Russian Billionaire Built a Network of Residential Complexes in New York for Almost a Billion Dollars
OREANDA-NEWS. The company "Absolute", owned by Russian billionaire Alexander Svetakov, has built seven residential complexes in Manhattan in New York, USA. The total cost of the erected apartments is estimated at almost $ 1 billion, more precisely, at $ 900 million (68.7 billion rubles). The businessman himself shared this information in an interview with Forbes.
Forum Absolute Capital Partners (FACP), headed by developers Andrey Barinsky and Vladimir Zubrilin, is responsible for Absolute projects in America. The total area of residential complexes built in New York is 87 thousand square meters, and the average price per square meter of residential real estate is 21 thousand dollars (1.6 million rubles).
Most of the company-built apartments are located in the heart of the city (Flatiron District, Chelsea, West Village, Gramercy and Upper East Side), with three more in the Tribeca area. It is one of the most expensive areas in the entire country. One complex is designed for approximately 150-170 apartments.
At the moment, all apartments have been bought out in the first residential complex, in the remaining six ones the sales are at different stages. According to realtors, in recent years, supply in new buildings in Manhattan has slightly outstripped demand, and prices have slowly gone down. The pandemic has accelerated this process, so the developer offers a discount of 10-30 percent, depending on the complex. The cheapest lot is offered for 18 thousand dollars per "square" (1.4 million rubles).