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Tag: luxury real estate

In the Media – Buying a Property as a Foreigner

Yann Rousseau, Managing Partner of BARNES New York, shared his expertise in the latest issue of Propriétés Le Figaro, a renowned European media outlet, about acquiring a property in the US as a foreigner.

You don’t need a special status

“If you are a foreigner looking to acquire real estate in the United States, you don’t need a special status,” reminds Yann Rousseau, Director of BARNES New York. “For a purely investment-driven purchase, you don’t even need to come to the US.”

“However, if you intend to spend a few days in your property, you will need a standard visa (three months) or a long-term tourist visa (six months). Be careful, renting your property short-term while you are abroad is not always possible, as most co-op buildings do not allow leases shorter than one year.”

The difference between a condo and a co-op

If you purchase a condo, you become the owner of your apartment and can rent it freely. On the other hand, buying a co-op means you own shares in a company that owns the building, which comes with stricter rules.

“In a co-op, co-owners act like shareholders and tend to be quite restrictive. They have the right to scrutinize the personality of potential tenants. Conversely, condos give owners more freedom but are less common (only 40% of the market) and more expensive (by about 20%).”

New real estate is a smart option

“New properties are appealing because they initially require no renovations, which can be extremely costly in New York. Outdoor space is not as sought-after as in Paris, given the cold climate for six months every year. However, rooftops have their enthusiasts. This luxury comes at a minimum of $3M. A property in New York requires at least $500K.”

BARNES New York has worked with hundreds of foreign European clients (French, Spanish, Portuguese) and American clients to help them find their dream apartment in New York.

New York’s Luxury Real Estate Market in 2025

This flagship city on the American East Coast remains one of the main international destinations for wealthy families and investors in 2025. Trends and generations may come and go, but New York remains iconic, making it a reliable long-term real estate investment.

New York’s resilience is legendary, as it has always managed to rebound in record time, which explains why it continues to attract affluent buyers. Music, design, gastronomy… New York sets the tone in a range of sectors.

New York’s Most Popular Neighborhoods

In recent years, Hudson Yards’ supremacy has appeared to weaken, with a significant drop in sales in this enclave, which is almost entirely composed of new developments. The gradual slowdown in the New York property market seems to have had a more noticeable impact here, and rumor has it that discounts have even reached double digits.

At the same time, as is often the case during a market downturn, areas with historically high demand are once again on the rise, such as SoHo and Tribeca. These locations have reclaimed the top two spots in the rankings, with a median sale price of around $4 million, followed by their closest neighbor, Hudson Square.

In Brooklyn, the trendiest districts in 2025 remain Cobble Hill, DUMBO, and Carroll Gardens, along with Boerum Hill and Brooklyn Heights.

Most Sought-After Real Estate Properties in 2025

Floor-through apartments and townhouses are the properties most in demand among families who want to be close to reputable schools, restaurants, shops, and cultural centers.

Affluent singles and young couples prefer small apartments with a view, while wealthy buyers favor stunning townhouses and penthouses with luxury amenities, including a 24/7 concierge service.

It is also interesting to note the growing disenchantment with co-ops due to their often strict internal rules, deemed increasingly obsolete.

New York Real Estate Clientele

BARNES New York has noticed the return of a central element in the city’s ecosystem: wealthy foreign buyers. This is significant, as foreign buyers have underpinned Manhattan’s high-end residential property market for decades.

International clients are flooding back to New York in 2025, especially buyers from Canada, Taiwan, Hong Kong, Singapore, Japan, and the UK.

Trends and Opportunities for 2025

With the presidential election behind us, assuming a stable domestic and international political climate, and official interest rates on a downward trend since early autumn 2024, BARNES New York expects the market to rebound somewhat by spring 2025.

In other words, buying opportunities will remain concentrated at the start of the year, while sellers will be in an excellent position from March onwards.

Summary for Early 2025

• New York’s real estate market is showing signs of recovery despite global political instability.

• Interest rates remain high at approximately 7%, with no recent declines.

• Inventory is rising as demand rebounds following the election, both domestically and internationally.

• Market prices remain stable but are expected to soon shift in favor of sellers.

• New developments are becoming more attractive due to the slowdown in construction.

• Increasing payment defaults in the multifamily and commercial sectors are opening up new opportunities for investors.

If you’re seeking a luxury real estate company in New York, explore BARNES New York to discover the luxury homes, condos, and apartments we offer across the state.

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Source: BARNES GLOBAL PROPERTY HANDBOOK 2025

Why Should You Buy an Apartment in Tribeca?

Tribeca is one of New York City’s most coveted neighborhoods. Once an industrial hub, it has transformed into a vibrant neighborhood known for its architecture, upscale dining, and rich cultural scene. Its cobblestone streets and iconic cast-iron buildings offer a unique blend of old-world charm and modern luxury, making it an attractive destination for homeowners.

How Much Does It Cost to Live in Tribeca?

As of January 2025, Tribeca stands as one of Manhattan’s most prestigious and expensive neighborhoods. The median listing home price is $4.7 million, with a median price per square foot of $2,100 (source: Realtor). This represents a significant increase from the previous year. The average home value in Tribeca is approximately $3.37 million, reflecting a 0.8% increase over the past year (source: Zillow).

The Luxury Real Estate Market in Tribeca

Properties in this area often include luxury lofts, condominiums, and penthouses, many blending historic architectural details with modern amenities. The neighborhood’s appeal is further enhanced by its proximity to other prime Manhattan districts and its reputation for offering a high quality of life.

Local Community

Dining

Tribeca boasts a diverse culinary scene, home to several acclaimed restaurants. Frenchette, located at 241 West Broadway, offers a modern take on French cuisine and was awarded the James Beard Foundation Award for Best New Restaurant. Another notable establishment is One White Street, a farm-to-table restaurant situated in a historic townhouse, which has earned a Michelin star.

Shopping

The neighborhood offers a variety of shopping experiences, from luxury boutiques to artisanal markets. Brookfield Place, overlooking the Hudson River, is a hub of arts, culture, and high-end retail, featuring an ever-changing roster of events and exhibitions.

Culture

The neighborhood hosts numerous art galleries, showcasing contemporary and avant-garde works. It is also home to the Tribeca Film Festival, an annual event celebrating independent cinema that attracts filmmakers and enthusiasts from around the world.  The area’s historic architecture, including its iconic cast-iron buildings, enhances its cultural charm and provides a picturesque setting for residents.

Summary

• Prime Location: Situated in Lower Manhattan, Tribeca offers easy access to other prominent neighborhoods and is known for its safety and community-oriented atmosphere.

• Luxury Real Estate: The area features a range of high-end properties, including lofts, condos, and penthouses, many with historic significance and modern amenities.

If you’re looking for a luxury real estate company in New York, check out BARNES New York to discover the luxury homes, condos, and apartments we sell all over the state of New York.  

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Why buy in a new development in New York City?

New developments in New York are redefining the city’s real estate market, offering buyers modern amenities, financial flexibility, and a hassle-free living experience.

Unlike older properties, new development condos provide the advantage of minimal maintenance and the freedom to personalize your space. With competitive financing options and fewer restrictions compared to co-ops, these developments cater to a wide range of buyers. As demand grows, early purchasers can also benefit from lower initial pricing, making new developments an attractive investment opportunity.

The pros of buying in a new development in the city

New developments in New York offer a range of advantages that appeal to a broad spectrum of buyers, especially those seeking modern amenities and financial flexibility. New development buildings, particularly those structured as condominiums, present a more accessible entry point into the competitive New York real estate market. Unlike co-op buildings, which are known for their stringent vetting processes and financial requirements, condos typically allow for up to 80% financing, with some properties outside Manhattan even accommodating up to 90% financing. This flexibility in financing makes condos an attractive option for many buyers.

Easier access

Another significant advantage of purchasing in a recent development condo building is the relative ease with which one can manage and sell the property. Unlike co-ops, which often impose strict rules on subletting and selling, condos generally permit owners to rent out or sell their units at any time without facing financial penalties. This flexibility can be especially appealing to investors or those who may need to relocate in the future.

Negotiation possibilities

For early buyers, there is also the potential to secure units at a lower price. Developers are typically required to have at least 51% of their units under contract to attract both lenders and additional buyers. This requirement often leads to more competitive pricing early in the sales process, providing an opportunity for significant savings. However, as demand increases, prices listed in the offering plan can be amended, often leading to price increases over time.

Ease of mind

Beyond the financial benefits, new developments in New York offer modern living spaces that eliminate the need for extensive renovations, which can be a costly and time-consuming process. Instead of facing the potential pitfalls of a gut rehab in a pre-owned condo, buyers of new developments are presented with a blank canvas. A fresh space where they can personalize their home with moldings, shelving, and other customizations without the need for major structural work.

Amenities

Moreover, new developments often come with a suite of amenities designed to enhance the quality of life for residents. Features such as pools, gyms, outdoor spaces, event rooms, dedicated mailrooms, and on-hand staff are common in these buildings. Providing a level of convenience and luxury that is difficult to find in older properties. These amenities not only improve day-to-day living but also add to the long-term value of the property.

Summary

New developments in New York offer a compelling combination of financial flexibility, modern living spaces, and luxurious amenities. Whether you’re a first-time buyer or an investor, these properties present a unique opportunity to enter the New York real estate market with confidence and style.

If you’re looking for a luxury real estate company in New York, check out BARNES New York to see the luxury homes, condos, and apartments we sell all over the state of New York.  

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BARNES Pre-Loved Luxury Show

From Friday, November 15th, 2024 to Sunday, November 17th, 2024, BARNES had the pleasure to host the three-day BARNES Pre-Loved Luxury Show event at the Carrousel du Louvre in Paris.

Present in 22 countries with over 150 destinations worldwide, our teams came together to offer visitors an exceptional experience. Each destination highlighted its unique expertise in prestigious real estate, showcasing rare properties and tailored services. Our advisors shared their passion for excellence, guiding clients through bespoke real estate projects in the world’s most sought-after locations.

BARNES, a specialist in prestige real estate, invited the guests to discover a new sustainable approach to real estate in the world’s major capitals: Paris, New York, London, Madrid, Dubai… These iconic cities combine dynamism, culture and innovation, while offering a wide range of prestigious properties.
One main goal of the show was to highlight how the circularity and re-use of prestige properties are contributing to a more responsible future, while retaining the elegance and refinement of high-end real estate.

BARNES Pre-Loved Luxury Show was focusing on five pillars: preserving, transmitting, and sharing traditions, moments of joy, and precious objects across generations. Each of these represents the art of living in its own way, and they were championed at the inaugural salon dedicated to pre-loved luxury. Exquisite luxury pieces and properties, meticulously crafted, maintained, and restored by talented professionals, were presented for guests discerning appreciation.

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BARNES New York at the NYC Real Estate Expo – October, 16th 2024

BARNES New York had the pleasure to be a platinum sponsor of the yearly NYC Real Estate Expo.

This year’s edition of the NYC Real Estate Expo took place on Wednesday, October 16th, 2024 at the New York Hilton Midtown, and BARNES New York, alongside BIM Property Management, had the honor of being a platinum sponsor with two booths where our team had the chance of meeting colleagues and professionals from the real estate industry.

BARNES President, Thibault de Saint Vincent, was invited to be a guest speaker in the main room alongside Vince Rocco, for a conversation regarding International Luxury Real Estate. He was followed by Yann Rousseau, BARNES New York Managing Partner, who participated in a panel with industry peers – Stefani Berkin from R New York, Nile Lundgren from SERHANT, Nikki Field from Sotheby’s International Realty, Alexander Zakharin from Nest seekers International, and Eric Benaim from Modern Spaces – around the topic: “NYC real estate market forecast: what to expect”.

Joachim Gruet, real estate salesperson at BARNES New York, had the honor to be the host speaker at the Bryant Room, where he introduced guest speakers and conversation topics.

The NYC Real Estate Expo is a yearly event gathering professionals in the real estate industry and the general public from across the country. This year’s edition featured 225 vendors, 150 speakers and resulted in more than 12,000 attendees.

BARNES New York team
BARNES President, Thibault de Saint Vincent in conversation with Vince Rocco.
BARNES NY and BIM booths at the NYC Real estate Expo
BARNES NY managing partner, Yann Rousseau doing a podcast with Vince Rocco
BARNES NY team
Yann Rousseau, managing partner, at a roundtable at the NYC Real Estate Expo.

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Understanding the 1031 Exchange: A Powerful Tool for Real Estate Investors

A 1031 exchange, named after Section 1031 of the U.S. Internal Revenue Code, is a strategy that allows real estate investors to defer paying capital gains taxes on an investment property when it is sold, as long as another “similar” property (for investment purposes) is purchased with the profit gained by the sale. This tax deferral can be a powerful tool for investors looking to grow their real estate portfolio without the immediate tax burden.

What is a 1031 Exchange?

In simple terms, a 1031 exchange allows an investor to sell a property, reinvest (part or all of) the proceeds in a new property, and defer the applicable capital gain taxes. The primary benefit is the ability to use the full amount of the sale proceeds to purchase a new property, thus potentially increasing the investor’s buying power.

Key Requirements for a 1031 Exchange

  1. Like-Kind Property: The properties involved in the exchange must be of “like-kind,” meaning they must be of the same nature or character, even if they differ in grade or quality. For real estate, most properties are considered like-kind to each other. Primary residences are excluded, as well as “fix-and-flip” properties.
  2. Timing Rules:
    1. Identification Period: The investor has 45 days from the date of selling the original property to identify potential replacement properties.
    1. Exchange Period: The investor must complete the purchase of the replacement property within 180 days from the sale of the original property.
  3. Qualified Intermediary: The exchange must be facilitated by a qualified intermediary who holds the funds between the sale of the original property and the purchase of the replacement property.
  4. Title Requirements: The title of the new property must be in the same name as the title of the property sold.

Benefits of a 1031 Exchange

  • Tax Deferral: The most significant benefit is the deferral of capital gains taxes, allowing more capital to be reinvested.
  • Portfolio Diversification: Investors can use 1031 exchanges to diversify their holdings by investing in different types of real estate or different geographic locations.
  • Increased Buying Power: By deferring taxes, investors can use the full amount of their sale proceeds for the purchase of new property.

Case Study: From Single-Family Rental to Commercial Property

Let’s look at a case study to understand how a 1031 exchange works in practice.

Scenario: Jane owns a single-family rental property that she purchased for $200,000 ten years ago. The property has appreciated in value and is now worth $400,000. Jane wants to sell this property and purchase a commercial property to generate higher rental income.

  • Selling the Original Property: Jane sells her single-family rental for $400,000. Normally, she would have to pay capital gains tax on the $200,000 profit (the difference between the sale price and the original purchase price; property fiscal depreciation may need to be taken into account as well).
  • Identifying Replacement Property: Within 45 days of the sale, Jane identifies a commercial property valued at $500,000 as her replacement property.
  • Using a Qualified Intermediary: Jane uses a qualified intermediary to hold the $400,000 proceeds from the sale of her single-family rental.
  • Completing the Purchase: Within 180 days, Jane uses the $400,000 held by the intermediary and an additional $100,000 of her own money to purchase the commercial property.

Outcome: Jane successfully completes a 1031 exchange. She defers paying capital gains tax on the $200,000 profit from the sale of her single-family rental and reinvests the full amount into a higher-value commercial property. This allows her to leverage the tax deferral to potentially generate greater rental income and continue growing her real estate portfolio.

Conclusion

The 1031 exchange is a valuable tool for real estate investors looking to defer taxes and maximize their investment potential. By understanding the rules and leveraging the benefits, investors like Jane can strategically grow their portfolios, diversify their investments, and increase their buying power. Always consult with a tax advisor or a qualified intermediary to ensure compliance with the specific requirements and to optimize the benefits of a 1031 exchange. 

BARNES New York has already assisted multiple clients with their 1031 endeavors, and can therefore help you with the full process and assist in pairing you with the right partners. Do not hesitate to contact us to receive further information.

Professional Executive business team brainstorming on meeting to planning investment project working and strategy of business making conversation with partner and consultation of collaboration.

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“Invest in New York” Conference in Luxembourg

On September 17th, our team had the pleasure to travel to Luxembourg to meet BARNES Luxembourg and host an ‘Invest in New York’ Conference at their office located on the Avenue de la Porte-Neuve. The event was a success, with collaborators and professionals from the country and nearby towns.

The two BARNES offices joined forces to showcase the vibrant investment opportunities in New York. Attendees were treated to insightful presentations and discussions, highlighting the dynamic growth and immense potential of New York’s market.

The presentation was followed by a cocktail and hors d’oeuvre inside the Luxembourg office.

Red wine being poured in a glass
BARNES New York Manager having a conversation with guests
BARNES Luxembourg storefront
Guest enjoying a conversation
Food buffet at the event
BARNES New York Agent

FACC Summer Social Event

On August 22nd, BARNES New York had the pleasure of being a bronze partner at the FACC Summer Social Event organized by the French-American Chamber of Commerce, alongside CIC and JetBlue.

The event brought together more than 100 attendees who enjoyed good vibes, networking opportunities, and professional encounters. The unique setting allowed guests to meet new or existing peers in an informal environment while enjoying drinks and snacks. The FACC Summer Social was a valuable opportunity to engage with professionals from various industries and to connect over shared experiences of conducting business in the United States.

The FACC Summer Social Event was the perfect time to reflect on the first half of 2024 and prepare for the new chapter ahead, with fall just around the corner. The event was filled with high spirits, new connections, and potential future collaborations.

Three people enjoying the event
Large picture of the event
Zoom in of Barnes Magazine
Barnes Magazine
Our team at the event
Large picture showing the crowd participating at the event

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Sunset Cocktail Reception – BARNES New York X BARNES Yachting

On August 27th, at the iconic Chelsea Piers in Manhattan, a stunning sunset cocktail reception took place aboard the luxurious All In and San Lorenzo yachts, hosted by BARNES Yachting and BARNES New York. Guests were treated to an unforgettable evening as the sun dipped below the horizon, casting a golden glow over the Hudson River. Attendees indulged in delicious drinks and exquisite food while discovering the exclusive services offered by BARNES Yachting and ACES Yachting. The breathtaking views of the city skyline from the decks of these elegant yachts made for a truly magical atmosphere, leaving a lasting impression on all who attended.

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