irenegro (irenegro) wrote,

Manhattan Real Estate Feels a Russian Chill

"Who doesn’t enjoy a good yarn about Russian oligarchs who throw their fortunes at New York real estate? Take the Russian fertilizer king Dmitry Rybolovlev, who is linked to a record-breaking $88 million sale at 15 Central Park West, or the composer Igor Krutoy, who bought three apartments at the Plaza Hotel. Yet these tales of excess could soon fade into memory.

Moscow may be 4,500 miles from Manhattan, but with tensions intensifying over the annexation of Crimea, an Arctic Russian blast could chill the high-flying luxury real estate market here.

Rich Russians have long been a force in the city, headlining some of its flashiest apartment sales, but now many are fearful that buying a New York apartment could have political ramifications at home. And even if they were willing to risk President Vladimir V. Putin’s ire, economic sanctions and visa restrictions might soon make such purchases impossible".
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