Wei Min quoted in Slicing The Apple – Foreigners Fuel New York
Posted by Wei Min Tan on October 30, 2017
Summary: Wei Min interviewed by The Cooperator about the foreign buyer market as sales from overseas buyers amounted to $82 billion, up from $66 billion.
Wei Min’s comments in article:
According to Wei Min Tan, founder of Castle Avenue Group within Manhattan-based Rutenberg Realty, upwards of 50 percent of his clients are foreign. “About four years ago, a lot of foreign buyers were European,” he says. “But that’s tapered off a bit because of the European debt crisis.” Tan now sees an uptick in interest from both China and Brazil.
“In the emerging markets, one of the first things people want to do when they get rich is visit New York,” says Tan. He notes that for many years, the real estate holdings to have were in London, but that attention and prestige began to shift toward New York about 35 years ago.