Mystery Peruvian family invests $27m in eight luxury Manhattan condos because they felt their money would be ‘safer’ there than keeping it in a bank during the coronavirus crisis
- The eight units are part of the swanky five-acre Waterline Square development
- The unidentified family closed the all-cash deal virtually over video conference
- They were given a seven per cent discount on the asking price for buying in bulk
- The family wanted a place to park their cash amid the Covid-19 economic fallout
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A Peruvian family has splashed out nearly $27million on eight luxury condos in a swanky Manhattan development because felt it was ‘safer’ to invest their money in property instead of keeping it in a bank.
The unidentified family purchased the eight units at the prestigious upper west side Waterline Square development and plan to rent them out. The family’s condos span a total of around 11,000sq ft and range in size from one to three bedrooms, according to a report.
Family agent Maria Velazquez said the family was looking for a secure place to park their cash during the uncertainty of the coronavirus pandemic and its economic crisis. She told the Wall Street Journal the family ‘felt their money was safer in an apartment in New York than in a bank’.
The family went into contract and closed on the all-cash deal the same day. Velazquez said they even received a seven per cent discount from the asking price for buying the units in bulk at such an uncertain time in the housing market, adding that ‘crises always bring opportunities for investors like this’.
The $2.3 billion luxury condominium was topped out in 2017 and comprises a total of 1,132 units across its three buildings. The development is spread across five acres and was completed in 2019. In 2018 it was named as New York City’s fastest-selling condominium
The family first visited sales offices in November and all following viewings were conducted virtually, with the closing completed by video conference, local media 6sqft reported.
Showings are currently not permitted under New York law as the state seeks to enforce social distancing measures.
The impressive Waterline Square development is spread across five acres between West 59th and West 61st Streets and comprises three towers.
The three luxury high rise apartment blocks are located at the intersection of two storied neighborhoods, Midtown and the Upper West Side. Waterline Square is situated between Hudson River Park (above) and Central Park is in close proximity to New York’s leading cultural institutions and business districts
The three condominiums were each masterminded by prestigious architect firms though it is not clear which development apartment block the family’s eight units are situated in.
One Waterline Square comprises of 276 units and commands a full city block in its waterfront location. It was designed by Richard Meier & Partners Architects and its defining feature is a 12-storey sail-shaped facade extension.
The river-facing Two Waterline Square is the largest building with 646 units. It was designed by Kohn Pedersen Fox Associates and its scaled architecture is accentuated by a series of set-back terraces at the top.
The smallest building is Three Waterline Square which stands at the southeast corner of the development. It has 244 units and is noted for its sloping exterior walls and faceted glass form, designed by Rafael Viñoly.
The three luxury high rise tower blocks are connected with an amenity club designed by Rockwell Group. It boasts an accolade of impressive facilities including a 25-meter indoor swimming pool, a soccer field, full basketball court and easy access to Riverside Park and Central Park.