Places where foreign investors are buying in fresh York City

One57, 157 West 57th Street, 65A - Central Park South, fresh York cost: $150,000 (Monthly).

Source: Douglas Elliman

One57, 157 West 57th Street, 65A – Central Park South, fresh York cost: $150,000 (Monthly).

fresh York City has one of the most expensive real estate markets inside earth, a distinction earned via a boost via wealthy foreigners snapping up pricey apartments.

The Big Apple can be second only to London in its popularity among foreign investors, according to a survey in January by the Association of Foreign Investors in Real Estate. While there isn’t one specific group creating all the purchases, real estate professionals tell CNBC they’ve detected certain trends in key neighborhoods across the region, with buyers via Europe, Asia in addition to the Middle East all in search of a solid investment.

One of the key groups can be Chinese buyers. When China’s economy showed signs of slowing a few years ago, evidence suggested which wealthy nationals were snapping up U.S. assets in order to get money out, an effect which has yet to abate even as Chinese buying slows in various other parts of the country.

“Chinese clients have been buying $5 million-plus condos on Fifth Avenue in addition to Park Avenue, $1 million to $2 million condos on the Upper West Side, in addition to $2 million to $5 million condos in Tribeca in addition to SoHo,” said Carole Armstrong, a real estate agent with DJK Residential, citing some of the city’s ritziest areas.

Separately, buyers via Russia in addition to the Middle East are snapping up properties in luxury hotbeds such as Columbus Circle in addition to Central Park West, Armstrong added.

“Russians are particularly interested inside name in addition to cachet of the building,” said Rena Kliot, founder in addition to CEO of Pulse International Realty. “When there can be a certain ‘wow’ factor in addition to luxurious reputation or square footage like full-floor units or history associated with the property, they’re interested.”

CNBC spoke with several real estate professionals about which neighborhoods are the most well-liked with foreign nationals, in addition to why.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

two × four =