“New York real-estate brokers and developers are passing up dollars for euros, pounds, won and rubles as overseas buyers eagerly snap up pricey city properties.
Brokers are on a new push to sell million-dollar Manhattan condos to buyers in Paris, London, Seoul and Moscow who like the city's steadily rising real-estate values and seek to add profit by taking advantage of the cheap dollar.
"Interest rates in America are still lower than in the United Kingdom," said Kevin Newton, a principal of a British investment group seeking to buy several New York apartments.
And while many Manhattanites are stunned that real-estate values climbed 200 percent in the last decade, overseas buyers say prices could go even higher.
"You've got generally good value in comparison with U.K. and European prices," said Nick Vaughan, international sales manager for Hamptons International, a big British brokerage embarking on a new drive to sell New York properties.
He especially likes new projects in the Financial District, including the 47-story, 330-unit William Beaver House, at the corner of William and Beaver streets, where new luxury condos are selling for between $950,000 and $4.25 million - "fantastic value for a fantastic project," Vaughan said. ”
GOOD BUY, NEW YORK: FOREIGNERS(NYPost)
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