The Real Deal New York

Foreigners crossing pond, river to Brooklyn

April 16, 2008 05:07PM
By Lisa Abramowicz

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From the April issue: Over the past decade, Brooklyn has attracted an ever-growing flood of ex-Manhattanites drawn to its cheaper prices and its continually gentrifying neighborhoods. But now, the borough is attracting a new kind of transplant: the international apartment hunter. While the vast majority of the foreign investment that has been flooding into the city because of the weak dollar has targeted Manhattan, brokers and analysts say a growing number of foreigners are checking out the city’s most populous borough. “The pace of the interest by foreign buyers in the outer boroughs is probably double or more than it was a few years ago,” said Jonathan Miller, CEO of real estate appraisal company Miller Samuel. 

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