Foreign buys of Manhattan commercial property shatters record

China, Canada most active international buyers

TRD New York /
Feb.February 27, 2014 04:45 PM

International buyers snapped up $5.5 billion worth of Manhattan office towers last year, led by deep-pocketed shoppers from China, Canada and the United Arab Emirates.

The spending set a new foreign record investment record for commercial real estate in Manhattan, as as well as a new high for the total dollar amount — twice as much as the previous record of $3 billion in 2007, according to a new report from real estate brokerage Colliers International.

China led the way with bit-ticket purchases such as One Chase Manhattan Plaza, acquired by property group Fosun for over $700 million, and the GM Building at 767 Fifth Avenue, snapped by by real estate mogul Zhang Zin with a roughly $700 million stake.

Ivanhoe Cambridge, a large Canadian investment firm, picked up a nearly $900 million stake in 1211 Sixth Avenue, while the UAE’s Abu Dhabi Investment Authority plunked down $650 million for a stake in the Time Warner Center at Columbus Circle.

“These investors have been kicking the tires here for some time but they have finally educated themselves enough on the market to feel comfortable here and their participation has pushed the market to a record level,” James Murphy, a Colliers broker who co-authored the report, told Crain’s. [Crain’s]Julie Strickland


Related Articles

arrow_forward_ios
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
J.C. Penney at the Westfield South Shore mall in Long Island and  J.C. Penney CEO Jill Soltau (Google Maps; Getty)

J.C. Penney to keep Bay Shore outpost open for now

J.C. Penney to keep Bay Shore outpost open for now
Signature Bank CEO Joseph DePaolo and New York Community Bank CEO Joseph Ficalora (Photos via Getty; Facebook; iStock)

NYC’s multifamily lenders see shares tumble in 2020

NYC’s multifamily lenders see shares tumble in 2020
The analysis predicts that office vacancies across the world will continue upward (iStock)

Report: Office market won’t return to glory until 2025

Report: Office market won’t return to glory until 2025
Korean wave pours into U.S. commercial real estate

Korean wave pours into U.S. commercial real estate

Korean wave pours into U.S. commercial real estate
The Martinique hotel (Wikipedia, Google Maps)

Operator of Martinique Hotel in Manhattan files for bankruptcy

Operator of Martinique Hotel in Manhattan files for bankruptcy
CEO Mark Tritton and 410 East 61st Street (Getty, Google Maps)

Bed Bath & Beyond will permanently close UES store

Bed Bath & Beyond will permanently close UES store
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...