New York City is the most attractive real estate market for Chinese investors
New York city is the most favorite commercial real estate market for Chinese investors, according to the a panel which The Expanding Chinese Footprint in NYC Real Estate was the topic of a discussion that hold in New York University Law School on Thursday.
The panel focused on rising Chinese interest and investment in New York City real estate and discussants were Ross Moskowitz, Partner at Stroock & Stroock & Lavan, a New York-based law firm; Jim Costello, Senior Vice President at Real Capital Analytics (RCA), a commercial real estate data and analytics firm; Jeffrey Dvorett, Executive Vice President and Head of Development at Kuafu Properties; and Darcy Stacom, Vice Chairman of CBRE.
Costello’s company said in panel Chinese purchases of commercial real estate in major US cities have gone from about $3.5 billion in 2014 to $10.2 billion so far this year.In Manhattan, the Chinese investors purchased $645.1 million of real estate last year, and nearly $5.3 billion so far in 2015.
Moskowitz noted that many are eager to compare Chinese investment in New York real estate to the Japanese who were big buyers in the 1980s.
“The difference is that Chinese buyers are purchasing properties in a market that is recovering from a crisis, unlike the Japanese, who bought at the top of the market,” he said.
Stacom said cities on the US West Coast – Los Angeles, San Francisco, and Seattle – are New York’s major competitors for Chinese real estate investors.