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Safer than in a bank

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Safer than in a Bank
Very interesting!  A story in the Wall Street Journal about a wealthy south American family investing big in NYC real estate as a safer place for their money than a bank!

The family was looking for a safe place to park their cash amid the uncertainty of the coronavirus pandemic and related economic fallout, she said. “They felt their money was safer in an apartment in New York than in a bank,”

From the Article:

A South American family has paid close to $27 million for eight units at Waterline Square, a new construction residential complex on Manhattan’s Upper West Side, according to the buyers’ agent, Maria Velazquez of Douglas Elliman.

The buyers went into contract and closed on the all-cash deal on the same day, an extremely fast turnaround for the New York market, said Ms. Velazquez. She said her clients received a blended discount of more than 7% from the asking price of the units, which range in size from one to three bedrooms and span a total of roughly 11,000 square feet. Waterline Square, a three-tower project developed by GID Development Group, launched sales in 2017.

Ms. Velazquez declined to name the family who bought the units, but said they hail from Peru and purchased the units as an investment with plans to rent them out. The family was looking for a safe place to park their cash amid the uncertainty of the coronavirus pandemic and related economic fallout, she said. “They felt their money was safer in an apartment in New York than in a bank,” Ms. Velazquez said.

Click this link to read the story on the Wall Street Journal

-John Beauchamp



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