Publication:  The Edge Malaysia

Summary:  Wei Min Tan, Manhattan property broker originally from Malaysia, interviewed by The Edge, Malaysia’s leading independent business magazine.

This article is about Manhattan’s resiliency amid the Great Recession.  Since Manhattan is land-locked, the price decline in Manhattan was about 15 percent, compared to the U.S. average which experienced a decline of 35 percent.  The relatively lower decline in Manhattan is because of:

(i) a large percentage of Coops where financials of potential buyers are heavily scrutinized.  Hence buyers who are less financially strong would not be approved by the board.

(ii) higher income profile of buyers.  Manhattan’s buyers have higher incomes and credit score compared to rest of the U.S.

Note:  The URL of the article is no longer available online.