The strong dollar will not keep foreign investors from buying real estate in the U.S. in 2016, said Steve Witkoff, CEO of the Witkoff Group. And New York City properties – hot as they are – continue to be a good value relative to the rest of the world. ‘New York City is the safe harbor for capital around the world so as you have problems in other parts of the world you see flight capital come in,’ said Witkoff. There is continued value in New York City residential market versus other global cities, according to Witkoff. For example, New York City pricing for condominium product trades at the same level as London’s, but the pound is 1.6 times the multiple of the dollar, making the London market 60% higher. Witkoff is developing a new Marriott-branded Edition Hotel at 20 Times Square, the first new hotel of its kind in two decades in the area and the only five-star hotel in Times Square. The project will also include 76,000 square feet of prime retail space on the site. ‘Times Square is inimitable,’ said Witkoff. ‘There are 150 million people who flow through that six or seven block area every single year so you have two selling days for every day you are open in Times Square. Plus there is very little inventory, it’s a high barrier to entry market.’
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