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Foreign investors snap up NYC properties

September 21, 2010 04:30PM

Despite the slow market recovery in the U.S., foreign investors have been buying properties in a handful of cities nationwide, including New York, Edward Mermelstein, an international real estate attorney, told the Wall Street Journal in the video above.
Eastern Europeans have been particularly active in the New York City market, where they’re buying high-end residential properties in Manhattan and elsewhere, since similarly-sized properties in Europe would cost double the price, thanks to a weakened dollar. Canadians have also been making a dent in the real estate market, specifically buying office buildings in New York City.