Why London is borrowing New York street names

The UK capital even has its own High Line and Midtown, in name at least.

New York Weekend Edition /
Apr.April 07, 2018 02:26 PM

(Credit from back: Pixabay, Negative Space, Son of Groucho)

What goes round comes round.

Some of New York’s famous names come from London — Soho, Greenwich Village, Chelsea — but now the tides have changed as British developers are increasingly co-opting the Big Apple’s well-known street names in a big to jump start high-end residential sales again, according to the U.K.-based property editor of House and Home Nathan Brooker.

In fact, he’s pretty upset about it: “They’re full-on rebranding swaths of the capital,” he wrote in a piece published by the Financial Times. “To appeal to the institutional investors and overseas buyers who might be convinced London is still a global city if bits of it are named after bits of another global city.”

But a superficial name change can’t hid the fact that London’s high-end housing market is in decline and has been for sometime — Q3 2014 to be exact, according to the Times. According to data from research firm Molior, half of the newly built housing stock that came online last year failed to sell as new anti-money laundering rules and tax changes combine to turn off ultra-wealthy buyers. [FT]Erin Hudson


Related Articles

arrow_forward_ios
Chinese President Xi Jinping (Getty)
Chinese regulators ease some real estate controls
Chinese regulators ease some real estate controls
(iStock)
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Children’s Magical Garden at at 157 Norfolk Street (Google Maps, Facebook)
Children’s Magical Garden claps back against developer who claimed defamation
Children’s Magical Garden claps back against developer who claimed defamation
432 Park pad trades for $26M, supertall’s priciest deal since 2019
432 Park pad trades for $26M, supertall’s priciest deal since 2019
432 Park pad trades for $26M, supertall’s priciest deal since 2019
25 Park Avenue in Larchmont (WilliamPitt)
Estate famed for turtle soup has new distinction: $11M sale price
Estate famed for turtle soup has new distinction: $11M sale price
Travis Soukup and Yongxing Deng with Fifth Wall's Brendan Wallace (Aloft/Zack Phillips, Jeff Newton, iStock)
Appraisal startup Aloft closes $20M Series A led by Fifth Wall
Appraisal startup Aloft closes $20M Series A led by Fifth Wall
1439 Ocean Avenue in Brooklyn (Google Maps)
New York’s “worst landlord” pays the piper in $235K city settlement
New York’s “worst landlord” pays the piper in $235K city settlement
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...