Moscow On Hudson
A plummeting ruble and a frozen stock market (trading in Moscow was once again suspended last week) mean that rich Russians are desperate to move their remaining money abroad. At least some of them are pouring it into New York real estate. Luxury pads in places like London and Manhattan were popular among elite Muscovites even before the property crash, but demand is increasing now that many top properties are selling at a 15 to 20 percent discount from their highs. Edward Mermelstein & Associates, a New York real-estate firm that specializes in helping overseas clients buy property in the United States, has closed six deals in recent weeks on behalf of Russian clients at 15 Central Park West, the glitzy Robert Sterndesigned condo building on 61st Street. Prices per square foot are down significantly from highs of about $7,000 per square foot, paid just a couple of years ago by the now beleagured bankers and hedge-fund managers who are selling them. "My Russian buyers see these apartments as a very good investment," says firm head Edward Mermelstein. "They are worried about economic and political persecution in their own countries, and they still believe that the Anerican market is strong and safe." Good thing somebody does.
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Rana Foroohar is the deputy editor in charge of international business and economics coverage for Newsweek. She conceives and edits a weekly section of breaking news stories, features and guest articles. She also writes economic cover stories and opinion pieces, and pens a bi-weekly column on the global economy.
Foroohar oversees Newsweek's team of global correspondents and stringers, directing their reporting on the week's business news. She edits regular columnists such as hedge fund manager Barton Biggs, Morgan Stanley emerging markets head Ruchir Sharma, Yale professor Jeffrey Garten and PIMCO CEO Mohamed El-Erian. She is in charge of economic coverage for Newsweek's annual Davos special issue, which features pieces by world leaders and economic thinkers, and also chairs panel discussions while at the World Economic Forum in Davos.
Prior to taking this New York based position in 2007, Foroohar spent six years as Newsweek's European Economic Correspondent based in London, covering Europe and the Middle East. During this time, she was awarded the German Marshall Fund's Peter R. Weitz Prize for transatlantic reporting. She has also worked as a general editor at Newsweek, a reporter for Forbes magazine, and as a writer and editor at various other national and international publications. Foroohar graduated in 1992 from Barnard College, Columbia University, with a B.A. in English literature. She is a life member of the Council on Foreign Relations.
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