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New York

Faux pas with foreign buyers

From Chinese tax law to Russian commodities, a broker's guide to avoiding cultural pitfalls

From the July issue: With Europe’s debt crisis mounting, foreign interest in New York’s ultra-luxury real estate is increasing yet again. Russian billionaire Dmitry Rybolovlev’s $88 million purchase of a 15 Central Park West penthouse is now the stuff of Manhattan real estate legend, while a Chinese buyer reportedly purchased four separate units at Extell Development’s One57 for $20 million apiece.

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International buyers contributed $82.5 billion, or 8.9 percent, of the $928 billion spent on residential real estate in the United States for the year ending in March, according a survey released last month by the National Association of Realtors. That’s a 24 percent jump from the previous year. [more]

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Dmitry RybolovlevForeign Buyers