Europeans on shopping sprees in New York City are buying more than holiday gifts. Taking advantage of the weak dollar, they are buying apartments. "The exchange rate is like a gift from God for Europeans," said Danielle Grossenbacher, a broker for Coldwell Banker Hunt Kennedy. "Everybody is feeling they have an opportunity to purchase a piece of Manhattan." The number of foreign buyers has doubled in two years, and they have bought one-third of all new condos in the last 18 months, according to research firm Radar Logic.
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source: therealdeal.net
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