Weissenberg Quoted in The Commercial Observer
The rise of foreign investment in the New York real estate marketplace is a topic we’ve covered before. While the sale of the Waldorf Astoria has been in the news recently, New York City’s status as a gateway city to the U.S. market has drawn in international dollars for decades. Investors from other countries, looking for a safe and stable place to invest their money, have locked in on cities such as New York as a wise investment. Recently, our Ken Weissenberg was quoted in the Accounting Issue of The Commercial Observer. Ken shared his perspectives on the flow of money into the New York and U.S. real estate markets, as well as the tax issues these investors face.
From the article:
“China’s the big winner in terms of leading foreign investment lately in New York City,” said Kenneth Weissenberg, a tax partner and co-chair of the Real Estate Services Group at EisnerAmper. “The central government in China I think is encouraging Chinese firms to invest overseas. The United States is a very stable environment, has strong currency, a strong real estate market and compared to prices in the rest of the world, what we consider expensive is a bargain.”
The article discusses where the money is coming from, including China, Canada and Norway. While China is one of the most active countries with recent transactions, Canada is actually the top investor in United States properties in all categories, with Norway coming in second. The experts quoted in The Commercial Observer article also felt that international investment in the New York City real estate market will not be slowing down any time soon. This hot market will continue to be hot well into the future. View the article: NYC Real Estate is Still the Safest Bet for Foreign Investors.