Related Companies’ Stephen Ross says he isn’t concerned about the Treasury Department’s newfound interest in secret buyers of luxury real estate in New York City.
“I don’t think that’s really an issue,” he told Bloomberg in a video interview. “I haven’t seen much, if any, money laundering in people buying condos, especially at those prices.”
Last month the U.S. Treasury Department announced a program that will monitor all-cash purchases for high-end real estate by shell companies, starting in New York and Miami. Ross said that he doesn’t anticipate the new regulations affecting his business.