The Real Deal New York

From the March issue: The foreign investors buying trophy New York City properties in record numbers these days are getting a little help from their own. Foreign real estate developers and brokers are setting up shop here, catering almost exclusively to overseas clients. Sonu Arora, a 29-year-old developer from Manchester, England, founded the Iconic Development Corporation here about two years ago. Now he’s completing a 44-unit condominium development on the edge of Park Slope at Fourth Avenue and 19th Street in Brooklyn that was funded entirely by close friends and family in England and Dubai. Arora’s investors aren’t looking to buy exclusive luxury properties or mass-market, cookie-cutter condominium projects, he said.