCE. How's that Cliven Bundy thing going?

 

BUTT PLUGS...

ACTUALLY, no one wants to share one, after it's been used by you. A Butt-plug is a personal thing (which is slightly gross), and might transmit disease, so even the OLIGARCHS won't try to confiscate it from you. Even the MAKERS of butt-plugs recommend that you relpace them often, due to the danger of bacteria that, when exposed to air, will multiply and make you sick upon your next 'usage'.

Based on the replies to your comment, however, it seems that a high percentage of the population either wants to have, or has, a butt-plug.

Using this metric, I would advise investments in anal sex toy manufacturers (in the short term) (not to be confused with 'huge anal toys').

 

I prefer more honest stores of investment (that don't smell bad when used). Lead, brass, antimony, and the like. I LOVE the smell of napalm in the morning! (Well, not really. I love the smell of fresh pussy in the morning, actually)

 

Sun, 04/27/2014 - 16:47 | 4701805 _ConanTheLibert...
_ConanTheLibertarian_'s picture

This will be short lived once we have a Russia/China vs US/EU/Japan world war...

Sun, 04/27/2014 - 16:47 | 4701806 debtor of last ...
debtor of last resort's picture

It's better to lose 20 million than to lose everything. Including your head.

Sun, 04/27/2014 - 17:31 | 4701913 kaiserhoff
kaiserhoff's picture

There has never been a better time...

  to launder money.

Sun, 04/27/2014 - 16:48 | 4701807 sushi
sushi's picture

Once the world starts de-bubbling in a serious way you don't want to be standing under any of those windows.

Sun, 04/27/2014 - 17:48 | 4701955 Goldilocks
Goldilocks's picture

It's Raining Men - The Weather Girls (1982)
http://www.youtube.com/watch?v=geC2gHZ6m2g (5:26)

Sun, 04/27/2014 - 19:33 | 4702250 MontgomeryScott
MontgomeryScott's picture

Two fat, ugly black women aren't very attractive.

Try a skinny, fit, blonde woman, named Geri Halliwell.

http://www.youtube.com/watch?v=3YbRASlEMqw

 

The falling man:

http://www.youtube.com/watch?v=CKOGH-YjW0c

Sun, 04/27/2014 - 16:48 | 4701808 ronron
ronron's picture

so the chinese won't be attacking the east coast, buy the fucking dip you fucking idiot.

Sun, 04/27/2014 - 16:52 | 4701818 Kirk2NCC1701
Kirk2NCC1701's picture

It's not 'Russia' or 'China' that have been buying US or other Western assets and RE, but Russian and Chinese Oligarchs (directly or via their shell companies).

When TSHTF, the national assets of China, Russia can and will be taken by the US (or US-subservient Western gov).  The assets of said oligarchs will not be taken, because these vampires (part of a global coven), will simply move to the US or whatever Safe-Harbor-of-Convenience.  Same as it ever was.

Sun, 04/27/2014 - 17:10 | 4701858 kurt
kurt's picture

And a lot of bribes, fees, handouts, services, agents, lawyers, and bankers grabbing a chunk of the Chinese Rubes' money. Stuff yourself little piggies.

Sun, 04/27/2014 - 17:37 | 4701928 caconhma
caconhma's picture

So called "Russian Oligarchs" are Jews. Therefore, they are perfectly safe in America unless we have our own revolution.

Sun, 04/27/2014 - 16:55 | 4701822 Winston Churchill
Winston Churchill's picture

It didn't work out too well for the Japanese as I remember.
How old is this data ?

Sun, 04/27/2014 - 16:59 | 4701835 Boomberg
Boomberg's picture

Still wating for the Chinese to invest in resort condos in the Tennessee mountains. Clean air and simple living. Mine is slightly cheaper than Manhattan at only $100K and it's a very short commute there (compared to Beijing). Call me. 

Sun, 04/27/2014 - 17:11 | 4701859 Kreditanstalt
Kreditanstalt's picture

"Money-laundering???

A government-created "crime".  And a useful one, since the definition of "proceeds of crime" can be expanded at will anytime. 

And...if you had stacks and stacks of paper CNY or USD, wouldn't YOU want to convert them to something more REAL? 

Sun, 04/27/2014 - 17:38 | 4701916 kaiserhoff
kaiserhoff's picture

Yazz.  Someone else remembers the lessons of Cyprus.

Sun, 04/27/2014 - 17:17 | 4701877 Atomizer
Atomizer's picture

I will take a lower pay grade to turn this corrupt US Government upside down.  Please contact me NSA, you have my email. We love our US country, this shite has to come to a stop. Help us, help you!

Sun, 04/27/2014 - 17:28 | 4701901 q99x2
q99x2's picture

NYC apartment sales likely to decline if Bitcoin clampdown is indicative of Chinese clamping down on money illegally leaving the country.

Sun, 04/27/2014 - 17:42 | 4701939 knukles
knukles's picture

They'll sneak it out in solid gold butt plugs

Sun, 04/27/2014 - 17:32 | 4701911 Dre4dwolf
Dre4dwolf's picture

This country is soo sad, foreigners are pretty much just walking in and buying up everything Americans could never hope to afford.  .  .;p

You know your country is an economic JOKE when foreign communist citizens are buying up your prime real-estate.

Sun, 04/27/2014 - 17:37 | 4701926 kurt
kurt's picture

Henry "Hank" Paulson--Greatest Treasury Secretary of All Time.

Henry "Hank" Pauson--Greatest Man Who Ever Lived.

Sun, 04/27/2014 - 17:42 | 4701937 kaiserhoff
kaiserhoff's picture

Dude, sniffing glue is soooo  twentieth century.

Sun, 04/27/2014 - 17:44 | 4701942 knukles
knukles's picture

Huffing a gasoline, paint thinner and carbontetrachloride cocktail is where its at!

 

mumble mumble drool drool

Sun, 04/27/2014 - 17:52 | 4701971 Goldilocks
Goldilocks's picture

Beck - Where It's At
http://www.youtube.com/watch?v=EPfmNxKLDG4 (3:32)

Sun, 04/27/2014 - 18:28 | 4702086 BoingBoing
BoingBoing's picture

When a nation has no remaining assets of interest to foreign buyers except the very land under its feet, something is very wrong indeed.

Sun, 04/27/2014 - 18:28 | 4702089 New_Meat
New_Meat's picture

I keep thinkg about how the Japz got trick-fucked at the top of their bubble, y'know how Rock place got sold at the thop and shit.

- Ned

Sun, 04/27/2014 - 21:02 | 4702500 Tulpa
Tulpa's picture

Calling condos "real estate" is really stretching the definition of real estate.  You don't own any land, just part of a bldg you have little control over.  And of course, owning real estate that you're absent from 300+ days a year is just a matter of paper -- it's no big deal for govt to cross out your name and write someone else in when they don't even have to evict.

Sun, 04/27/2014 - 21:33 | 4702590 williambanzai7
williambanzai7's picture

Meanwhile Obama is visiting the Phillipines to convince them to accept highly educated American maids...

Sun, 04/27/2014 - 22:01 | 4702656 sethstorm
sethstorm's picture

Then they end up handing it over a la Japanese owners in the 1990s.

It ends up back in American hands, and all is well by the end of the decade.

Mon, 04/28/2014 - 01:31 | 4703047 Spectre
Spectre's picture

Gonna be a real hoot when the NYC RE scene finally implodes someday soon.

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