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October 13, 2009
Weak dollar, low NY property prices woo foreigners
Forbes.com
After a year most investors would like to forget, foreign real estate buyers are being swayed to spend again in New York City by a weak U.S. dollar and property prices at levels not seen for years, say experts. Real estate brokers and analysts say they have noticed more foreign investors looking to purchase in New York -- boosting the market's recovery hopes....
Russian investors are among those leading the way with the country's richest man, Mikhail Prokhorov, recently reaching a $200 million deal to buy an 80 percent share in the New Jersey Nets basketball team and a 45 percent stake the Atlantic Yards, a real estate development in New York's Brooklyn borough where the team will play if the project is completed.
NoLandGrab: US taxpayer subsidies, eminent domain and a weak dollar... how can a foreign investor refuse?
Posted by lumi at October 13, 2009 9:03 PM