A new breed of Chinese investors is making big bets on real estate in Queens. The pool of Chinese investors has expanded from high-net-worth individuals with an eye for trophy Manhattan properties to upper-middle-class buyers more willing to diversify their bets. A favorite neighborhood is Flushing in Queens -- a borough which has boasted a thriving East-Asian community for decades.
Indeed, buyers from mainland China can now account for as many as half of the buyers at new condominium buildings in “Falasheng,” (as the area is known in Mandarin). For instance, ten of the 21 units that have sold in the condominium portion of One Fulton Square, a mixed-use project on Prince Street in Flushing, have gone to Chinese buyers, according to Bill Seto as told to the New York Times. Mr. Seto is president of the Chinese American Real Estate Association and is marketing the project for the F&T Group, the developer of One Fulton Sqare. One-bedrooms in the 43-unit building start at $550,000.
Similarly, about 135 of the 410 units sold at Onex Real Estate Partners’ Sky View Parc in Flushing have gone to Chinese buyers, an executive at Onex told the Times. For many Chinese buyers in this latest wave, the apartments are investments and will be rented out. Likely tenants include students at Queens College, the Fashion Institute of Technology or Parsons, the design school.