Amid the narrative of New York City residents leaving during the pandemic, a hidden trend emerges — out-of-state buyers investing in Manhattan real estate. Analyzing residential sales over the past two years, excluding purchases through shell companies, reveals a dynamic market.

• New Jersey residents led the pack, investing $1.48 billion in over 1,400 deals, comprising over 20% of the total sample volume.
• California followed closely, contributing $1.25 billion across 900 deals, with San Francisco buyers accounting for over 15% of that spending.
• Florida saw significant investment, with Floridians spending nearly $788 million on 651 homes.

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