The Real Deal New York

Foreign buyers drive office-condo sales

Demand is up, but for-sale commercial units are just a sliver of NYC’s new development pipeline

October 21, 2015 09:32AM
By Adam Pincus

866 UN Plaza

866 UN Plaza

From the October issue: Earlier this year, an office condo building in Chinatown sold out in just a few short months — all to Chinese businesses.

Farther uptown, across the street from the United Nations, the city’s largest recent office condo conversion brought 98 commercial units to the market late last year. Foreign buyers, such as diplomatic missions, are showing the most interest so far.

And in Eastern Queens, nearly all the recently built or under-construction office condos are located in Flushing, where buyers from the bustling Asian community dominate. Indeed, earlier this year, F&T Group, Rockefeller Group and AECOM Capital filed plans to develop 75 commercial condo units at its massive mixed-use project known as Flushing Commons. That is the largest outer borough commercial condo project in the works. [more]