New York-based Extell Development Company, a premier real estate development firm, has partnered JLL to market its upcoming luxury residential development, One Manhattan Square, to Asian buyers.
Situated on Manhattan’s Lower East Side, One Manhattan Square is an 823 ft luxury glass tower designed by renowned architectural firm Adamson Associates. The 80-storey tower will feature 815 luxury condominiums, with interiors designed by Meyer Davis Studio, and over 100,000 sq ft of outdoor and indoor amenities.
With a 50-year presence in the Asia Pacific region, JLL has the largest, most powerful sales network in Asia, with over 20,800 sales consultants spread across 62 regional teams.
JLL noted that foreign investment in the US residential market has increased dramatically, from US$39 million in 2009 to US$104 million in 2015. Asians accounted for 35 percent of the international buyers in the US residential market.
The US economy has been showing signs of growth, with its housing market having moved past the sharp post-credit crunch correction and started to rebound. This has created a compelling opportunity for high net worth residential investors for select US markets, particularly Manhattan, where the real estate market is considered the safest and most stabilised markets in both the long and short term, said JLL.
As an acclaimed developer of residential, commercial, retail, hospitality and mixed-use properties, Extell has earned a reputation of developing superior quality properties that are distinguished by sophisticated design, impressive floor plans and first-class amenities. Founded in 1989 by Gary Barnett, Extell has witnessed outstanding growth, with its current portfolio exceeding 20 million sq ft.
Cheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email cheryl@propertyguru.com.sg
