Here’s a stunning fact: 30% of all apartments between 49th and 70th Streets and between Fifth and Park Avenues are vacant at least 10 months of the year, according to a Census Bureau estimate provided to New York Magazine.
And since 2008, around 30% of condo sales in large-scale Manhattan developments have been by buyers with overseas addresses or through secretive LLCs.
Those figures are especially shocking considering New York City residential real estate costs are at an all-time high, affordable housing is still a major issue, and homelessness in New York City is the worst its been since the Great Depression.
So why are all these apartments in midtown and elsewhere — many costing millions of dollars — sitting empty?
In this week’s issue of New York Magazine, Andrew Rice explores the influx of foreign wealth into the New York real estate market and why it’s a great place to stash money while maintaining privacy.
Read more: http://www.businessinsider.com/nyc-real-estate-popular-with-foreign-buyers-2014-6#ixzz36wQXd9Zr
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