A Few U.S. Cities Have Come Back Strong: Blau

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Oct. 25 (Bloomberg) -- Related CEO Jeff Blau discusses real estate with Stephanie Ruhle on Bloomberg Television's "Market Makers." (Source: Bloomberg)

Inflows into new york, san francisco and real estate -- in real estate, driving prices.

In those cities, is a residential or commercial?

The growth is residential.

There is asset trades in office to be had.

We are doing some unique things, as i'm sure you know, in new york -- the hudson yard.

We are moving corporations to brand-new, modern high-rise office towers.

Separate from general real estate dynamics, more about the old billing stock we have a new york and the demand there is for brand-new corporate spaces like the building we are in now.

When i think about hudson yard, that is a huge footprint.

You are pushing the two northern, northern chelsea.

How big of a project is this?

Northern chelsea has become one of the strongest neighborhoods.

I have to give mayor bloomberg a lot of credit because they resound that area, west chelsea.

They redid the high line.

They allowed the construction of new residential developments and it has become -- with the meatpacking district and hudson yards -- the strongest residential market in the city.

We get our highest rents per square foot in west chelsea.

We get our lowest in the upper east side.

If you take the general market from 60th street to 90 six st, 3rd avenue, that type of market, the rents over the past 10 years have declined on a per square foot basis and they have grown in west chelsea.

Cracks -- rental is stronger than buying?

The residential market is very strong in general today.

At all segments of the market, we are seeing a lot of strength.

New york, san francisco as well.

Who is coming to buy?

People like to say it is all international, but it is actually not.

You are getting a greater percentage than we ever used a sea of international, but that number compared to a city like london -- today we are getting, and some of the very high buildings, we are still in new york buying town.

Our industries have diversified.

It is not all financial service sector.

A residential market is very strong today.

When we look at the debt ceiling situation, many people are saying that the disparity is only getting wider.

When you talk about high-and trades -- high end traits, who are you talking about?

You have to go city by city for real estate.

In new york, you see a lot of entrepreneurs.

You have seen a big change in the banking climate.

The result of a lot of regulations is that a lot of the smart talent is leaving banking.

You are saying movements to startups, nonregulated entities.

The goal of been able to make a lot of money over the last couple of years doing that outside of the banking system.

Smart talent is leaving banks -- are they joining forms -- firms like yours?

We have hired almost 400 people since the beginning of the year.

Since the beginning of this year?

In new york?

Throughout the country.

And the real estate sector, everything across our portfolio.

Design talent, finance individuals -- probably one of the fastest-growing real estate companies in the country.

We will be right back.

This text has been automatically generated. It may not be 100% accurate.


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