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New York Beats London for Overseas Property Investors on Brexit

  • High prices, Brexit concerns hit London even before referendum
  • New York attracts $1 out of every $10 of global investment
Manhattan's Upper West Side.
Photographer: Craig Warga/Bloomberg

New York overtook London to become the most popular location for overseas commercial property investors as the growing U.S. economy and a stronger dollar draws buyers. Sales in the U.K. capital slumped on concerns that Britain would leave the European Union.

Overseas investors spent about $25 billion on commercial real estate in New York in the 12 months through June, according to a report by broker Cushman & Wakefield Inc. The value of sales in London fell to almost $25 billion from $39 billion in the same period a year earlier.