Take Your Money and Run: Russians and Ukrainians Invest Their Funds in the US

Take Your Money and Run: Russians and Ukrainians Invest Their Funds in the US

Epoch Times

“Many of our clients who were making substantial money in the oil sector had to sell, went bankrupt, and are putting money back into the businesses in order not to lose their businesses. They have to diversify into other means of getting income, and real estate has become a very popular alternative to their investments in their own country,” says Edward Mermelstein, founding partner of Rheem Bell & Mermelstein LLP.

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$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.