NYT: Secret Money Buying Up NYC Real Estate



Behind the dark glass towers of the Time Warner Center looming over Central Park, a majority of owners have taken steps to keep their identities hidden, registering condos in trusts, limited liability companies or other entities that shield their names. By piercing the secrecy of more than 200 shell companies, The New York Times documented a decade of ownership in this iconic Manhattan way station for global money transforming the city’s real estate market.

Many of the owners represent a cross-section of American wealth: chief executives and celebrities, doctors and lawyers, technology entrepreneurs and Wall Street traders.

But The Times also found a growing proportion of wealthy foreigners, at least 16 of whom have been the subject of government inquiries around the world, either personally or as heads of companies. The cases range from housing and environmental violations to financial fraud. Four owners have been arrested, and another four have been the subject of fines or penalties for illegal activities.

The foreign owners have included government officials and close associates of officials from Russia, Colombia, Malaysia, China, Kazakhstan and Mexico.

They have been able to make these multimillion-dollar purchases with few questions asked because of United States laws that foster the movement of largely untraceable money through shell companies.

Vast sums are flowing unchecked around the world as never before – whether motivated by corruption, tax avoidance or investment strategy, and enabled by an ever-more-borderless economy and a proliferation of ways to move and hide assets.

Read more at the New York Times.

{Matzav.com Newscenter}


  1. Mayor Guiliani once said there are foreign investors buying New York real estate and that is ok, as long as when they leave they don’t take the real estate with them. Let people invest in real estate and when they leave and sell the real estate, guess what the buildings will still be there for some one else to invest in it, and New York is non the loser.

  2. Let the NYT list there major investors. The foreigners that own large stake in the paper. We would find they are reporting there news as
    Per investors requirements Does the Saudis prince still control a large stake. Just asking. Like they r