For more than a year, The New York Times examined the influx of global cash fueling the city’s high-end real estate boom. The investigation pierced the secrecy of more than 200 shell companies that have owned condominiums at one complex, the Time Warner Center.
The Times found:
■ Nearly half of the most expensive residential properties in the United States are now purchased anonymously through shell companies.
■ The real estate industry does little examination of buyers’ identities or backgrounds, and there is no legal requirement for it to do so.
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Former Russian senator who battled the Canadian authorities over entering their country. A condo owned by a family trust has undergone extensive renovations.
Chinese businessman whose company builds embassies and consulates worldwide. The company housed some workers in what Jersey City authorities deemed “troubling” conditions, including poor sanitation and crowding. Mr. Wang sits on the board of trustees at New York University.
FEB. 7, 2015
New York City sales data from PropertyShark. National sales data from First American Data Tree. The graphic represents the number of apartments on each floor, not the location. The representation of the Plaza does not reflect hotel use.
