Williamsburg and SoHo will soon be transformed – and so will the landscape of NYC real estate at large.
After almost two years of investing in blockchain technology, people are relocating their assets to real estate, specifically in these two hotspot areas.
With tons of millionaires flooding to the big apple, we’ve connected with Edward Mermelstein, a real estate investment advisor, and founder of One & Only Holdings, a boutique NYC advisory firm that caters to high-net-worth investors.
Keep reading for Edward’s expert opinions on the status of NYC real estate- where it’s been, where it is now, and where it’s headed.
As the tech industry expands its footprint in NYC, we are seeing a niche expanding within that space. Blockchain millionaires are slowly starting to flex their muscles by investing (albeit slowly) into hard assets. NYC seems to be the beneficiary of this wealth redistribution. Several neighborhoods have become known for Bitcoin Millionaire buyers and renters. Soho and Williamsburg are starting to see an uptick in luxury property pricing from a small group of such investors.
With a quick run-up of crypto pricing in the past two years, crypto millionaires are shifting into hard assets to preserve a portion of their wealth. No different than the oligarchs that scooped up luxury properties when oil prices were skyrocketing, the crypto world is catching on. These young and wealthy buyers are selling and borrowing their crypto assets in order to lock in the profits from the past several years.
As the new crypto-friendly government takes over in NYC, we are starting to see more and more attention being paid to one of the most exciting cities in the world. What NY has missing from foreign buyers, we are seeing crypto buyers pick up the slack, by jumping into the luxury real estate market. Currently, we are seeing properties being purchased in the two to five million dollar range. Those numbers will most surely jump as NYC attracts more and more wealth from the blockchain space. We have already seen major purchases from the likes of the Winklevoss twins, and Brock Pierce. The future looks bright for NYC real estate as crypto millionaires turn into crypto billionaires.
We have lived through two years of travel restrictions into the USA. The impact was felt more than ever by the NYC luxury real estate market. Canceled airline routes and closed embassies around the globe, translated into a sliding real estate market in NYC. As Covid lockdowns dissipate and embassies catch up on travel visas, we will see a revival of NYC’s luxury real estate sector. The pent-up demand will quickly translate into rising prices.
Photography by: Pierre Borthiry