Wednesday, January 24, 2007

Foreign Money Fueling Overdevelopment

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.


Anonymous said...

Good point. Community leadership used to be home grown. You lived, worshiped, and shopped in the community that you had a hand in creating.

Today, Queens is a cow to be milked. So what if your tenants have a party in the airshaft to 5 AM. You live out of earshot.

It was bad enough when a landlord lived in the suburbs. It is devastating when the landlord's money comes from a different country. The money has no soul. It has no concerns exact an inexorable craving to grow -- at any expense.

Interesting point. With money, no matter from where, you control the destiny of a community far more than its voters and taxpayers.

Would be nice if some reporter calls a few politicians and community board to get the reaction.

It would be nice (and more realistic) to win the lottery.

Anonymous said...

What percentage of this "foreign" money might there currently be in the process of being "laundered" via real estate dealings? Any proffessional will tell you that this is one of the prefered "methods of operation" used by various "perps" (and maybe countries that support terrorism) to clean "dirty money".

Anonymous said...

I just finished having a conversation with a former Douglas Elliman real estate agent (a top performer). He said to start getting ready for more bubbles to burst in the real estate market. Everything's being "overpromoted" and only "rental properties" are doing well. The condo market is very sluggish.

Anonymous said...

The "over-developers" are methodically chipping away at the historic architectural treasures of Queens. They are slowly and quietly eating away the fabric of our neighborhoods like hungry Moths! In a manner of speaking, these are the smaller covert acts of terrorism that we witness daily in our communities! Naturally, these "builders" are aided and abbeted by many of our elected "representatives".