In the Staten Island market, Chinese buyers have shown the most interest in properties near the Verrazano-Narrows Bridge
Foreign investment activity can be a litmus test for the real estate market conditions. And lately, it has practically slowed to a crawl.
Over the past several years in New York City, real estate has been heavily propped up by Chinese investments. This has been a major vehicle driving more intense bidding wars and rising prices, particularly through the period of 2015-2017.
The New York Metro area has the largest foreign buyer pool in the United States. While the city has long been known for its high-priced real estate, foreign capital has been instrumental in pushing values to record highs over the past five years.