Canadian Investors Sink $3.85B Into Manhattan Real Estate
Canadians are invading Manhattan. This country’s biggest real estate investors have bought a record $3.85B in property this year in the NYC borough, and spent more than any other foreign country there in the last decade. Pension funds—with a combined US$434B under management—are among the most active investors in Manhattan.
Key projects include the 21st Century Fox HQ (Ivanhoé Cambridge) and Hudson Yards (Oxford Properties Group), the largest private real estate development in US history. Ivanhoé Cambridge was also a party in the purchase of Manhattan’s 1095 Avenue of the Americas (above) for $2.2B in January, the second most expensive office-building sale in national history.
“Canadian investors…are sitting on a pile of wealth that needs to be invested,” Real Capital SVP Jim Costello told Bloomberg, adding they come to Manhattan in spite of high costs and competition because “there’s an understanding that there’s always somebody who wants to buy an asset in New York.” [Bloomberg]