These Foreign Millionaires Took New York's Real Estate Market By Storm In 2011

plaza igor krutoy

International buyers stormed the American real estate market in 2011, taking advantage of low prices and a weak dollar.

All told, they spent around $41 billion on property in the U.S. in the last 12 months.

In New York City today, 15% of buyers are international, with many transactions happening in the highest echelons of the property market, realtor Elizabeth Stribling told the Real Deal.

The real deal looked at the biggest property transactions in New York in New York so far this year, and found that of the top 20, six involved foreigners.

We’re taking a look at some of the properties they bought and sold; check out the full infographic at the Real Deal.

Russian composer Igor Krutoy paid $48 million for a 6,000-square-foot condo the Plaza.

Source: The Real Deal

At that price, it's the most expensive condo ever sold in New York City. Krutoy is using it as a pied-à-terre.

Source: The Real Deal

The 12th floor unit has sweeping views of Central Park, but it doesn't even take up the whole floor.

Source: The Real Deal

An anonymous buyer who's widely thought to be Malaysian fund manager Taek Jho Low paid $30.6 million for a penthouse at the Time Warner centre.

Source: The Real Deal

Rapper Jay-Z once rented out the penthouse for $70,000 a month from mogul Todd Wagner, who initially sought $38 million for it.


The 76th floor apartment has floor-to-ceiling windows offering insane views of Central Park. At $4,600 per square foot, it's the most expensive apartment in the building, atop the Mandarin Oriental.

Source: The Real Deal

Irish property tycoon Derek Quinlan sold his Upper East Side townhouse for $23 million.

Source: The Real Deal

The 25-foot wide, 5-story mansion was initially listed at $29.5 million.

Source: The Real Deal

Quinlan, whose investments went sour when the Irish economy collapsed, originally bought the 6-bedroom, 12,000-square-foot home in 2005.

Icelandic investor Jon Asgeir Johannesson sold his Gramercy Park Hotel penthouse to another Icelandic entity for $22 million.

Source: The Real Deal

The penthouse is actually a combination of two apartments Johannesson bought in 2006 and 2007.

The residence is at 50 Gramercy Park North and is part of the Gramercy Park Hotel. It's currently sold out.

Barbara Garza, a director of Mexican bottler Coca-Cola Femsa, bought a pair of condos at the Plaza for $19 million.

Source: The Real Deal

The units, which were never combined, went for $4,985/square foot, far more than the building's $3,219/square foot average.

Source: Curbed

The 6-bedroom residence has several terraces and floor-to-ceiling French doors throughout.

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