The Real Deal New York

From the archives: The myth of the ‘all-cash’ foreign buyer

February 13, 2016 01:00PM
By Leigh Kamping-Carder

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It’s an oft-repeated mantra in New York real estate that foreign buyers pay in cash. Indeed, their ability to come to the negotiating table with rubles and renminbi and reals in hand — ensuring a quick closing — is seen as confirmation of their affluence.

“The perception here is that because they’re not getting a loan in the United States … they are these really wealthy people putting down hundreds of thousands of dollars,” said Marc Fitapelli, a Manhattan-based commercial and residential real estate attorney.

But that’s not always the case. Read the full story from the November 2011 issue here.

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