Global appetite for New York’s branded residences strengthens
New York’s pool of branded residences is expanding rapidly with demand from Asian and Middle Eastern buyers a key source of demand.
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The first true branded residence, the Sherry-Netherland hotel, opened in Manhattan in 1927. Since then, New York has become a global hub for branded residences, attracting many international buyers.
Branded residences combine the benefits of a hotel with luxury, new-build real estate.
Boasting the latest technology, state-of-the-art facilities, and enabling the buyer greater influence over the property’s design, branded residences provide buyers with a unique opportunity.
For high-net-worth individuals, branded residences offer benefits such as round-the-clock security and provide numerous facilities all under one roof, including gyms, office space and members’ lounges.
Data from Knight Frank’s Global Buyer Survey reveals that more than one in three prime international buyers (39%) would be willing to pay a premium for a branded residence, rising to 45% and 43% in Australasia and Asia, respectively.
Amongst the key motives for purchasing a branded residence is the service provision and amenities such a development affords. Second comes the development’s high-yielding potential, and in third place, the building’s management and maintenance.
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