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

Let's make 2018 your breakout year!
Join real estate's best and grow your business at Connect New York, Jan 22-26, 2018

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