Investing
New York’s Empty Office Buildings Lure Rich Families Hunting Bargains
Smaller investors are replacing institutional buyers, seeing an opportunity in the long-coveted real estate market.
An entity co-founded by the son of a Quebec businessman bought AIG’s former headquarters at a 7% discount from the previous sale price in 2019.
Photographer: Amir Hamja/BloombergManhattan’s commercial real estate market is reeling, offices are sitting partially empty and rising interest rates threaten to bring widespread defaults.
But for a subset of wealthy investors, the allure of owning New York City property is particularly strong.