Global wealthy, lured by privacy and returns, stash cash in NYC real estate

For the ultrawealthy, New York City is becoming an investment haven, a place to store cash in a stable commodity with the promise of long-term growth and the opportunity for near anonymity, according to a detailed feature in New York Magazine chronicling the new trend.

“There’s really no safer way to get that kind of return than in New York City real estate,” Santo Rosabianca, a broker with Wire International Realty, told New York Magazine writer Andrew Rice.

The privacy that Big Apple real estate affords through limited liability corporations and other buyer-obscurity measures also lures investors to the market, Rice reported, especially with recent efforts to increase transparency of overseas’ bank accounts, including those notoriously secretive repositories: Swiss bank accounts.

Source: New York Magazine