What the Chinese Want with New York

empire state building red yellow What the Chinese Want with New York

The red is for debt, and for China. (Photo: HowardDigital.com)

It’s not just America’s debt the Chinese are willing to buy in to—they’re also investing in Manhattan residential real estate, which shouldn’t come as much of a surprise.

A New York Times article discusses the trend, which other news outlets have already picked up on, and notes that most Chinese buyers are looking at luxury condos as pieds-a-terre or dwellings for children studying in New York, and others want the apartments simply as an investment.

And they’re willing to pay premium prices for the space:

In about two years, what was at first a trickle of inquiries has grown to a stream of  freshly minted high-net-worth Chinese businesspeople hunting for condominiums for $500,000 to $10 million and up.  The average purchase is a one-bedroom apartment for about $1.45 million, said Pamela Liebman, the chief executive of the Corcoran Group.

Also noted is that, contrary to what many New York apartment hunters may feel, prices in Manhattan are actually reasonable compared to other desirable locations across the country. A luxury property here costs about $1,500 per square foot, but in London a similar flat could cost about $3,600 per square foot.

(The Times also recently wrote about Chinese interest in New York’s commercial real estate.)

pengel@observer.com