Asian buyers lead rush for luxury New York condos, Moinian Group says

Asian buyers, including those from China, continue to pour billions of US dollars into selected luxury residential projects in New York, according to Mitchell Moinian, senior vice-president of the Moinian Group.

The group, which owns and manages US$10 billion of assets - including offices, hotels and retail space - says Asian buyers accounted for more than half of all sales at its last release of a condominium building on New York's 42nd Street in 2009.

"I also live in the building and more than 50 per cent of the residents are Asians. Many of my neighbours and friends come from different cities in China and some are Korean," said Moinian. Armed with ample cash, Chinese companies have spent billions of dollars on real estate in New York since September, he added.

State-owned Greenland Holdings completed one of the big-ticket deals last month when it agreed to pay about US$3 billion for a 70 per cent stake in Atlantic Yards, the largest development project in Brooklyn with up to 6,430 apartments.

Last month, Fosun Group beat several competing New York-based developers to take over the office tower 1 Chase Manhattan Plaza for US$750 million.

"Lots of our buyers from China just bought the apartments over the phone," said Moinian, who is the son of the group's founder Joseph Moinian. "They say their sons or daughters are going to university in New York, and they wanted to buy an apartment for them, which they can also use when they visit."