Chinese buy NYC condos so children don’t have to stay in dorms

December 01, 2011 11:25AM

Of the ever-increasing number of Chinese buyers descending on Manhattan in recent months, a substantial number are buying up apartments for their college-bound children, DNAinfo reported.

Chinese buyers
tend to spend roughly $1.5 million on apartments near their kids’ colleges, according to Stribling & Associates’ fall market report.

“They want a more comfortable setting than a dorm when they’re bringing [children] out of their comfort zone,” said Justin Stewart, a real estate advisor who has been in discussions with a client from China who’s buying a college apartment for his son. “Their son or daughter gets to live here, and it’s an investment opportunity. They get a trophy property.”

The address of the apartment is important, brokers said; Chinese buyers want high-profile addresses. It is also important for the apartments to be close to the relevant university.

“Education is the number one concern for many families. Whatever they can do to make it easier for their children to go to college here, they will,” Stewart said. [DNAinfo]