Foreign buys of Manhattan commercial property shatters record

China, Canada most active international buyers

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
The Princeton Club flag in front of 15 West 43rd Street (Google Maps)
Paper Tigers: Princeton Club defaults on $39M mortgage, may lose digs
Paper Tigers: Princeton Club defaults on $39M mortgage, may lose digs
Donald Trump with the Trump National Golf Club Westchester (Trump National Westchester, Getty)
Trump Organization facing criminal probe over Westchester golf course
Trump Organization facing criminal probe over Westchester golf course
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman acquires 40% stake in Greystone lending business for $500M
Cushman acquires 40% stake in Greystone lending business for $500M
Durst Organization Chairman Douglas Durst, Venable LLP Chairman Stuart Ingis and 151 West 42nd Street (Getty, Venable)
Durst’s One Five One inks 158K sf lease for law firm tenant
Durst’s One Five One inks 158K sf lease for law firm tenant
Signature Bank CEO Joseph DePaolo (Signature Bank, iStock)
Signature Bank reports record results
Signature Bank reports record results
Ira Zlotowitz, president of Eastern Union, is starting his own company (Photo Illustration / Getty, Eastern Union)
Ira Zlotowitz leaving Eastern Union to start new company
Ira Zlotowitz leaving Eastern Union to start new company
1 North Moore and Platinum Properties CEO Khashy Eyn (Google Maps, Platinum Properties)
Tribeca penthouse rents for $85K per month, possibly setting NYC record
Tribeca penthouse rents for $85K per month, possibly setting NYC record
Hudson Yards (Getty, iStock)
City’s bet on Hudson Yards beginning to pay off
City’s bet on Hudson Yards beginning to pay off
arrow_forward_ios

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

Loading...