Wells Fargo, Bank of America Shut out of New York Luxury Real Estate Boom by Foreign Investors

 

Global lenders are quietly bankrolling the New York City luxury real estate bonanza, keeping domestic banks out of the New York out of the action, real estate publicationThe Real Deal revealed in an investigative report.

According to the report, not a single one of Manhattan’s seven largest luxury condo towers under construction or pre-development is being bankrolled by domestic banks. Firms like Wells Fargo  and Bank of America are being shut out in this latest New York real estate boom, the report said.

Read the entire article at The Street.