A weaker U.S. dollar likely won’t give Manhattan real estate its usual boost after the New York borough emerges from its COVID-19 lockdowns.
This means wealthy foreign buyers, who typically scoop up luxury Big Apple properties at a favorable rate, won’t be in the game this time around.
“New York has been one of the most challenged real estate markets, certainly in the country, if not the world,” Scott Crowe, chief investment strategist at CenterSquare Investment Management, an $11 billion real estate asset manager based in Plymouth, Penn tells FOX Business.
NYC BRICK-AND-MORTAR RETAIL IS DEAD: DON PEEBLES
Prices for residential and commercial listings in Manhattan, New York City’s most densely populated borough, have plunged about 10%, on average, since the outbreak of COVID-19 as New Yorkers have fled in droves amid a wave of crime that