Two luxury condominiums in Miami and Lower Manhattan, developed by Africa-Israel USA, are attracting considerable interest amongst international buyers.
The two buildings, the Marquis Residences in Miami, and 20 Pine in Lower Manhattan are being bought by international buyers including those from Russia, China, Singapore, Brazil and Italy. The Marquis Residences are proving particularly popular, with over 60% of buyers being foreign.
The majority are Brazilians, while the building is also popular with French, Italians and Singaporeans. According to Lori Ordover, managing member of the Ordover Group, a consultant for Africa-Israel USA, the Marquis is proving attractive to buyers because of its relatively small size at just 292 units. Other nearby developments can house as many as 1,800 condominiums.
Ordover said “The residences are large, more home-like, with high-end luxury finishes more conducive for family living. Internationals are buying the condominiums at Marquis as primary or secondary homes, not as an investment.”
She sees the location is a big plus, as Marquis is right at the heart of downtown Miami’s arts and entertainment district, and is just moments away from Miami Art Museum, American Airlines Arena and Museum Park, future home to the Miami Science Museum.
Around 40% of the buyers at 20 Pine are foreign, with most coming from China, Russia or Italy. The building is a residential conversion of the 1920s era landmark commercial building which was undertaken by the award winning firm, Gruzen Samton LLP. It offers residents spectacular amenities including a 60 foot lap pool, spa, billiards room and golf simulator, and Hamman lounge.
Ordover explained, that as well as fantastic amenities “international buyers are proud to buy at 20 Pine because of its prime location in the financial district.” The building is close to Wall Street, just about every subway line and numerous excellent restaurants.
Although the excellent amenities and location are obviously important in attracting foreign buyers, Ordover also feels that economics are important. She said “It’s a sign of the times; the dollar is still relatively weak as compared to other currencies. You can really get a great bang for your buck.”