New York Property

New York nabs global property crown from London on Brexit fears

New York has knocked off London as the world's premier city for foreign investment in commercial real estate due to fears the vote to leave the European Union would diminish the British capital's appeal as a global financial center. Data on cross-border property transactions indicate greater unease among investors prior to the referendum, which voters unexpectedly approved on June 23, than had been...

Pontiac Land to invest in Manhattan luxury condo

New York's Museum of Modern Art (MoMa) is about to get the luxury touch, thanks to Singapore-based property developer, Pontiac Land. The company, controlled by the four Kwee brothers - whose net worth is estimated by Forbes at around US$5.3 billion - plans to invest in a 72-story luxury residential tower adjacent to the famous art museum. The 750,000 square feet building will be designed by Pritzker...

New York City tests out micro-apartments

They might be the urban dwelling of the future: Studio apartments measuring no more than 28 sq m. New York City planners believe the tiny units could be the answer to a growing population of singles and two-person households. And in a nation that is increasingly populous and urbanised - where people are more frequently creating a family of one - such downsizing may not stop here. Mayor Michael Bloomberg...

City Developments acquires New York’s Renaissance Syracuse Hotel

Property and hospitality firm City Developments, through its subsidiary City e-Solutions, has acquired Renaissance Syracuse Hotel in Syracuse, New York. The purchase price of the hotel is US$10 million, which represents US$35,842 per key and a 14 per cent yield on 2009 net operating income. The acquisition was made through a joint venture firm, which City e-Solutions has a 50 per cent stake. The...

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