More Russians pursue NYC real estate

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More Russian property buyers are looking for New York City real estate, according to an analysis of Russian investment trends by the Moscow Times. High-profile investors, such as Mikhail Prokhorov, who has been pursuing a $200 million deal with Atlantic Yards developer Bruce Ratner, have reportedly ramped up interest among Russian real estate buyers. The trend has caught some brokers, like Wilbur Gonzalez of Brown Harris Stevens, by surprise. “I expected the Russians to sit out 2009 and 2010, licking their wounds,” Gonzalez said. While some expect real estate prices in New York City to fall further, industry experts say that Russians investors are drawn in by the weak dollar and are viewing New York real estate for its long-term value.

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