American buyers join foreigners in flight to city’s luxury market

New York /
Jun.June 13, 2012 09:00 AM

Wealthy Americans have been lost in the hysteria over foreign buyers descent upon the city’s luxury real estate market, but in the last week domestic buyers have returned with a vengeance. The Wall Street Journal noted that two apartment deals totaling $110 million closed Monday to foreign buyers. Casino mogul Steve Wynn officially landed his $70 million penthouse at 50 Central Park South and an unnamed citizen of both France and the U.S., who is marred to an American, closed on the late Ted Forstmann’s East 70th Street penthouse for more than $40 million.

Similar deals appear to be in the pipeline. Americans are behind the recent mid-$30 million contract signed for the penthouse at 730 Park Avenue and the $40 million-plus contract for the townhouse at 973 Fifth Avenue. In all, since 2010, seven of the 12 Manhattan homes to sell for at least $35 million have gone to Americans.

Luxury brokers said they are buying for much the same reason foreigners have been attracted to the city’s trophy properties: they view it as a relatively safe investment during otherwise uncertain financial times. [WSJ]


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