As prices continue to skyrocket in the New York City market, new reports have revealed that the majority of buyers snatching up these properties and driving up prices are actually foreign shoppers. These individuals have helped boost the cost of high-end condos as they are considered a bargain when compared to real estate in other high-end cities. According to these reports, Canadian, Russian and Chinese buyers are making up the most of the non-US investors.
These individuals are looking to several of the key new high end luxury condos that have been quickly hitting the market in New York City and beyond. One of the many luxury buildings that is attracting foreign real estate investors is One57. This slender, modern looking building boasts 80 stories of luxury apartments, located right on West 57th Street. The apartments also overlook Central Park and two of the buildings in this complex have already sold for more than $90 million each. Even the smallest apartments in this complex, including a 300 square meter home, are going for approximately $19 million.
The complex has already reported not only that their units are selling quickly but that more than half of the buyers have been foreign investors. One57 isn’t the only building who is seeing the influx of foreign buyers either. Other apartments in the area have seen similar surges in foreign investors. Part of this reason is because the US laws make it possible to buy real estate anonymously though holding corporations. This has earned luxury Manhattan real estate the nickname as “the new Swiss bank account.”
However, there are others who have simpler motivations for buying Manhattan condominiums. Developers from all of the world and some of the industry’s leading architects are starting new high rise projects in New York faster than ever. Some of these Manhattan apartments are quickly being called some of the most luxurious and unique in the world. With a draw like this, many wealthy investors are simply looking to the New York City skyline to find the most unique and eye-catching property they can.
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