When Dollars are Scare, Rubles Will do Nicely

With the American housing market suffering and home buyers reluctant commit high end real estate goes to the Russians.

By Mark Kratzwold

In the 1980s, everyone wanted a broker that spoke Japanese. Now, the most successful brokers in Manhattan are the ones who speak Russian. Russian billionaires are snatching up properties on Manhattan at an ever-increasing pace. They are making their way into NY society the fastest way they know how, by snatching up the most desirable properties in the city. Already the billionaire elite of the new Russia are paying top dollar for apartments at the Plaza, all along Fifth Avenue, and even at the ultra-luxurious 15 CPW.

The latest in Russian acquisitions isn't even in NYC, but the purchase of Donald Trump's nearly 100 million dollar property in Palm Beach, Florida is sending ripples through the real estate market of New York, as well. The property, sold to a Russian fertilizer magnate, speaks to the extreme desire that the Russian elite have to enter the US market with a vengeance.

Of course, it isn't just The Donald's Palm Beach real estate that he is trying to sell to the Russians. Mr. Trump sought out a Russian-speaking broker when he decided to put his Trump Park Avenue penthouse up for grabs. The listing went to Ms. Victoria Shtainer, of Prudential Douglas Elliman, who has since convinced The Donald to list the property for a staggering 45 million dollars. According to Mr. Trump, “Russians love Palm Beach, and they love New York.”

While his other apartments in the luxury high-rise, formerly the Delmonico Hotel have gone to such names as Rupert Murdoch and A-Rod, Mr. Trump has seen the writing on the wall, and has elected for a more “cross-borders” attitude in his high-altitude real estate. The penthouse, which boasts over 6,000 square feet of space can also be rented, in-lieu of its eventual sale, for 200k a month.