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New York Remains Attractive to Out-of-Town Investors

NEW YORK CITY-Expect to see an increasing amount of off-market deals here as investors look for ways to find and acquire quality assets, said panelists during the Young Mortgage Bankers Association's spring luncheon. Out-of-town investors view the US as the strongest and safest location for real estate acquisitions.

By Barbara Jarvie | Updated on April 12, 2006

NEW YORK CITY-Having a presence here is a key factor to doing deals here, said panelists discussing what out-of-town investors look for in this market at the Young Mortgage Bankers Association’s spring luncheon. “One of the things that really makes a difference is having folks on the ground,” said James R. Dunlop, senior vice president of Archstone-Smith, which is the largest public apartment owner here in the city. He noted that sometimes out of towners have a “different way of looking at things that can turn mediocrity into success.”

According to the Association of Foreign Investors in Real Estate, foreign investors view the US as the strongest and safest location for international commercial real estate acquisitions. In a survey released earlier this year, 74% of participants, compared to 60.7% in 2005, report that the US offers the most secure environment for investment.

Deals completed by foreign investors “attract a lot of attention,” said Mark Meier, director, Mitsui Fudosan America Inc. He expects there will be increasing amounts of Japanese capital going toward real estate due to such factors as the increasing Japanese economy, the interest in real estate, lack of domestic supply and legislative changes here. “There is no reason to expect investments will subside in the future.”

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