In particular, foreign investors who, buoyed by the strong economies and currencies in their own countries, now see an opportunity to scoop up coveted Manhattan real estate.
“The global capital markets are flush with strong currency buyers who see our shores as a relative bargain,” said Douglas Harmon, the senior managing director at Eastdil Secured, a real estate investment bank based in New York. In June, the Italian real estate investor Luigi Zunino made a foray into the New York market with the purchase of 660 Madison Avenue, the stylish office tower atop Barneys New York, for $375 million. At $1,488 a square foot, according to Mr. Harmon, it set a record for Manhattan commercial real estate.
New York City 2010
