From the November issue: Last month, Fredrik Eklund, a Prudential Douglas Elliman managing director who also runs an eponymous Stockholm-based brokerage, was arranging the sale of a $6.5 million Upper East Side triplex to an overseas buyer from Greece.
Given the economic chaos plaguing the Hellenic republic, it may seem unlikely for a Greek buyer to invest millions in New York City real estate right now. But the reasoning behind the purchase was simple: “They have to get their money out of Greece,” Eklund said.
As the European debt crisis continues, wealthy individuals from tottering European economies may be looking to New York City homes as the proverbial “safe haven” for their assets — a good bet compared to erratic global stock markets and residential markets across the pond. And, last month, Senator Charles Schumer, the Democrat from New York, and Senator Mike Lee, a Republican from Utah, joined forced to introduce legislation to encourage more of them to park their money in real estate here. The legislation would grant limited visas to foreigners who invest at least $500,000 in cash in residential real estate in the U.S. [more]
