$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. “