Real Estate

A huge part of New York City’s appeal is and always has been its attractiveness to newcomers from foreign lands. Were this melting pot a dish rather than a city, its sheer number of spicy ingredients would handcuff even the most agile of chefs.

Some studies undertaken within the last several years have indicated more than 150 countries of origin are represented among those who call the city home, and that among major U.S. cities, only Miami has a greater percentage of immigrants.

The international flavor contributes immeasurably to New York’s vitality, in every aspect from its culinary scene to its arts, music, entertainment, variegated neighborhoods and enormously diverse accents and dialects.

According to the American Immigration Council, almost a quarter of New York City residents are immigrants. In 2018, the AIC reported, 4.4 million foreign-born individuals made up 23 percent of the city’s population.

3Eleven

Within this multicultural mélange are readily identifiable residential structures with a disproportionate share of foreign-born renters and buyers. A prime example: 3Eleven in West Chelsea, from Douglaston Development. About one-sixth (15%) of those leasing units within the building’s 60 stories in the first three months of leasing have come from lands outside the U.S.: the U.K., UAE, Morocco and Switzerland.

“Since we launched our leasing efforts at 3Eleven in August, the trend of prospective residents hailing form international destinations has exceeded our expectations,” says Steven Charno, Douglaston Development president, citing as a factor “the building’s close proximity to all the technology and finance businesses” nearby at Hudson Yards. “We are thrilled to have so many international residents wanting to call 3Eleven home,” he adds.

Broad Exchange Building

Meanwhile, the Broad Exchange Building, developed by LCOR in the Financial District, is also proving appealing to a broad spectrum of foreign-born prospects.

Touring the building have been prospective residents from Brazil, Canada, China, France, India, Italy, Japan, Korea, Mexico, the Netherlands, Russia, Singapore, Taiwan, Turkey, UAE and UK. Both prospects and buyers appreciate the access to mass transit afforded by the Financial District, where 13 subway lines, 20 ferries, a PATH train and airport connections all seem to crisscross.

Also appealing to this mini-United Nations of prospects and residents are the neighborhood’s dining and shopping venues, as well as the fact other enclaves, among them Seaport, BPC, Tribeca and Soho, are proximate. Since 2020, when the building’s rental-to-condominium conversion was declared effective, interest in the property has been keen, and witnessed among purchasers and prospects from New York City, New York State, the U.S. as a whole and nations around the globe.

“The property’s favorable price points and landmarked architecture not commonly seen elsewhere, the ability to walk to work being located beside some of the largest financial institutions in the world, and the ever-evolving neighborhood offerings that FiDi encapsulates have and will continue to be the driving forces behind this over the years to come,” says Anthony Tortora, senior vice president for LCOR.

Sky

The Moinian Group and Moinian Living are brands recognized around the globe for development of luxe buildings and residences.

So it probably will not come as a shock that Sky, the firm’s 71-story, Rockwell Group-designed Midtown West luxury skyscraper in Hell’s Kitchen, has lured residents from across planet Earth. The building, which for periods has surpassed 30% international tenancy, has welcomed a robust inflow of residents from both Asia and Europe.

A location within blocks of the Hudson Yards enclave, Hudson River Park, the High Line and also near the art galleries of West Chelsea, New York City eateries and local job hubs helps explain the appeal to international arrivals. So too does the high-rise property’s suite of amenities, including an on-site Life Time Fitness center.

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