‘News’ Posts

 

Why Scrutinize Foreign Buyers?

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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

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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.

putin epoch times

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Western sanctions encouraging Russia to build ‘independent financial structure’

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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

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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.

111_West_57th_Street_artistic_rendering

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Kazakh Leader to Extend Long Rule, Promises Stability

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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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When it comes to foreigners, who’s to judge?

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The Real Deal

Ed Mermelstein, a Rheem Bell & Mermelstein founding partner who works extensively with Eastern European buyers, said that “the bent on the [NYT] story which tries to indicate that foreigners are trying to siphon funds into the United States and painting it as there being possible illegalities associated with these moneys coming into the U.S. is, to a large extent, ridiculous.”

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Skidding on oil

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The Real Deal

Ed Mermelstein, a real estate attorney who has many Russian clients, said Russian investors have recently shifted away from high-profile, vanity condo purchases and are looking for stakes in commercial development, which can offer better returns than in their own home country. He recently closed several large deals with Russian investors that had been temporarily in limbo after the ruble’s steep decline at the end of 2014.

But Mermelstein said he’s actually seeing the economic situation in Russia help spur more investment in New York. “When the rest of the world is in havoc, the U.S., and especially New York City, is the safest and strongest place to invest,” he said, during a phone interview. 

“I’m on a plane right now going to Russia to meet with groups looking to put money into projects in New York,” he said. 

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Obama’s remarks on Russia’s economy dead right: Experts

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CNBC

Edward Mermelstein, a New York-based attorney who works with Russian clients and advises on cross-border investments in the Russian Federation, is currently in Moscow and told CNBC that although currency controls are technically not the law, they are essentially in effect. He told CNBC that his clients cannot get their money out of Russia as of this month. “Clients who manufacture outside of Russia get paid in rubles and need to convert those funds to dollars in order to purchase and manufacture so that they can import more product into Russia,” Mermelstein said. “Today’s issue is they cannot get dollars out of the country, and so cannot purchase new products.” Banks are not processing the transfers, he said.

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Global gloom props up dollar … and NYC real estate

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The Real Deal

“We’re in a strong position compared with the rest of the world,” said Ed Mermelstein, a founding partner of real estate law firm Rheem Bell & Mermelstein.

“When the prices of commodities and currency are heading downward, holding real estate in the U.S. is better than holding the gold standard of yesteryear.”

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Ahead of Ruble Collapse, Russian Elite Stashed Money in Foreign Real Estate

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Bloomberg

Buyers have also poured more funds into New York real estate over the past two months, says, Edward Mermelstein, a partner at law firm Rheem Bell & Mermelstein who advises Russian investors. “Many of our clients who are active in commercial real estate increased their appetites,” he says. “Now the indication is that their bet was correct.”

 

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