$50 Million Test for High-End Condo
By Josh Barbanel, The Wall Street Journal
Affluent Russians are overwhelmingly placing their assets in real estate overseas.
Selling is rare, said Edward A. Mermelstein, a real-estate lawyer who represented many clients in Russian and the Ukraine for their real-estate purchases in New York.
He said only a few have sold real estate and only “because of financial issues and that happens rarely.”
“While all of this uncertainty is still happening in Russia,” he said, buying a Manhattan apartment “is almost like having a diamond in your pocket. “