> "Foreign demand has been a big part of the story,"
> said Jonathan Miller, director of research at Radar
> Logic and author of Prudential's quarterly overview
> reports, but foreigners are not permitted to buy
> cooperatives.
An odd claim that, needless to say, is quite wrong:
"Why aren't foreigners buying co-ops?
"Well, first of all, in many instances, you have to show that you're not using this as a pied-à-terre, that you have enough assets in the United States. Most foreigners do not want to give their financial statements in full; it's a requirement of co-op boards."
http://www.nyobserver.com/2007/elizabeth-plaza