The Real Deal New York

Selling outer boroughs to foreign investors can be challenging

Brooklyn and Queens lack Manhattan’s cachet, but still see plenty of action

From the November issue: News about billionaires from Russia, China, Brazil and other lands dropping tens of millions on Midtown trophy homes may generate yawns these days. But the industry is waking up to the massive sums from overseas pouring into New York City real estate on the building and portfolio level. Much of that money is finding a home in what just a few years ago was considered the far reaches of the city: Brooklyn and Queens. Foreigners invested more than $600 million in outer-borough real estate through the first half of the year, the most ever, according to data from Real Capital Analytics. Brooklyn received the vast majority of that speculation. [more]