The Real Deal New York

NYC seeing Ukrainian investment boom

Wealthy Ukrainians are rushing to get their money out of the conflict zone and into city real estate
October 11, 2014 11:00AM

Conflict abroad has long been a boon to the New York City real estate market, as the wealthy rush to park their millions outside their country. And the conflict in Ukraine is no different.

“Money has been leaving Ukraine for some time. The difference between the usual and the current situation is that there is a much bigger flood,” Marlen Kruzhkov, an attorney with Gusrae Kaplan Nusbaum in New York, told Forbes.

Krukhkov told Forbes of five recent Ukraine real estate transactions in New York and San Francisco that totaled a little over $35 million.

“One of our Ukrainian clients just bought a $30 million building in Midtown. Another one bought a huge stake of McDonalds. Then we have a guy who bought a portfolio of 7-11s,” Kruzhkov said. [Forbes]Christopher Cameron