Foreign investors set record in outer boroughs

More than $600M invested in properties outside Manhattan so far this year

TRD New York /
Sep.September 02, 2014 02:55 PM

The outer boroughs are increasingly gaining in popularity among foreign investors.

During the first half of 2014, foreign groups spent more than $600 million on outer borough real estate, according to Crain’s. And the biggest chunk of that money — which is a record setting amount — is being spent in Brooklyn.

Chinese firm Greenland Holding Group’s investment in the Atlantic Yards project — now called Pacific Park — was the biggest investment so far this year. Other examples include the British Ennismore Capital, which bought a 40,000-square-foot development site in Williamsburg as well as Quadrum Global, which spent $100 million for a Greenpoint as well as a Long Island City development site.

Experts see this trend continuing, as more deals from foreign buyers are in the works. Foreign investors have expressed interest in a $200 million development site on Williamsburg’s waterfront.

Richard Mack, the chief executive officer of Mack Real Estate Group told Crain’s he is getting offers from foreign investment funds who want to become his partner in a $200 million residential development along the East River.

“Everyone wants to be in Brooklyn now,” Mack told Crain’s, “and the same is true with foreign buyers.” [Crain’s] — Claire Moses


Related Article

arrow_forward_ios

Here are the leading countries planting flags in Manhattan commercial real estate

Here are the leading countries planting flags in Manhattan commercial real estate

Foreign investment in US homes plummeted to $78B over the past year

What China’s warning to students studying in the US means for real estate

With Chinese investment drying up, EB-5 debt isn’t nearly as cheap

VirginTrains USA owner sells MiamiCentral office buildings for $159M

Venezuela opposition leader spurs renewed interest among SoFla real estate investors amid turmoil

Brazil is back: Brasileiros lead foreign investment in South Florida homes in 2018

arrow_forward_ios