Mitsui Fudosan Co., Mitsubishi Estate Co. and a handful of other foreign developers are taking stakes in major real estate projects such as high-rises and commercial properties in New York as the U.S. economy recovers.

The foreign-backed deals are expected to further spur growth in America's largest city by drawing businesses to new offices and facilities equipped with up-to-date amenities.

They will also likely be a magnet for tourists and shoppers by offering attractions such as shopping malls bristling with brand names.