Foreign buyers taking a step back from New York real estate – Crain’s New York Business

Everybody wants a piece of New York. Or at least they used to.

Be they international students, workers from out of town or foreigners in search of a cosmopolitan pied-à-terre, travel bans and other pandemic-related restrictions are keeping buyers away from some of the world’s most sought-after properties. Instead, the market is being driven—slowly—by locals looking to upgrade their home or take advantage of surging inventories and low prices, said Jared Antin, sales director at Elegran.

The real estate firm’s agents have noticed that for the first time in its 12-year history, they’re experiencing a market primarily driven by New Yorkers, Antin said. 

“It’s a type of buyer who lives and works in New York City and loves it and knows that things will eventually return to normal,” said Leonard Inzirillo of Douglas Elliman. They’re either looking for more space or to relocate closer to their work, he said. 

At 100 Barclay St., 49 Chambers St., 514 W. 24th St. and other developments that historically have received a lot of interest from international buyers, most inquiries and sales are coming from New Yorkers, Compass agent Vickey Barron said. 

During the pandemic, all transactions at Madison House, a new luxury development in NoMad, have been made by locals, although there has been some interest from foreigners, Inzirillo said. He added that he expects more foreign involvement once travel restrictions ease. 

Christie’s broker Erin Aries said

Global Real Estate

Author: Global Real Estate