The sales manager of a real estate brokerage firm in New York City said earlier this month that a Chinese billionaire investor spent $2.9 million on 19 properties in Ossining.
John Barrett, department head of Real Estate Investments & Sales at Admiral Real Estate Services Corp. in Bronxville, said on March 7 that the Chinese tycoon bought 17 apartments and two shops in the Orchid Condominium at 73 Spring Street at a rate of $125 per square foot from a non-profit company named Community Preservation Corp.
Barrett revealed that the investor had planned to buy a property in Manhattan, but found the returns were too low, so he chose Ossining instead.
In Barrett’s view, the current market trend for apartments in Ossining is strong. If the investor decides to sell these properties later, he will definitely make money.