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Chinese Development on the Up and Up; Renters Hit the UWS

Welcome to It Happened One Weekend, our weekly roundup of The New York Times real estate section...

1) Rich people. What are they spending millions of dollars on? What are they complaining about? This is What's Up With Rich People?
Chinese investment in New York City real estate is so bonkers right now. "How bonkers is it?" you ask? Well, it's bonkers enough for the New York Times to publish a trendpiece about it. The article takes a look at a few projects across the city—from condos to office towers—being spearheaded by Chinese companies. Chief among them is South Williamsburg's (curiously named) Oosten, which is set to be complete by 2016. The 216-unit residential complex is the first-ever American project from the Xin Development Group, who's clearly positioning it as the go-to luxury benchmark in North Brooklyn. Also, China Vanke has partnered with RFR Holding to build a 61-story tower at 610 Lexington Avenue, and of course, we can't forget the long-awaited residential development attached to Atlantic Yards, 70 percent of which is owned by the Shanghai-based (also curiously named) Greenland Holding Group. Oh, but if only rich Russians could still purchase pieds–à–terre, then the Bloombergian utopia would truly come to fruition. ["Chinese Developers Step Up"]

2) Every "The Hunt" column begins with the Hunters describing the apartment they want, and ends with them rationalizing whatever they came away with. This is The Hunt: Dreams vs. Reality
The Hunter: a young couple looking to rent
Dream: $3,000/month
Reality: $2,900/month
Dream: Upper West Side
Reality: Upper West Side
Dream: 1BR, outdoor space, decent kitchen, washer-dryer
Reality: 1BR, garden, decent kitchen
This week's Hunters are a young couple looking to rent in their neighborhood, the Upper West Side. With a budget of $3,000/month and a demand for a one-bedroom with outdoor space, the options were pretty limited, but they managed to find a bunch of townhouse garden apartments that fit the criteria (more or less). They eventually snatched up a one-bedroom in the West 70s with a nice garden, a spacious kitchen (real oven to boot!), and a rent of $2,900/month. The only problem is parking, and we all know how dangerous that can be on the Upper West Side. [The Hunt/"An Upper West Side Apartment That Says 'Us'"]

The Oosten

429 Kent Ave, Brooklyn, NY 11249