The New York Times today (Feb . 7, 2015) published “The Hidden Money Buying Up New York Real Estate” as the first article in
a five-part series based on extensive research about who is buying premium real estate. For more than a year, paper “examined the influx of global cash fueling the New York City’s high-end real estate boom,” and found that:
- “Nearly half of the most expensive residential properties in the United States are now purchased anonymously through shell companies.”
- “The real estate industry does little examination of buyers’ identities or backgrounds, and there is no legal requirement for it to do so.”
- “The investigation pierced the secrecy of more than 200 shell companies to examine a decade of ownership at the Time Warner Center, an iconic building alongside Central Park. At least 16 foreign owners there have been the subject of government inquiries, either personally or as heads of…
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