Wealthy Russians across the country are reportedly trying to sell hundreds of millions of dollars worth of U.S. property, the New York Post reports. The sales are being triggered by Russia’s invasion of Ukraine and growing sanctions that could put some oligarch’s fortunes in doubt.
The Post documents several recent listings, both on and off the market, by wealthy Russians in the U.S. For example, Alexei Kuzmichev, owner of Russia’s largest private bank, Alfa-Bank, is one of the Russian nationals who own U.S. property and faces sanctions. He has listed his $41 million quadruplex in Manhattan. The Post also reports that Valery Kogan, the billionaire owner of Moscow’s Domodedovo Airport, and his wife reportedly have an off-market listing for their $50 million Plaza Hotel home as well as their other New York City and Greenwich, Conn., properties.
“We have seen a significant number of ultra-high-end properties hit the market in an attempt to liquidate before accounts get shut down,” Erin Sykes, a broker and international chief economist at Nest Seekers International, told the Post.
A hot spot in Sunny Isles Beach, Fla.—known as “Little Moscow” for its Russian population—has seen active listings grow by 9% since Russia invaded Ukraine, Sykes notes.
“I’ve never had my phone blow up like this ever in my life. There is a feeling of potential panic,” Dolly Lenz with New York–based Dolly Lenz Real Estate, told the Post. She says she’s getting inquiries from potential sellers who want to know how much their property is worth, are interested in all-cash deals, and want to sell quietly. “The fear is there, like, where does this stop? Every day there is some senator saying LLCs must be further regulated and undressed. They are afraid of getting their assets seized, even if it is just guilt by association.” Another brokerage representative says they also are increasingly fielding phone calls from Americans looking to buy distressed Russian assets.