French are latest to flock to NYC apartments

TRD New York /
May.May 25, 2012 10:00 AM

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]


Related Articles

arrow_forward_ios
Former Trump Soho hotel hit with tax lien from city

Former Trump Soho hotel hit with tax lien from city

After dropping the Trump Soho name, business is booming

After dropping the Trump Soho name, business is booming

CIM mulls sale of former Trump Soho hotel

CIM mulls sale of former Trump Soho hotel

Kriss, Bayrock agree to settle racketeering lawsuit after 8 years

Kriss, Bayrock agree to settle racketeering lawsuit after 8 years

Trump Soho has a new name

Trump Soho has a new name

Trump Soho’s secret suitors: Keith Rubenstein and the head of one of Kazakhstan’s largest banks

Trump Soho’s secret suitors: Keith Rubenstein and the head of one of Kazakhstan’s largest banks

Trump SoHo (Credit: Getty Images)

Trump Soho no’ mo’: The Trump name is off the building, company says

Clockwise from left: Douglas Elliman expands into Boston, a residential project in Boca Raton could fetch over $125 million, and a new report reveals how President Trump and his children were nearly sued over Trump Soho.

National Cheat Sheet: The story behind the Trump Soho criminal probe, retail sector holds steady in Q3 … & more

arrow_forward_ios
Loading...