When the global financial crisis hit, New York City property was said to be "bulletproof". But prices began dipping and then plummeting, leaving the city with hundreds of stalled projects.
Investors were stuck with investments made at the peak of the market. Now, nearly three years since the fall of Lehman Brothers in September 2008, Gulf investors are quietly returning to the Big Apple.
The former Morgan Stanley building at 750 Seventh Avenue in Manhattan was sold this month for US$485 million (Dh1.78 billion) to Fosterlane Management Corporation, an arm of the Kuwait Investment Authority.
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