NY condo builders target less-wealthy amid market turmoil

New York

TUMULTUOUS stock and commodity markets are roiling investors around the globe. For Hong Kong developer Neo Que Yau, that presents an opportunity on Manhattan's 59th Street.

"The world economy is fairly weak in general, and I think there's a lot of room for the New York market to grow, " said Mr Neo, who's building his company's first tower in the city, and the tallest it's ever developed. "We think there are still inflows to the US, and we think it might even accentuate because of the flight to safety."

Mr Neo is chief executive officer of Euro Properties, which is wagering that well-heeled overseas buyers will continue to see Manhattan condo ownership as a safe investment.…