The New York Sun has an article on how and why Middle East investors, especially from UAE and Israel, are purchasing properties in New York. According to the article, it resembles a trend in 1980s when Japanese buyers were purchasing high-profile properties in New York such as Rockefeller Center.
The article mentions the oft-quoted investments of Dubai’s Istithmar in New York properties (W Hotel in Union Square for $285 million, a majority stake in the Mandarin Oriental at Columbus Circle for a reported $340 million and $300 million on the former Knickerbocker Hotel building in Times Square), but from an investment point of view, this part of the article was quite interesting: Quoting a Middle Eastern investor:
"When you invest in Europe — no matter how much you buy — people look at you as a foreigner, and will never embrace you as part of the community," he said. "In New York City, you buy one building and, already, you're a local player. There's no such thing as a foreigner here. The brokers and the banks don't care if you're money's from Israel or Dubai. They embrace you as part of the investment community."
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