How Wealthy Foreigners Use NYC Apartments As ‘Safe Deposit Boxes With Views’

How Wealthy Foreigners Use NYC Apartments As ‘Safe Deposit Boxes With Views’
World •

How Wealthy Foreigners Use NYC Apartments As ‘Safe Deposit Boxes With Views’

In CNBC’s latest episode of “Secret Lives Of The Super Rich: Mega Homes,” which aired last night, three Chinese buyers fought over one $4 million New York City apartment.

CNBC reporter Robert Frank gave the perfect analogy for what foreign buyers are actually doing with real estate. He said:

The reason it’s raining money on Manhattan real estate right now is because of the foreign super rich. They are trying to stuff as much money as possible from overseas here. These aren’t apartments they are buying; they are safe deposit boxes with views.

Because of changing laws and economic turbulence overseas, the foreigner buyers see New York City real estate as a solid investment. Glitzy new buildings like the still-under-construction One57 building in Midtown are especially popular with foreigners.

All three of the buyers on CNBC’s special were trying to snatch up the apartment for their college-aged students, so that besides a safe deposit box, it would also serve as a “luxury dorm in the sky.”

Jordan Shepherd | Elite.

Share Tweet
Prev Story

Next Story

More In World

World

WWE Star Kane May Run For US Senate In Tennessee

Straight out of parts unknown, Kane has been terrorizing the WWE for two decades. Now, Glenn Jacobs is potentially looking to step out of the ring and into Congress. The former World Heavyweight Champion and current Tag Team Champion is said to be looking to supersede Tennessee Senator Lamar Alexander, who has held the position [...]

World

New Study Reveals Smoking Weed Reduces The Risk Of Diabetes

A new study has found that marijuana could reduce the risk for diabetes. Marijuana users take in more food calories than nonusers, but recent research has found that for some reason, marijuana users also have lower body mass index levels than nonusers. Lower body mass index means lower risk for obesity, diabetes and various other weight-related [...]

World

Woman Working At McDonald’s Spots Her Stolen Car Ordering At The Drive Thru

Virginia Maiden of Washington state woke up for work on Tuesday to find out that her SUV had been stolen. Confused and livid, she sucked it up and hitched a ride to McDonald’s where she works. A few hours later she noticed a familiar vehicle entering the drive-thru. She spotted her McDonald’s visor in the car’s [...]

World

The Lonely Stoner: Marijuana Helps Self-Esteem For Introverts

A University of Kentucky study has determined that, as any pothead will tell you, marijuana improves a user’s self-esteem. Of the 7,040 participants in the study, those who smoked marijuana reported much higher levels of self-worth compared to non-marijuana users. The study was designed to research how marijuana affected the self-esteem of different people with [...]

Also On Elite

TV

‘Glee’ Star Cory Monteith Checks Into Rehab For Substance Abuse

“Glee” star Cory Monteith has something new to sing about… rehab! The 30-year-old actor recently checked himself into a rehab for substance abuse. Monteith who stars as Finn Hudson on “Glee” has been struggling with addiction for years and has been to rehab before when he was 19. In 2011, he opened up a little [...]

World

The Founder Of Wikileaks Had A Secret Meeting With Google CEO In 2011

Wikileaks founder Julian Assange met with then Google CEO Eric Schmidt in June 2011 for a secret meeting, it has been revealed. The meeting went down while Assange was under house arrest in the U.K., and the transcript of the meeting was published late on Thursday. Schmidt is scheduled to release his new book, “The [...]

Entertainment

Comedian Kevin Hart Gets Arrested For DUI

Funny man Kevin Hart was arrested over the weekend for DUI. Hart was pulled over for driving recklessly and almost crashing into a truck. California Highway Patrol Officer Ed Jacobs says Hart appeared intoxicated when he was pulled over before dawn Sunday on Highway 101 in Los Angeles. Hart was then given a field sobriety [...]

Sports

Luis Suarez Receives 10-Suspension Ban For Biting Opponent

Liverpool striker Luis Suarez’s actions came back to bite him on Wednesday when the English Football Association banned him for 10 games after sinking his teeth into an opponent during a Premier League game.  The suspension, which effectively ends his season, prompted Liverpool managing director Ian Ayre to say the club was “shocked and disappointed” [...]

TV

NBC Confirms Jay Leno Retiring, Jimmy Fallon To Take Over ‘Tonight Show’

There has been a lot of buzz recently about who Jay Leno’s successor will be when he retires from the ‘Tonight Show’ in 2014. NBC has just made it official. Jimmy Fallon will be the man for the job. This was an excellent choice for NBC because Jimmy Fallon already has his own late night [...]

Motivation

Why You Need To Work For Yourself & Not For Money

Making a lot of money working at a job you hate is not worth the money!! I recently quit a job I hated in the pursuit of happiness. Being stuck with a job you hate is an awful place to be. I was stuck in a mundane atmosphere that offered little variety in day-to-day tasks. [...]