Foreigners purchase one-third of NYC Condos

Crain's New York reports:

In recent years there has been wide agreement that foreigners have been big buyers of New York City residential real estate. What's been missing is much in the way of hard data.

As it turns out, overseas buyers currently account for one-third of condo buyers and 15% of the total buyers in the city, according to figures released Friday by residential brokerage Stribling & Associates. During the peak of the market in 2007, foreign buyers made up as much as 30% of total purchases in the city, according to Stribling.