The level of international investment in New York City commercial properties could be at its all-time peak right now, according to Darcy Stacom of commercial brokerage CBRE Group in an interview.
Although offshore investments has never been well tracked, Stacom said, they comprise between 60 and 70 percent of the capital dollars spent on the city’s real estate. Chinese investors, for example, have been browsing the market for three years.
“The wave of building in China has reached such a crescendo that their long-term ability to continue to build at that rate is becoming more difficult,” Stacom told Crain’s. “They’re looking to other markets where they can diversify their wealth and do construction.”
CBRE served as broker for Chinese developer Greenland Holding’s acquisition of a major stake in Atlantic Yards last month.
“We looked at who were major players globally and major builders globally that could look at the size and scale and say this looks of interest to me.”