India: NYC’s next investment powerhouse?

IMAGE: The Real Deal

Lanyard and his partner Nicole Grandelli, who claim to have sold more than 30 New York apartments to Indian buyers over the past eight years, said they have noticed growing interest from the subcontinent. But unlike, say, Russian buyers, Indians have shown little interest in the priciest penthouses.  (The broker pair represented an Indian buyer many years ago and have expanded that network through referrals and several trips to India.)

“They want to buy the property that is just going to have the most value,” said Grandelli. She explained that most of their Indian buyers — they current have 10 actively in the market — prefer to rent out apartments, rather than keep them as pieds-à-terre.