Russian businessman is building housing in New York: he has already sold apartments for $ 900 million
'28.01.2021'
Lyudmila Balabay
The company "Absolute" of Russian billionaire Alexander Svetakov has built seven residential complexes in Manhattan with a total area of 87 square meters. m. According to the businessman, the average cost per square meter in these buildings is $ 000. This means that in total, the Russian company has already sold housing for $ 21 million, writes Forbes.
Svetakov's projects in the USA are handled by Forum Absolute Capital Partners (FACP), a joint company of Absolute and Forum Properties of Andrey Barinsky and Vladimir Zubrilin. FACP was founded in 2012 and specializes in the construction of residential and commercial condominiums and the remodeling of existing buildings. In New York, the company has already completed seven projects with a total investment of about $ 400 million.
All buildings belonging to the Russian are located in Manhattan. In particular, one project is located in Flatiron District, Chelsea, West Village, Gramercy and Upper East Side. And three projects are located in the Tribeca area, which is not only the most expensive in New York, but also one of the ten most expensive in the United States.
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The first Forum Absolute house was built in 2016 and has a total of 13 apartments. But over time, the scale of buildings increased. Thus, the Greenwich West condominium consists of 170 apartments, the 100 Barclays condominium consists of 156 apartments, and the 389 East 89 project on the Upper East Side has 155 apartments.
How much are the apartments
В the first apartment complex has already been purchased. In the remaining six projects, the cheapest apartments cost from $ 13 per sq. m; in more prestigious areas - $ 500-18 thousand per sq. m.
In recent years, the supply of new housing in Manhattan has slightly outstripped demand, and prices for new buildings have slowly gone down, the pandemic has accelerated this process. And Forum Absolute buildings are no exception. According to realtor Dmitry Stasyuk, prices in the 30 Warren project were reduced by 7-9%, and some apartments in the 515 West 29 project were sold with 25-30% discounts.
