French are latest to flock to NYC apartments

Move over Russians — there’s a new nationality set to make its mark on the city’s residential real estate market. According to the New York Times, the French are increasingly looking to invest in New York City real estate following the election of Socialist Francois Hollande as president earlier this month. During his campaign, Hollande promised to tax income over £1 million at a 75 percent clip and raise the tax rate on capital gains in an effort to lessen the country’s £1.3 trillion debt.

Without any advantage to investing in France, many nationals are looking to buy New York City apartments. Unlike the Russians who make headlines with $50 million and up purchases, this wave of French buyers is settling in the $500,000 to $5 million range.

The Times speculated that the Trump Soho is one property that could get a boost from the French. While the hotel portion of the project has been doing well, just one quarter of the 391 residences have sold or are under contract. Amy Williamson, the vice president of sales for the development, said several French purchases are imminent and she plans to travel to France in June to market Trump Soho units to those buyers. [NYT]