Buyers from other countries seem to be taking over New York. Here is some of the activity as it happened this week.
1. Giant Chinese developer China SoHo is pouring 500-700 million dollars into the tower over Port Authority that has been in limbo since around 2000. This is the mega-company's first foray into New York real estate.
2. Hotel Toshi, led by the mercurial Robert "Toshi" Chan, is supposedly in talks to buy the troubled Flatiron Hotel at 1141 Broadway. The property has been on the market for three months with no takers.
3. Gina O'Keefe and Deborah Gimelson of the GO group met with a representative of investors from Berlin. The Germans have been reluctant to buy here, but are now encouraged by a lagging dollar and the even more tired economies that surround their country.
4. Bloomberg News rated New York the number one city of choice for foreign investors, up from #2 when the survey was last conducted in 2006.
5. An article this week stated that Israelis are expected to pump 2 billion dollars into United States real estate this year, much of it in New York City.
The weak dollar is making us all the more attractive to our foreign friends. Couple this with readily available local financing, low interest rates, and a steady inventory that American buyers are reluctant to pounce on, and we have a perfect storm for foreign purchases.
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