Categorized | Commercial

New York Condominium Building Acquired by Prudential

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Real estate properties in New York City have become quite popular among international investors. With prices lower than they have been in years, many international investors are looking at now as the ideal time to purchase property in such major United States cities as New York City, Miami, and Los Angeles. In the most recent New York City transaction, Prudential Real Estate Investors acted on behalf of a German client, purchased the Laurel, which is a major condominium complex.

The Laurel is one of the city’s newest buildings, and is located at Sixty-seventh Street and First Avenue. Aside from the high-end condominiums within the building, there are also a number of offices, all of which are leased to tenants. It is thirty-one stories high, and its tenants include Cornell’s medical research facility, as well as a TD Bank.

The Laurel building is one that has been a top target for many international investors due to the high quality of tenants with long-term leases. It has been viewed as a commercial property investment that will be profitable from the start, and still will have opportunity for growth. The German client, for whom Prudential Real Estate Investors are working, has high hopes for strong returns on their investment. Prudential Real Estate Investors have stated that the acquisition of the building will serve to help strengthen New York’s real estate market.

Prudential Real Estate Investors operate across the globe, with investments in the United States, Europe, Asia, Latin America, and Australia. The main Prudential headquarters is located in New Jersey, but they have offices around the world.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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