Post by earl on May 8, 2007 15:55:45 GMT
(CBS/AP) NEW YORK The Irish are rushing to buy up Manhattan condominiums, entire buildings and even large blocks of apartments in unfinished high-rises.
Drawn to Manhattan by a weak dollar that makes New York a bargain compared to Ireland and Britian -- and armed with an infusion of cash from a long economic boom back home -- real estate experts say the Irish are clamoring for a piece of the city, The New York Times said.
"Its an Irishman's dream to be able to go to Manhattan and be able to buy property there," said 36-year-old Belfast entrepreneur Neil McCann, who signed a contract to purchase a one-bedroom apartment near Gramercy Park for $600,000.
Anne Marie Moriarty, of the Corcoran Group, said most Irish purchasers she deals with are buying one or two apartments at a time. She said they also put down money on apartments long before they are completed.
Because of the demand for Manhattan real estate among the Irish, sellers often travel to Dublin and Belfast with glossy brochures advertising properties. Buyers often don't have to come to Manhattan.
The Irish aren't the only ones from around the world who have decided to invest in Manhattan property -- but they seem to be the latest wave with a hearty appetite, the Times said.
Jonathan J. Miller, president of Miller Samuel, a real estate consulting company, said he had noticed the trend.
"Because of the weak dollar, were seeing a lot of European buyers and it just seems like there's a disproportionate amount from Ireland," he said.
The Irish are buying up properties in marquee areas, real estate brokers and developers said, including a block of apartments in the Centria, a high-rise near Rockefeller Center, and a 122-unit, 43-story condominium development in the theater district.
wcbstv.com/topstories/local_story_128100716.html
Drawn to Manhattan by a weak dollar that makes New York a bargain compared to Ireland and Britian -- and armed with an infusion of cash from a long economic boom back home -- real estate experts say the Irish are clamoring for a piece of the city, The New York Times said.
"Its an Irishman's dream to be able to go to Manhattan and be able to buy property there," said 36-year-old Belfast entrepreneur Neil McCann, who signed a contract to purchase a one-bedroom apartment near Gramercy Park for $600,000.
Anne Marie Moriarty, of the Corcoran Group, said most Irish purchasers she deals with are buying one or two apartments at a time. She said they also put down money on apartments long before they are completed.
Because of the demand for Manhattan real estate among the Irish, sellers often travel to Dublin and Belfast with glossy brochures advertising properties. Buyers often don't have to come to Manhattan.
The Irish aren't the only ones from around the world who have decided to invest in Manhattan property -- but they seem to be the latest wave with a hearty appetite, the Times said.
Jonathan J. Miller, president of Miller Samuel, a real estate consulting company, said he had noticed the trend.
"Because of the weak dollar, were seeing a lot of European buyers and it just seems like there's a disproportionate amount from Ireland," he said.
The Irish are buying up properties in marquee areas, real estate brokers and developers said, including a block of apartments in the Centria, a high-rise near Rockefeller Center, and a 122-unit, 43-story condominium development in the theater district.
wcbstv.com/topstories/local_story_128100716.html