Who really lives in all those luxury skyscrapers going up across New York, from The Plaza, One57, Trump International to Time Warner Center" Apparently, no… [Read More]The post US Will Investigate Who Is Buying Up Luxury Real Estate In New York appeared first on Pursuitist.

Who really lives in all those luxury skyscrapers going up across New York, from The Plaza, One57, Trump International to Time Warner Center" Apparently, no one. Instead, shell companies that often shield purchasers? identities are responsible for the influx of global cash fueling New York’s high-end real estate boom, reports the New York Times.The Treasury Department states that they will begin begin identifying and tracking secret buyers of high-end properties with all-cash purchases.?We are seeking to understand the risk that corrupt foreign officials, or transnational criminals, may be using premium U.S. real estate to secretly invest millions in dirty money,? said FinCEN Director Jennifer Shasky Calvery. ?Over the years, our rules have evolved to make the standard mortgage market more transparent and less hospitable to fraud and money laundering. But cash purchases present a more complex gap that we seek to address. These GTOs will produce valuable data that will assist law enforcement and inform our broader efforts to combat money laundering in the real estate sector.?The New York Times reports states:It is the first time the federal government has required real estate companies...