From Russia with Love” could perhaps be the quote of the week after famous Russian composer and mega millionaire Igor Krutoy purchased a stunning $48 million 6,000-square-foot luxury pad in the decadent Plaza hotel in NYC. Mr Krutoy’s purchase not only gave a much needed boost to the real estate economic slum but also set the record for the most expensive single condo sale in Manhattan history.
It seems that he is not the only Eastern European of his class that is being lured to investing in property in the U.S. The trend of these foreign billionaires, who appear to be mainly Russian and Eastern European, are flocking to Manhattan in particular to scoop up real estate bargains on commercial properties, second and even third homes, which have been recorded as plummeting in value recently from 40 to 80 percent of their original value.
One man who has become quite the expert on the Eastern European investment trend in NYC is real estate attorney Edward Mermelstein, whom 75 to 85 percent of his clients are from countries such as Russia, Ukraine and Belarus and seek him out in particular for their multimillion dollar investments.
It appears that The Big Apple is set to rise to become home to an increasing number of foreign wealth and investors, providing a boost to real estate investment and increasing the size of America’s melting pot.