Real Estate Market's Global Boom In New York City
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NEW YORK - A record amount of foreign investors from all over the globe have descended upon the booming New York commercial and residential real estate market. Investors throughout Europe and Asia, including Britain, Ireland, Italy, and Korea, have poured into the New York City market due to favorable exchange rates, rising market values, and the promise of substantial returns. Being that New York City is considered to be the one of America’s largest cultural hotbeds and includes great opportunity for financial growth, it is no surprise that foreigners are investing heavily into the area.
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A Dublin based company begun acquiring hundreds of upscale units, in anticipation of better things to come. The company states on their website that they sell their property at a "fixed, discounted price before the properties hit the US Market". Due to many of these foreign investors, condo developers were able to pre-sell many units in buildings without having to pay some of the soft costs usually associated with development.
Investors from other countries have also been active in purchasing and developing properties in and around Manhattan. Among them, a real estate development company based in Barcelona has bought a site to construct a 31 story residential condo. Additionally, Korea’s largest commercial bank bought an investment management company which manages $10.8 billion dollars of assets. The New York real estate is fertile and foreign investors are taking notice, investing heavily into the region.
