New York Chart of the Week
Four of the top seven closed deals in Manhattan during the first quarter involved foreign buyers:
- The strengthening dollar seen during 1Q 2015 has not slowed down the pace of the acquisition of real estate, as foreign capital continues to increasingly target core assets in the Manhattan gateway.
- First quarter activity, for transactions valued at $360M and greater, came from Canadian pension funds and investment managers, Chinese insurance companies and Norwegian sovereign wealth funds. More underway.
- Despite cap rate compression, foreign investors are paying top dollar to obtain the highest quality assets, as the flight to safety and the long-term preservation of capital remains a priority.