Stream of foreign wealth flows to elite New York real estate

Time Warner Center

An increasing number of buyers in the $8 billion market for high-end New York residences are foreigners using shell companies that mask their identities, The New York Times found in an investigation.

The investigation pierced the secrecy of more than 200 shell companies to examine a decade of ownership at the Time Warner Center, an iconic building alongside Central Park.

At least 16 foreign owners there have been the subject of government inquiries, either personally or as heads of companies. Four have been arrested, and another four have been subject to fines or penalties.

This is the first installment in a five-part series.

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February 2015
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