Chinese investors are taking a big bite out of the Big Apple
All of Manhattan is becoming Chinatown.
Chinese investors and developers are flooding the local real estate market at never-before-seen levels, buying some of New York City’s most iconic buildings at prices that local buyers aren’t willing to pay.
“Insane is definitely the right way to characterize it,” said real estate attorney Edward Mermelstein, who’s worked on projects with Chinese investors. “New York has become the favorite place for the Chinese to deploy their capital.”
So far this year, the Chinese have forked over more than $3.8 billion on Manhattan real estate, a more than threefold increase over what they spent in all of 2014, according to data from Real Capital Analytics.
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