Canadian love affair with Manhattan real estate seen unabated
By Allison Lampert
MONTREAL (Reuters) - Canadian investment in the Manhattan commercial property market is expected to stay strong this year after quadrupling to hit a record in 2015, real estate specialists said.
Canadians accounted for almost a third of the $25.6 billion in foreign capital that poured into Manhattan commercial properties last year, with investment swelling to $8.3 billion from $1.97 billion a year earlier, according to data from Real Capital Analytics.
In comparison, investment from other countries more than doubled during the period, the data showed.
"The trend will continue in New York," said Ric Clark, chairman of Brookfield Property Group, a real estate division of Toronto-headquartered Brookfield Asset Management.
"We're in growth mode in Manhattan."
Brookfield Asset Management is Manhattan's second-largest landlord, in all asset classes, after the City of New York, according to CoStar Group Inc commercial real estate data compiled by Cushman & Wakefield.
Brookfield has both bought buildings and announced plans to construct new ones. Brookfield Property Partners, a spinoff of Brookfield Asset Management, is now building a 62-storey residential tower as part of its $4.5 billion multi-use Manhattan West development.
Ivanhoe Cambridge, the real estate arm of Quebec's largest pension fund manager, also ranks within the top 10. Continued...