Indians now account for close to 20% of all realty sales in Manhattan, and 30% of all enquiries made, says Raphael De Niro, MD of New York’s biggest property brokerage firm Prudential Douglas Elliman. 'India and China are now replacing the buyers from Eastern Europe,' he says.
Prices of residential apartments in Manhattan have slipped 20-25% off their peak in end-2007. De Niro says he is currently negotiating with several Indian buyers who are public figures in India. Sales pitch for a typical Manhattan condo begins at Rs 3 crore-Rs 4 crore, less than what a South Mumbai apartment or a Mehrauli farm house comes for. Average price per square feet for a Manhattan East side condo is $1,249 while that for a South Central Mumbai apartment is $1,319.
Times of India