Foreign investors are dipping their toes into the New York commercial real estate market and some companies are investing a large amount of money for their first time in the United States. Such is the case for a Norwegian wealth fund who recently acquired a 45 percent interest in Times Square Tower in New York for $684 million in cash.
The commercial real estate market in New York City is pretty hot right now, and the prices of commercial properties in the city are much higher than other major cities in the U.S. However, a new survey found that commercial property in Manhatten may be overvalued, according to Marks Paneth & Shron, a New York accounting firm.
The tech world has its sights set on New York City and more tech start-ups are moving to New York. With the increase in tech jobs moving to New York, more commercial properties are being required to update their Internet connections.