Russian buyers have become scarce in the New York City real estate market, as fears grow that the U.S. will ratchet up sanctions on wealthy Russians as tensions in Ukraine build.
Russians have “been gone since the Crimean outbreak,” Sotheby’s International broker Nikki Field tells Reuters.
Luckily, wealthy Chinese “are pouring money into real estate in New York and some other major cities around the world,” Reuters in a story detailing results of a survey of five of the top real estate brokerages in New York City.
“In sheer numbers, the Chinese outspend the Russians in every segment of the market,” Corcoran Group CEO Pamela Liebman tells the news service. Source: reuters.com.