New York Post made an article analyzing the upcoming effects of Brexit for real estate businesses in New York, as British real estate markets had started to reel. A poll of leading power players found lots of high expectations, with a few marked exceptions.
All of them agreed that, although Brexit was not good news, it would have a good impact on New York’s real estate, considering that anybody looking for a place for their capital investments would focus from that moment on more stable places apart from UK.
Among others consulted, Eric Hadar, chairman of Allied Partners said: “Global wealth has been transitioning to safe havens such as ultra-luxury New York real estate for the past 5-7 years. The more important question is the impact [the weakening pound] will have on tourism, a far more significant source of demand for the New York real estate market than flight capital.” [NYP] – Steve Cuozzo