‘They’re scared’: Wealthy Russians look to sell U.S. real estate everywhere from Fisher Island to Billionaires’ Row

[crazyyank]

‘They’re scared’: Wealthy Russians look to sell U.S. real estate everywhere from Fisher Island to Billionaires’ Row
There are numerous properties in New York City that are in horrible condition and are demanding absurd prices. These properties are unleasable. Somebody is paying property taxes with no income. This condition has existed for a long time.
It will be interesting to see if there are a lot of properties in New York City available on the market soon.

Louis Rossmann on YouTube has visited neighborhoods that have a large number of properties in Manhattan that have been vacant for years. Somebody is paying a lot of property taxes and getting no income.

even the real estate store is out of business......

West Midtown Manhattan's businesses are going, going, gone....

 

[The Mark]

It's my understanding that for awhile now, investors from both inside and outside the USA have been buying high-value property in major US cities such as New York and sitting on it as it gains value.
The result is unused and very expensive property in those cities.

 

[MamboDervish]

‘They’re scared’: Wealthy Russians look to sell U.S. real estate everywhere from Fisher Island to Billionaires’ Row
There are numerous properties in New York City that are in horrible condition and are demanding absurd prices. These properties are unleasable. Somebody is paying property taxes with no income. This condition has existed for a long time.
It will be interesting to see if there are a lot of properties in New York City available on the market soon.

Louis Rossmann on YouTube has visited neighborhoods that have a large number of properties in Manhattan that have been vacant for years. Somebody is paying a lot of property taxes and getting no income.

even the real estate store is out of business......

West Midtown Manhattan's businesses are going, going, gone....

These represent two unrelated issues.

Russian money has been investing in NYC real estate for decades. It has been a viable way to launder money for a very long time. If you're laundering money, you don't need to have all of your properties occupied for it to be profitable.

‘It’s a complete black box’: Russian oligarchs pour money into U.S. real estate market

Despite new sanctions, Russians have spent years pouring funds into properties

www.nbcnews.com

A line of empty storefronts is quite a different issue. COVID 19 had a huge impact on retail spaces and rental prices throughout the city. For one thing, it made all those prices negotiable, leading to a rash of tenants moving. The real estate storefront in the video might have moved just 2 or 3 blocks away to a much cheaper price per square foot. And since midtown Manhattan became a veritable

Moreover, because of the shear number of places that managed to survive with staff working remotely, it means that many businesses concluded they needed much less square footage to do business. This is exactly what happened to my company. After nearly 2 years away from the office, they moved from Broadway and 37th Street, practically around the corner to 40th and 7th Ave, but with only about 1/2 the square footage, much less rent, and all the individual offices now shared - because it has become quite rare for more than half of the staff to be in the office at one time.

Commercial real estate is taking a big hit in downtown areas across the country, and NYC is no exception.