China Daily USA / November 13th, 2015
China Daily USA reports: Chinese investors favor New York City commercial real estate over any other U.S. market, and usually prefer to sell within three to five years, according to a panel of commercial real estate professionals at New York University Law School on Thursday. The panel focused on rising Chinese interest and investment in New York City real estate and included Ross Moskowitz, Partner at Stroock & Stroock & Lavan, a New York-based law firm; Jim Costello, Senior Vice President at Real Capital Analytics (RCA), a commercial real estate data and analytics firm; Jeffrey Dvorett, Executive Vice President and Head of Development at Kuafu Properties; and Darcy Stacom, Vice Chairman of CBRE.
As an introduction to the discussion, Costello quoted some numbers from RCA’s data to get an idea of how active the Chinese are in New York City’s real estate market. RCA reports that Chinese investment in major metros in the U.S. has increased from about $3.5 billion in 2014 to $10.2 billion year to date, with investments in Manhattan accounting for a large chunk of that volume. In Manhattan, Chinese volume has gone up from $645.1 million in 2014 to $5.3 billion so far this year.
The panel discussed traits that are unique to Chinese real estate investors and their investment patterns. Some members of the panel also talked about their personal experiences working with Chinese investors.
Stacom also noted that cities on the U.S. West Coast, such as Los Angeles, San Francisco, and Seattle, are New York City’s major competitors for Chinese investors.
View the full article in China Daily USA: Chinese Investment in NYC Real Estate