For Citi Habitats agent Andrea Pedicini, working with international investors is a large part of his business. The Italian-born real estate professional expertly works with his clients overseas to identify and then purchase properties throughout New York City that provide significant investment opportunities. We had a chance to speak with Andrea to understand the process, why he sees such an investment demand, and how he helps his clients achieve all of their goals.
What inspired you to get into real estate?
As cliché as it sounds, I think I’ve always been attracted to real estate, or at least since a very young age. Maybe it has something to do with the fact that I grew up in Italy, surrounded by beautiful buildings and architecture in general.
How did you initially start working with international investors?
In 2009 I was working in Italy for KPMG, a global advisory firm, when a well established Italian real estate company hired me to focus on international investors—mostly Italian of course—in New York. I moved to New York in 2010 and the market was still recovering from the 2008 crash, creating amazing opportunities for investors.
What are the most common questions about the NYC real estate market that international investors ask you?
They always want to know what’s the next up and coming neighborhood, even though they might still settle for more traditional areas. First-time investors always inquire about the closing costs of a real estate transaction in New York as well.
What is it about New York City real estate that your clients find so appealing?
I always say that the vast majority of my clients are in the game of “staying rich” rather than “becoming rich,” and New York’s real estate offers them exactly that: a perfect way to preserve their wealth, and increase it over time. New York is an investor’s safe haven, although knowing what to buy, and when to buy it, is crucial. That’s what I’m here for.
Can you share a little about your recent multi-unit transaction at the Downtown Club Condominium?
I represented the sellers, a consortium of Italian investors, unloading a package of 21 condo units that they purchased back in 2008. The deal was particularly tough because most of the units were not exactly “prime.” I needed to find a buyer with a certain vision. The potential to renovate or convert these units was there, it just needed to be seen and understood. Luckily I found the right buyer.
After you help an overseas investor purchase a New York property, do you provide any additional services in terms of helping him or her manage the property?
Most of my clients invest to rent, so I’m always the one looking for a tenant after the closing. On top of that, I’m fully available for any need my clients might have afterwards. It’s a great way to build trust and improve the relationship. As a matter of fact, most of my clients become recurrent buyers or sellers, and I keep representing them.
What NYC neighborhoods would you recommend that an investor strongly consider, and why?
I spotted Long Island City as a great investment area a few years ago, and even without Amazon, I believe that the area remains a great option. Prices will definitely come down now, and the area will fall in line with rest of the market. There was just too much hype. The Financial District went through a deep change in the last decade and is now ready to fully become a residential neighborhood: it has a lot to offer, and in my opinion, there’s great potential for future appreciations. Finally, but definitely for more aggressive investors, the South Bronx is an area that may also offer great appreciation over the next decade.