Brokers who work in the Financial District say they are seeing an increase in the number of financial services executives posted abroad who are relocating back to New York, and specifically to newer developments in the Financial District.
Elie Pariente, managing partner at Urban Sanctuary, said he has done four deals in the past 45 days with AIG executives returning to the U.S. from Tokyo and Singapore, to work for Chartis Insurance, an AIG spin-off. Three of the apartments that Pariente, who said he has a history of deals with AIG employees, sold were in 15 Broad Street. All four were two-bedroom apartments, which Pariente called “standard” for financial services executives. The apartments ranged in size from 1,200 to 1,600 square feet and in price from $1.1 million to $1.5 million.
Chartis Insurance did not return calls for comment.
Recently, companies relocating their execs have also been more willing to pick up part of the tab on apartment purchases, said Jacqueline Urgo, president of the Marketing Directors.
At the Visionaire, at 70 Little West Street, where Urgo is the sales director, one buyer is relocating from Hong Kong to open his own financial services firm, Urgo said. In total, five purchasers relocating from abroad and from other parts of the U.S. have bought at the Visionaire in the past 60 days, though not all are in financial services, Urgo said.
Note: Clarification appended
Goldman Sachs declined to comment through a spokesperson.
Larry Kruysman, a managing director for Corcoran Sunshine Marketing Group and sales director at 75 Wall Street, said he had spoken to one financial services executive planning to relocate from London to New York, though the exec had not yet made an offer at 75 Wall.
The advantages of the Financial District, with its proximity to so many financial services firms’ offices, are obvious. Urgo said she thinks the fact that so many buyers are choosing to relocate to New York right now also speaks to an improving economy, though economists who study the housing market have said that market signals are mixed and it is too soon to call a recovery.
“I think it shows a real trend in the turn of the economy, that people think there are job opportunities,” Urgo said.