$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. “

New Sky High in Manhattan
By Josh Barbanel, The Wall Street Journal

In contrast to the lagging sales in the rest of the Manhattan residential market, high-end luxury apartments are booming. The trend is in large part due to the influx of Russian buyers who no longer find apartments in London as attractive as New York.