A report from the New York Observer:
City Tops for Foreign Commercial Real-Estate Investment, Survey Says
Check this out:
"Changes in US Property Type Preferences
1. Office buildings (unchanged from 2005)
2. Multi-family (missing first place by a fraction of a point)
3. Hotels (down from number two in 2005)
4. Industrial (unchanged from 2005)
5. Retail (down from number three in 2005)
Both globally and in the US, respondents say multi-family comprises 12% of their portfolio."
People living overseas and building in our city don't give a damn about overdevelopment, esthetics, or neighborhood character. The dollar is weak these days and they are taking advantage of that at our expense. And the city bends over backwards to accommodate them.