What’s behind the big buyback in London real estate?
New York City has seen some of the biggest sales of luxury real estate in its history.
The sale of a mansion for $2.5 million was one of the largest sales ever for a Manhattan real estate listing, while a mansion sale for $1.6 million in 2009 marked the largest sale in the city’s history.
But it was the sale of Drew Estate that was a real eye opener.
The brand had never sold a single house before, and it was just the latest acquisition by the New York real estate giant, which bought it from its original owners in 2009 for $6.4 million.
The $2 million sale was announced during a special edition of the NY Post’s “Money” program.
“We have been in the Drew Estate market for a long time, and for the last 10 years we have had a huge number of people coming in to buy, and then they get burned,” Drew Estate CEO Tom Fenton told the show.
“And I don’t want to get into too much of the details, but we just sold to a buyer who was a very well-known, well-respected family.
So we are looking at some very interesting things going on in the real estate market.”
The sale is one of just a handful of real estate deals announced by the Drew estate brand this week.
The other major sale was the $1 million sale of an 11-bedroom, five-bathroom home for $4.7 million.
That deal was made a week after the company bought a 12-bedroom mansion in South Florida for $7.8 million.
But both deals were in the range of what the average buyer pays for a house.
In Drew Estate’s case, the average price of a house was just over $8 million in 2013.
While some might be shocked to see Drew Estate buy a brand new mansion, it was still a pretty large deal for the brand, which had been struggling for years.
The company is not alone in its struggles.
While other luxury home brands have been trying to bring new buyers into their homes, such as the Burberry collection of luxury properties, Drew Estate is looking to change that.
The deal announced on Wednesday is one part of the company’s plan to expand into other markets.
The company will also be opening an office in London, where it plans to invest in building a brand-new headquarters.
The move to London is part of a broader strategy to become an “emergent” company in the UK, according to CEO Tom Gendron, which is intended to drive more sales.
“We think that the UK market is really where we have a real opportunity, and if we can grow that and reach our goals here, then we will be able to take a significant step forward in terms of the growth of the brand and the growth in the U.K.,” Gendorn told reporters in London.