New York City real estate is hot, Eric Trump told CNBC on Wednesday, despite what he sees as somewhat slowing Russian investment due to the collapse in oil prices.
"There's a lot of foreign investment coming into the city. They feel very comfortable parking their money here," said the executive vice president of development and acquisitions for The Trump Organization. "Does that change with the oil prices and the lack of Russian funds coming in? I think we'll see a little bit of that."
To make his case for strength in the Big Apple, the son of real estate mogul of Donald Trump pointed to what would be the most expensive listing ever in Manhattan. The New York Daily News reports a penthouse condominium at the former Sony building is set to hit the market for a $150 million.
"People are buying up buildings left and right," Trump said in a "Squawk Box" interview. "You see penthouse apartments going online for $150 million in the Sony building which happens to be right next to Trump Tower."
As for the stronger dollar, he said he's not too concerned. "We're on both sides of the equation. We're doing a lot of projects in Europe where we're investing U.S. dollars into Europe. And we're doing a lot of projects there where we're bringing money back. So in a certain way, it's kind of a natural hedge when you go global."