Greek voters’ overwhelming rejection of European creditors’ austerity-laden loan package makes a Greek exit from the euro more likely than ever. But while prior crises in Europe have led investors there to seek relative safety in assets like New York City real estate, experts told The Real Deal that the effect of the latest turmoil on the property market here will be minimal...
“The reality is that not much capital has gone into Greek real estate,” said Borja Sierra, head of U.S. capital markets at Savills Studley. He said while international investors like the Blackstone Group and Wilson Kennedy might see some properties in other troubled countries like Italy and Spain lose value, “Its not evident that they’ve triggered sells..” Greek turmoil to have minimal impact on NYC real estate: experts
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