Asian investors are snapping up NYC’s most prized properties
By Emily Nonko (New York Post)
A Chinese company is developing the snazzy, 29-unit 118 E. 59th St. project.
New York’s property market isn’t just booming locally — it’s tempting real estate companies from around the world. In particular, a surge of Asian investors has dominated the scene in recent years, picking up trophy properties across Gotham.
According to commercial analysts Real Capital Analytics, China ranks first in Manhattan purchases by foreign investors in 2015.
South Korea comes in fourth, while Japan is fifth.
118 E. 59th St., Midtown East
Developer: Euro Properties, Hong Kong
This summer, 118 East 59th Street made headlines as the first condo project to be developed entirely by a Chinese company, rather than via a partnership with a local firm. The 29-unit glassy high rise will be designed by SCDA Architects of Singapore, and include ultra-luxury apartments ranging from $5 to $18 million. It’s expected to welcome residents in 2017.