NYC Commercial Real Estate Reaches Highest Level Since 2007
New York City’s commercial real estate sector is having its strongest run since 2007 due to sharp price jumps, a report on New York Daily News said.
Citing a report from the Massey Knakal Realty Services, the report said that New York City building sales have climbed to $52 billion this year compared with $40 billion last year.
It noted that the price hike was brought on by investor demand from overseas. New York real estate is seen by foreign investors as a “safe haven” for their wealth, the report added.
“New York City real estate is to investors what the Swiss bank account has been for years,” Massey Knakal Realty Services Bob Knakal told the paper. “Asset preservation is the No. 1 driver.”
The report said that the NYC commercial real estate prices have reached $1,629 per square foot this year, marking a 24 percent increase from last year’s figures even if sales have cooled down. Undeveloped plots sell for over $300 per square foot.
Meanwhile, in NYC’s housing market, activities heated up due to wealthy Chinese investors and Russian oligarchs who snapped up properties in a frenzy. According to a report on the International Business Times, restrictions imposed by the Chinese government on home purchases and in wealth transfers have forced Chinese investors to find a way to move their money out of the country and into NYC properties.
Russia’s super rich funneled their wealth into NYC properties during the peak of the Ukrainian crisis, according to a report from The New York Times.
The inflow of investments, especially into luxury apartments and properties, has propelled prices to new heights. The sale of an $88 million NYC penthouse paid by a trust linked to Russian fertilizer magnate Dmitry Rybolovlev prompted brokers and developers to push their portfolio prices up, The New York Times said.
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The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.