Residential foreign investment


As global instability hits new levels, both the New York and national residential markets are taking a hit. According to the National Association of Realtors, the number of foreigners who purchased homes across the U.S. plummeted by 31 percent between April 2018 and March 2019. In that period, foreign buyers purchased 183,100 properties valued at about $77.9 billion, down from 266,800 properties valued at $121 billion in the previous 12-month stretch.

The decline in Chinese buyers — largely the result of capital controls instituted in late 2016 that restrict how much money citizens can take out of the country — is, not surprisingly, one of the biggest components of the fall in foreign capital. But it’s not just Chinese buyers taking a step back. Sources say they’ve seen a slump in buyers from multiple countries, including Russia and parts of the Middle East.

NYC’s 10 priciest sales — and a breakdown of where the buyers hailed from

2015

AddressPriceBuyerBuyer’s country of origin
157 West 57th Street #7591500000Bill AckmanUSA
834 Fifth Avenue #1112A77500000Len BlavatnikU.K./USA
781 Fifth Avenue #180167500000Genever Holdings LLCChina
21 East 61st Street #PH52000000Azalea Holdings LLCN/A
25 Columbus Circle #PH7850900000Andrey VavilovRussia
157 West 57th Street #7747800000Unit 58A Acquisition Corp.N/A
157 West 57th Street #8847400000Pacific AmericanChina
157 West 57th Street #8647400000Guoqing ChenChina
15 Central Park West #1819B45000000Evergreen 15 CPWThailand
1355 First Avenue #PH137900000N/AN/A

2018

AddressPriceBuyerBuyer’s country of origin
520 Park Avenue DPH6074000000James DysonUnited Kingdom
9-13 East 75th Street74000000Dasha ZhukovaRussia/USA
432 Park Avenue 77A640000001996 One LLCN/A
520 Park Avenue DPH5262000000Ken MoelisUSA
503 West 24th Street PH59100000Robert F. SmithUSA
70 Vestry Street PHS56000000Silvio ScagliaItaly
157 West 57th Street #8554000000One5785 LLCN/A
15 Central Park West #1617B50000000Karen LoHong Kong
443 Greenwich Street PHA43800000Marc LoreUSA
160 Leroy Street PHN43500000Michael RubinUSA
Source: First published in the September 2019 issue of The Real Deal. TRD analysis of Dept. of Finance records for NYC’s priciest sales in 2018 and 2015.

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