Category: News

Chinese Real Estate Investors Look to Waldorf-Astoria for Investment Hope

Chinese Real Estate Investors Look to Waldorf-Astoria for Investment Hope

REALTY TODAY

The Chinese wealthy along with their country’s various money institutions are aiming for stable and reliable investments notably in commercial and income-generating residential projects as compared to luxurious properties that are considered for personal use. This is according to Edward Mermelstein who is a 20-year-old veteran of consulting for clients in realty business. This game plan is akin to playing “Monopoly” where players pay to acquire money-making real estate like hotels and houses. “There’s an argument that this is a flight to safety,” Mermelstein said. “This is very much a flight to safety,” He emphasized.

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China’s troubles make Russia’s Putin into a loser

China’s troubles make Russia’s Putin into a loser

CNBS

As if the falling ruble, crippling sanctions and plunging oil prices weren’t a bad enough combination for Russian President Vladimir Putin, now his most important ally, China, is facing serious economic problems of its own.

Russian President Vladimir Putin

Sasha Mordovets | Getty Images
Russian President Vladimir Putin

Putin is in China this week for a World War II commemoration ceremony and for talks with his counterpart, Xi Jinping. The focus of the trip, according to the Kremlin, is to discuss trade and economic issues. Both are big priorities for Russia and China right now. Trade between them has dropped about 29 percent this year, according to investment data firm FactSet.

Read MorePutin pumps iron to show Russians his healthy side

Eurasia Group president Ian Bremmer told CNBC that Russia is becoming more dependent on the Chinese economy, which he called a “dangerous proposition for Moscow given the uncertainty and volatility of China’s long term trajectory.”

“In the near term, announcements of Chinese investment and trade have had more political meaning for Putin (undermining U.S. sanctions) than translating into huge concrete investment and trade,” Bremmer said.

“Beijing is going to drive a hard commercial bargain with the Russians, made even more challenging by China’s stalled demand for oil, gas and other key Russian commodities.”

Edward Mermelstein, a New York attorney who advises high net worth individuals in Russia and the former Soviet Union, told CNBC his clients are less concerned about China and more worried about whether Russia will eventually pivot back toward the West.

“No matter how hard they try, both (Russia and China) are on a downward slide,” Mermelstein said. China is experiencing its slowest economic growth in 25 years, and Russia’s economy is shrinking. “There is no substitute for re-engaging with the West and removing all sanctions. It’s the best thing for Russia, Europe and the U.S.”

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Black Monday Meltdown: How New York City Real Estate Could Benefit From Panic In China

Black Monday Meltdown: How New York City Real Estate Could Benefit From Panic In China

 

International Business Times

 

Edward Mermelstein, a real estate attorney in New York City who has Chinese clients, said he has seen little change in real estate purchases from Chinese buyers in recent weeks and months. The downturn in China’s stock markets began in mid-June, but Chinese investment in U.S. property has continued as usual, Mermelstein said.

“Chinese investors are going to be looking for returns similar to what they were getting in China over the last five years,” he said. “There are very few places they can achieve those returns.”

Black Monday Meltdown

In the 12 months that ended in March, Chinese buyers bought $28.6 billion in U.S. real estate, up from $22 billion the year before, a NAR report published in June showed. New York was one of the top six locations, accounting for about 7 percent of Chinese purchases, and it is growing ever more popular, with Chinese investment in Big Apple properties skyrocketing in the past year.

In the first half of 2015, Chinese buyers, both individuals and companies, spent more than $3.8 billion on real estate in Manhattan — more than three times their total spending on such properties in 2014, according to Real Capital Analytics, the New York Daily News reported. They tend to buy prime, luxury real estate, Mermelstein said.

“We’re seeing typically the highest end locations, so anything surrounding Central Park is extremely popular,” he said. Also desirable are luxury residences and commercial properties along major avenues in Manhattan. Chinese investors have recently bought such big names as the Waldorf Astoria and One Chase Manhattan Plaza.

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Many Manhattan Luxury Buyers Opt for Mortgages

Many Manhattan Luxury Buyers Opt for Mortgages

Mansion Global

The all-cash buy is far from dead however, according to Ed Mermelstein, a Manhattan-based real estate attorney. Mermelstein attests to the fact that many buyers from China and Eastern European nations still come to the Big Apple favoring the all-cash deal. For affluent Manhattanites and other American buyers, the pendulum has begun swinging to traditional mortgages and other more creative ways of financing a home, Mermelstein said.

“I don’t believe stories about the all-cash deals have been exaggerated,” Mermelstein said. “ For many foreign clients, mortgages don’t make sense. They’re very into wealth preservation.”

One57-Development-NYC

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The Chinese are flooding NYC market like never before

The Chinese are flooding NYC market like never before

The Daily News

Chinese investors and developers are flooding the local real estate market at never-before-seen levels, buying some of New York City’s most iconic buildings at prices that local buyers aren’t willing to pay.

“Insane is definitely the right way to characterize it,” said real estate attorney Edward Mermelstein, who’s worked on projects with Chinese investors. “New York has become the favorite place for the Chinese to deploy their capital.”

So far this year, the Chinese have forked over more than $3.8 billion on Manhattan real estate, a more than threefold increase over what they spent in all of 2014.

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Why Scrutinize Foreign Buyers?

Why Scrutinize Foreign Buyers?

Globest.com

Ed Mermelstein, a founding partner of RheemBell & Mermelstein LLP, an international real estate law firm that represents high net-worth investors, developers and a broad range of financial institutions in private equity, commercial, and residential real estate transactions. GlobeSt.com caught up with Mermelstein to get his perspective…

 

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Take Your Money and Run: Russians and Ukrainians Invest Their Funds in the US

Take Your Money and Run: Russians and Ukrainians Invest Their Funds in the US

Epoch Times

“Many of our clients who were making substantial money in the oil sector had to sell, went bankrupt, and are putting money back into the businesses in order not to lose their businesses. They have to diversify into other means of getting income, and real estate has become a very popular alternative to their investments in their own country,” says Edward Mermelstein, founding partner of Rheem Bell & Mermelstein LLP.

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Western sanctions encouraging Russia to build ‘independent financial structure’

Western sanctions encouraging Russia to build ‘independent financial structure’

International Business Times

Speaking to IBTimes UK, with reference to the EU’s decision to extend sanctions on Russia, Edward Mermelstein, an international attorney from law firm Rheem Bell & Mermelstein, said the extended sanctions would not worsen the economic situation in Russia, as the country has a history of remaining independent of the Western systems.

“I don’t see there being any new sanctions or any meetings that could worsen the situation, unless we are talking about totally disconnecting Russia from the American banking system and it’s very unlikely that it will happen,” Mermelstein, who focuses on Russian and East European economies, said.

“Assuming that it does, this is not the first time this has happened. The Soviet Union existed for quite a long time without being connected to the US banking systems and they did fine for 70 years.”

ibt russia

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New Condo Prices Expected to Hit Record $5.9M Average in 2015, Report Says

New Condo Prices Expected to Hit Record $5.9M Average in 2015, Report Says

DNAinfo

The average price of units in these new buildings is expected to reach a record $5.9 million this year, according to a report released Tuesday from CityRealty.

“It’s not just going to break all records in terms of price, it’s going to be the first to hit those records within the shortest period of time,” said international real estate attorney Edward Mermelstein, who completed the most deals at 15 Central Park West.

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Kazakh Leader to Extend Long Rule, Promises Stability

Kazakh Leader to Extend Long Rule, Promises Stability

Reuters

“We know that Nazarbayev is a constant, we know what to expect of him,” said Edward Mermelstein, president of U.S.-based Alfa Consulting Group which provides business advice focused on Eastern Europe and Central Asia.

“He’s made it clear he’s not a puppet of Russia and that he is not also someone to be used by the West.”

Kazakhstan's President Nazarbayev waves to audience during an election campaign rally at a stadium in Almaty

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