Sometimes a couple of us tenants meet at the Oval and discuss who may wind up buying this place. The Chinese are always mentioned, though I wonder how seriously. Wouldn't it be funny if it came true? If so, the TA may want to elect Lo Rhent as its new president.
NEW YORK/SYDNEY (Reuters) - For the first time, the Chinese have become the biggest foreign buyers of apartments in Manhattan, real estate brokers estimate, taking the mantle from the Russians - whose activity has dropped off since the unrest in Ukraine and the imposition of sanctions against Russia by the United States.
Wealthy Chinese are pouring money into real estate in New York and some other major cities around the world, including London and Sydney, as they seek safe havens for their cash and also establish a base for their children to get an education in the West.
Broker Shawn Elliott ferries around groups of Chinese buyers in Rolls Royce and Mercedes-Benz luxury sprinters every week, often catering to entire families at a time.
"They're looking for trophy properties," said Elliott. "They're looking for their children to be comfortable, and to be near Columbia or New York University."