Related Companies’ Stephen Ross says he isn’t concerned about the Treasury Department’s newfound interest in secret buyers of luxury real estate in New York City.
“I don’t think that’s really an issue,” he told Bloomberg in a video interview. “I haven’t seen much, if any, money laundering in people buying condos, especially at those prices.”
Last month the U.S. Treasury Department announced a program that will monitor all-cash purchases for high-end real estate by shell companies, starting in New York and Miami. Ross said that he doesn’t anticipate the new regulations affecting his business.
Ross also discussed Coach Inc. selling its 40 percent share in 10 Hudson Yards, and what he sees as high interest in Hudson Yards as the “new heart” of New York. [Bloomberg] — Kathryn Brenzel
Source: The Real Deal