Developer: Strong Dollar Not Deterring Foreign Investments
Despite a strong dollar making pricey US real estate assets even pricier, foreign investments in gateway cities won't stop next year, Steve Witkoff, CEO of the Witkoff Group, says.
New York City real estate set several records in 2015, with foreign buyers driving prices north—a trend that will remain intact in '16, Witkoff tells The Street.
Witkoff's developing a new Marriott-branded Edition Hotel at 20 Times Square, the only five-star hotel in Times Square. The project will also include 76k SF of prime retail space on the site.
Even as the US dollar bulks, low inventory in gateway markets will keep demand red hot.
“New York City is the safe harbor for capital around the world,” Witkoff says. Despite the dollar's strength against foreign currencies, "as you have problems in other parts of the world, you see flight capital come in." [TheStreet]