Foreign investors are boosting New York City development, according to recent real estate reports. The influx in investment is not only helping build new properties, but also helping to fill existing and refurbished properties.
The second tenant to lease space at Ground Zero’s One World Trade Center is Vantone, a billion-dollar real estate firm from Beijing. Just a few blocks from Vantone are the old AIG Insurance buildings, which were purchased and then sold by the South Korean company Young Woo. Vantone and Young Woo are only two examples of the popularity amongst Asian firms for New York City investment.
“Big numbers in the billions from China, India, South Korea and Singapore are coming around,” explains Gie Faan Kim, Managing Director of Bracha Group, a New York real estate firm.
Kim explains that wealthy Asian families buy homes in the United States, and in particular New York City, so their kids can get an American education, and Asian companies buy office buildings by Wall Street and Midtown to have a presence in the financial capital of the world.
Kim further explains the incentive to move into New York City, as “an opportunity for growth.” As the city suffered a setback in development after the 2008 financial downturn, it’s real estate and business development have recently seen an improvement in price and popularity – meaning it’s a good time to buy.
“Foreign buyers are seeing this as a discount, getting [into] a great city like New York,” explains Kim.
And the opportunities are abundant. U.S. Immigration Fund, for example, recently acquired $22 million from foreign investors who will contribute to a $157 million real estate development to be known as The Charles.
As part of an EB-5 immigrant investor program, The Charles will stand in the Upper East Side of Manhattan and create 559 new jobs. Investors will receive U.S. Citizenship green cards for themselves and their family and have the opportunity to raise children in U.S. schools, enjoy permanent residency in the U.S. and enjoy the benefits of U.S. citizenship.
For more information on The Charles, U.S. Immigration Fund and the EB-5 Immigrant Investor program, please visit visaeb-5.com.