54% of New York City Luxury Properties Purchased by Hidden Buyers and Shell Companies

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.

Matt Coneybeare

Matt Coneybeare

Founder, Publisher and Editor-in-Chief

Matt enjoys exploring the City's food scene with his Wife and the outdoors with their three dogs. He is an avid marathon runner, and spends most of his time working from a treadmill desk at home.

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