Video of the Day: Blackstone's Jon Gray Bullish on New York, Miami
With $92B of capital under management and currently purchasing in 14 markets across the US, Blackstone is doing something right.
And head of global real estate Jonathan Gray says he's excited about two markets in particular.
"Long-term am I bullish on Miami and New York? I am," he says. "Short-term—at the very high-end—a little bit cautious."
Despite New York's hot rental market, the high-end game is more susceptible to global capital flows, he explains.
But overall, the core US economy is pretty good, with general upticks across property valuations (and rising rents) to shopping malls, hotels and job growth.
On the global scale, China isn't all bad, he says. While real estate development may be struggling, retail, for instance, is doing well there. "Ultimately, things do recover," Jon says.
