NEW YORK — Asian buyers are spending billions to scoop up luxury properties across the US, including some of New York City’s priciest addresses.
Fifteen apartments going for roughly $1 million each at the Upper East Side’s sought-after 515 East 72nd Street have been purchased by Asian buyers in the past six months, The Wall Street Journal reported.
Those purchases are just a small part of the $9 billion buyers from China and Hong Kong spent on US real estate in the 12 months ending in March, according to the National Association of Realtors.
Several full-floor apartments at the new One57 high rise in Manhattan — the product of architect Christian de Portzamparc and interior designer Thomas Juul-Hansen — have gone into contract with buyers from China, with price tags upwards of $50 million.
The phenomenon of deep-pocketed overseas buyers, while not new in Manhattan, has reached a fever pitch in recent years. Foreign buyers snapped up five of the 12 Manhattan homes that have sold for more than $35 million since 2010, the Journal reported.
A One57 penthouse duplex that has not even been built yet sold in May for between $90 million and $100 million, according to the New York Post.
The nationality and exact amount the buyer agreed to pay are unknown, but the price tops the $88 million paid by Russian billionaire Dmitry Rybolovlev, who reportedly bought a penthouse for his daughter last winter at 15 Central Park West.