I live in Manhattan and the Asians are buying properties. They bundle their funds... one, two, three families... group buying... wealthy ones too. The NYC market is warped. Homes that look like crap going for $800K, or more. The inventory is well below past years and multiple offers on a home are common. There are almost no, young, first-time buyers for houses, co-ops, condo's, but in Queens or Brooklyn, although that is getting tight too.
This is the weirdest NYC market I have ever seen and it will collapse soon. It has peaked.