In an amazing investigative journalism piece from the New York Times published this morning entitled Stream of Foreign Wealth Flows to Elite New York Real Estate, purchases of the luxury condominium and apartment market in the City are analyzed and compiled into some interesting and revealing bits of information.
About $8 billion is spent each year for New York City residences that cost more than $5 million each, more than triple the amount of a decade ago, according to the website PropertyShark. Just over half of those sales last year were to shell companies.
The full article is well worth the read and goes in depth into the shady world of shell company real estate purchases and acquisitions.
via New York Times