From left: 101 Warren Street, Asher Alcobi of Peter Ashe Real Estate and Michael Chen of Bond New York (top), Wei Min Tan of Castle Avenue Partners (bottom), Trump Soho, and 250 East 53rd Street
Now added to the long list of exports from China are buyers of New York City real
Chinese residents flush with cash from the Asian nation’s booming economy, and in
some cases limited in what they can buy at home, are starting to look at Manhattan
Between March 2010 and March 2011, 9 percent of foreign buyers in the U.S. were from
China, according to the National Association of Realtors, up from 5 percent in 2007.
Canada sends the U.S. the most foreign buyers, with 23 percent, but China is number
two, the data shows. In contrast, England, Mexico and India, next on the list, each
represent 7 percent.
And many of those Chinese buyers are trickling into New York, say brokers, who are
creating customized services to greet them. … [more]