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

Men In Pakistan Make Curry Using Over 100 Dead Bodies They Dug Up

Pakistan has decided that 2014 is probably a good time to officially declare cannibalism a crime. The two proposed laws were inspired by brothers Mohammad Arif Ali, 35, and Mohammad Farman Ali, 30, who were found last April to have dug up over 100 dead bodies from a local graveyard to feast upon. Residents of […]

World John Haltiwanger

4 Reasons Why You Won’t Catch Ebola On The Subway

Ebola has now arrived in New York City, which has prompted fears about the potential of the disease to spread across the city. It’s understandable that this news would be frightening to people. After all, New York is the most populous city in the country, and Ebola is a foreign disease with no cure. Not […]

World Sean Levinson

High School Shooting In Washington Leaves Two Dead And Four Injured

A high school student fatally shot himself and one other student at a Washington school just north of Seattle this morning. Up to four others were injured, all of whom are students. Shots were reported to have been fired at Marysville-Pilchuck High School at around 10:45 am. The Seattle Times reports that the shooter, believed […]

World Sean Levinson

Cellist Eerily Plays A Duet With Her Own Brainwaves (Video)

Chicago Symphony Orchestra cellist Katinka Kleijn has composed a duet combining her cello with the sound her brainwaves make. She did this by way of an EPOC Neuroheadset, an electroencephalography (EEG) device containing 14 sensors that records the speed, volume and depth of her brain activity, the Chicago Reader reports. Sound engineer Ryan Ingebritsen and […]

World Emily Arata

You Can Now Buy A $2,000 UGG Rug That’s As Cozy As It Is Ridiculous

If you’re in the market for a new rug, look no further than UGG’s just-introduced home collection. The selection of luxury furnishings includes a $2,000 Classic Leather-Bound Rug made from “sumptuous” wool. In case the price doesn’t throw you off, the rug’s fine print mentions it can’t be exposed to sunlight or washed. Instead, this […]

Also On Elite

Envision

This Adorable, Little Cat Goes On The Craziest Adventures (Photos)

If you had a cat that was just too adorable not to film, how much money would you put behind video production? Jesús Segura, a skilled photographer and videographer, and his cat Napoleon have been brightening up the Internet with awesome photos and videos. Segura uses a bunch of equipment to make Napoleon look like […]

Life

5 Ways To Be Helpfully Present For A Friend Who Lost A Loved One

There are few situations more emotionally complicated than finding out someone has died. If you’ve never lost someone close to you, odds are you know someone who has. If we’re honest with ourselves, we recognize the aftermath of grief and loss is incredibly uncomfortable and really awkward. If you’re not the one at the center […]

Food

This Bloody Veggie Burger Looks Exactly Like The Real Thing

If you’ve ever come across a veggie burger, you’ve probably been able to tell it was a veggie burger before biting into it. There’s just something about veggie burgers that doesn’t allow them to reach the physical appeal regular burgers boast — until now. Pat Brown, a Stanford University professor, is looking to change the […]

World

People In London Actually Signed Away First-Born Children For Free WiFi

A British experiment has exposed how uninformed some people are when they agree to the terms and conditions of online services. The Guardian reports that a team of security researchers set up a mobile WiFi hotspot in two busy London districts last June in an experiment organized by Finnish security firm F-Secure and European law […]