Chinese nationals are being inspired by the Lunar New Year to cash in on local real estate — or at least, that's the hope of developers across the city, experts say.
The Year of the Rooster is considered an auspicious time for real estate purchases, as the animal — who wakes everyone up in the morning — is the most motivated of the zodiac animals, some say.
And as millions of affluent Chinese travelers are expected to travel to NYC for the New Year, experts say many are poised to spend their year-end bonuses or make investments on big ticket items like real estate.
Flushing’s Grand at Sky View Parc is hoping to attract many of those with its Saturday afternoon Lunar New Year Party, which is open to residents and their guests from abroad.
“We sent an invitation to all the buyers directly, and if they have any relatives traveling from China, they’ll bring them,” said Helen Lee, the sales director at the Grand — where prices range from about $750,000 to $2.5 million and there is a 7-acre rooftop park designed according to feng shui principles to create a harmonious space, balancing the elements like water and light.
“The purpose of the party is to celebrate with our buyers, but at the end of the day, we always sell units at the event or after the event because their relatives have already purchased, and they see it from their eyes,” added Lee of the party, which has already got 320 people on the guest list and is scheduled to take place after the Lunar New Year parade on Main Street in Flushing.
The building’s development team had crafted intricate, laser-cut lucky red envelopes for residents, friends and overseas connections in hopes of drawing a large crowd to the party, including those interested in buying property.
Josh Cunningham, who works with Investorist, a sales platform that promotes investment properties to buyers around the world, told GlobeSt.com, “Historically, the rooster is also the epitome of loyalty and punctuality.”
“For ancestors who had no alarm clocks, the crowing was significant, as it could awaken people to get up and start to work—symbolic of developers who may need a jump start in launching their project and generating success with Asian buyers.”
But Lee wasn’t convinced that the zodiac made a difference.
“Generally, people pull the trigger when there’s good product to buy,” she said.