New York nabs global property crown from London on Brexit fears

New York gained $10.3 billion in cross-border investments in the first six months of the year compared with the $6.9 billion that London took in, data from JLL show. In the same year-ago period, London garnered $12.4 billion while $11.3 billion flowed to New York, according to JLL.

The uncertainties created by Brexit has made investors more cautious about Britain and to a lesser extent about Europe, said Ken McCarthy, senior managing director, regional research director for Tri-State New York at Cushman & Wakefield. Negative interest rates across the euro zone also are driving investment to the United States, he said.

“You’re going to see people look to redeploy their capital elsewhere and the big one will be the U.S… Most likely given that it is overseas capital, it will focus on gateway cities,” McCarthy said, citing New York, Boston, Washington, Los Angeles and San Francisco.

Come to us, money…