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
Like Us On Facebook
Like Us On Facebook

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
React
Like Us On Facebook
Like Us On Facebook

Julian Sonny

From the sandy beaches of Hawaii, to the streets of New York: Julian has seen it all. His lifetime of travels has given him a broad scope of knowledge and an eclectic taste unlike any other in the tri-state area. Julian has often been compared to cultural icon, The Rock, because of his unequivocal work ethic and warrior-like stature.

More In World

World Sean Levinson

White Woman Sues Sperm Bank After Having A Black Baby

A Chicago-area sperm bank is being sued by a white Ohio woman after it mistakenly sent her vials of sperm from an African American man. Jennifer Cramblett, who ordered sperm from a white man for her and her partner, only learned that her daughter, Payton, would be half-black after becoming pregnant in April of 2012. […]

World Emily Arata

Girl Miraculously Found In Mexico After Missing For 12 Years

Sabrina Allen went missing 12 years ago and has finally been returned to the custody of her father, Greg. Allen, who disappeared from her Austin, Texas, home at just 4 years old, was kidnapped by her mother, Dara Llorens. As per the terms of Llorens’ custody agreement, she took the little girl for a weekend visit. […]

World Sean Levinson

Ebola Patient In The US May Have Exposed Dozens To The Disease

The man identified as the first person to be diagnosed with Ebola in the US came into contact with over a dozen people, some of whom were children, before being diagnosed and quarantined. According to Dallas news station WFAA, five children ranging from elementary to high school students may have been exposed to the virus and […]

World Sean Levinson

Jail Had Absolutely No Clue Prisoner Escaped Until Lawyer Tried To Visit

A Washington state inmate is back in jail after his disappearance went completely unnoticed for two days. According to the Everett Herald, 19-year-old Rhyan Vasquez simply walked out of an unguarded door in Marysville City Jail on September 22 after attending Bible study at a visitation area. Surveillance video shows Vasquez walking into a hallway, […]

Also On Elite

Life

#RentPoor: 24 Shady Things You Do After Your Entire Paycheck Goes To Rent

Paying rent sucks; it doesn’t even matter where you live because your rent and paycheck are relative to your city. Of course, some places are worse than others (COUGH, NYC, COUGH), but typically you hand over one of your paychecks per month to your landlord, and the other becomes monopoly money. This is precisely the […]

World

Guy Shows Off Insane New Body After Dropping 56 Pounds (Photos)

Posing in just his underwear, Dan Davidson might be mistaken for soccer star David Beckham. Davidson, 26, has lost 56 pounds through careful eating and many hours at the gym. The carpenter once weighed over 230 pounds, drinking a bottle of vodka every weekend and eating nearly 6,000 calories each day. Davidson even admits that […]