New York City has always been considered the economic capital of the world. The city that has been described in countless movies, television series and books has attracted and still attracts people from all over the globe. Between the Statue of Liberty, the Empire State Building and the famed Fifth Avenue, many who come there weave their dreams, with the famous saying echoing in their heads: "If you can make it there – you’ll make it anywhere."
This is how Eyal Zabari arrived 35 years ago. Since then, he has tied his fate to the big apple navigating its periods of ups and downs, and over the years, began to engage in real estate investments. Like many, he also recognizes the fact that New York always offers investors a profitable deal. "No matter what kind of property you buy, or when - it will appreciate in value. Sometimes its price will be worth double or triple in the future, but until it does so, you can earn quite a bit by collecting rent," says Zabari.
"What makes New York such a good investment is its strong, buoyant economy, its diversity, and the plethora of business opportunities. And speaking specifically of Manhattan - this is one of the best places to invest. The third quarter of 2021 was one of the best the city has seen in the last thirty years. The figures show profits increasing by 215% compared to the previous year. At the start of the Covid crisis, many people left the city and there were those who claimed that 'New York is finished’. As someone who has lived here for decades – it was obvious to me that the city would recover, along with its property values. And this is indeed what happened – not in baby steps, but in huge strides. As soon as COVID-19 vaccines were distributed, the real estate market came storming back, and we real estate brokers even saw bidding wars over attractive properties."
How friendly is the New York real estate market to foreign investors?
"Foreigners have always been attracted to New York, with an emphasis on investing in new developments in the city, which often includes tax benefits, making the deal even more lucrative. Foreign investors who have already invested in the city continue to invest in it frequently, as they have already seen how profitable it is. Currently I manage properties for multiple foreign investors, including Israeli clients. Some of them own multiple properties in their portfolio, which they bought through EZ NYC."
As an example of a lucrative real estate deal, Zabari tells of a wealthy investor who bought a pre-war condo loft in the Chelsea district and used it as pied-à-terre, a vacation home he rarely visited. “I encouraged him to rent out the loft for short periods during his absence and provided him with a comprehensive market analysis demonstrating the advantages of doing so. He was surprised to find out how much he could earn from short-term rental transactions. Other investors who bought real estate properties through us in Manhattan and sold it after a number of years saw a considerable return."
EZNYC/COMPASS - An advanced real estate platform
Mr. Zabari operates his real estate business as part of the EZ NYC company he founded. The company works in collaboration with the most innovative residential real estate firm, Compass, which was founded by the Israeli Ori Allon and NY native Robert Reffkin. In 2021, Compass went public with a valuation of $8 billion.
"I founded EZ NYC based on the values instilled in me during my childhood and adolescence in Israel," says Zabari. " Growing up in Kibbutz Mizra and as a paratrooper in the IDF army, I acquired a rigid work ethic, discipline, diligence and perseverance. I apply this approach every day as the company's CEO, while maintaining professionalism and integrity. Previously running a fashion business for years, which required me to professionally negotiate and reach mutually beneficial agreements, helps tremendously in my current profession. Furthermore, our partnership with Compass elevates EZ NYC client experience, as they provide advanced technological tools for working in today’s world of real estate. These tools use artificial intelligence to analyze market trends and achieve optimal results for our client."
What real estate investments do you currently recommend to the Israeli and other foreign investors?
"In any investment, anywhere, it is first necessary to identify the investor's objective. It is also important to pay attention to the location, as it significantly changes the profit potential of the property. In areas such as Chelsea, Greenwich Village, and Soho, there is particularly high demand. When a client comes to us, we listen to them carefully to understand their unique needs and considerations. We specialize in the luxury market, along with the three most common types of apartments in New York: co-ops, condos, and townhouses. The type and nature of ownership varies between them, with the condo being the optimal type for an investor interested in buying a property in Manhattan. The properties range from studio to 3-bedroom apartments, where 2- to -3-bedroom apartments provide the best return on investment."
There must be foreign investors who shy away from investing overseas, far away from them.
"That's what we're here for. We have been in business for over thirty years, and we live and breathe real estate. We understand the local culture in all its nuances, and over the years we have developed unique negotiation capabilities. Thanks to our years of experience in the field, we have established long lasting positive rapport with the best professionals to work with throughout the buying process – from lawyers to mortgage bankers. After the purchase, we help the investor rent out the apartment: interview potential tenants, screen them, make sure they have sufficient income, and their credit history is clean. After all this has been done successfully, we’ll connect the tenant with the owner/landlord to find the most suitable transfer method for the monthly rent. Finding a tenant is simple, there are always people who want to live in New York. The flow of people coming to the city to study, work and live never stops. New York is a truly multicultural place that offers everything – and this is what makes investing in the city safe and stable in the long run."