International Real Estate Firm Sumitomo Starts New Division

What do the grandson of a technology mogul and an art curator bring to the real estate industry? Turns out, quite a bit. With a blend of entrepreneurial wit and artistic tastes, the directors of Sumitomo Real Estate's New York division are going to new places.

Sumitomo Real Estate Sales (NY) Inc., part of Sumitomo Realty & Development Co. Ltd., has started a new division Sumitomo International Realty (SIR) specifically catering to international clients interested in buying top-tier real estate in New York City. Sumitomo Real Estate Sales has over 200 offices in Asia, serving clients in the market for both residential and investment properties.

Sumitomo Real Estate Sales (NY), Inc. is a full service brokerage company. Its new midtown Manhattan office offers services in the marketing, leasing, sale, and financing of commercial and residential properties.

The real estate operations are part of the Sumitomo conglomerate, a grouping of companies which in Japan is called a keiretsu. It has a long history of bringing New York properties to the attention of international clients.

History

Since 1975, Sumitomo Tokyo has specialized in relocation services, overseas development opportunities, consignment sales, property management, and leasing services.

Sumitomo's New York division has an impressive track record of linking high-end New York properties with savvy international clients. It was designated the exclusive agent for sales to the Japanese market at The Gotham in 1992, The Alexandria in 1990, and at World Wide Plaza in 1988.

In 1994, the company also initiated development and sales at the Millennium Tower condominiums on the upper West Side. In 1997, the company was selected as the exclusive agent for the sale of condominium units at Essex House overlooking Central Park.

Sumitomo NY now hopes to further its success with its mid-town office.

The Directors

Director Ralph W. McElvenny and deputy director Mie Iwatsuki head the division. Director McElvenny, who is the great-grandson of IBM founder, Thomas J. Watson Sr., and great-nephew to Richard Nixon’s Ambassador to France, Arthur Watson, is himself an accomplished entrepreneur.

Prior to joining Sumitomo, he headed his own real estate and technology investment company, Nexus Capital, Inc. In addition, as an investor in multi-family buildings and apartments, McElvenny knows the ins and outs of Manhattan multi-family properties, including rent stabilization, rent control, and tax rules for foreign buyers.

Director Iwatsuki, who speaks English, Chinese, and Japanese, bridges the art world and real estate with her five years of experience curating art shows. Now collectors and dealers come to her when they seek property in New York.

Not only do her connections serve her, Iwatsuki’s eye for beauty and attention to details helps her identify unique properties that hold special value.

New Directions

Directors McElvenny and Iwatsuki feel that Asia, and specifically China, will be an increasingly important source of buyers for NYC real estate. The two directors both feel that New York real estate remains a solid investment opportunity and that it will generate capital returns over time.

In addition, the recent appreciation of the Yen and RMB make American investments substantially more affordable for their Asian clients.

While they were initially focused in China, they intend to expand their division to have partner offices in all the major Asian countries, and to then focus on serving Middle Eastern buyers.

For more information about Sumitomo Real Estate Sales (NY) Inc., visit their website at www.sumitomo-ny.com/intl