In an uncertain U.S. economy, real estate investment trusts have had a standout year. Overall, the sector has notched better than 25 percent total returns year-to-date, among its best performances of the decade. Those strong 2019 results came as the Federal Reserve slashed interest rates three times this year, U.S. gross domestic product grew at a slow but even pace and there remained lingering concerns about the global economy, said Haendel St. Juste, a REIT
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In a sign of the times, Manhattan’s priciest condo project this year doesn’t expect to crack $1 billion in sales. Facing an oversupply of new development condo units in the borough, this year’s most expensive condo projects have set the pricing bar far lower than in 2018, according to a TRD analysis. The total sellout price for the 10 most expensive Manhattan condo projects this year was just $3.1 billion, a 57 percent plunge from
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After months of rumors and speculation over where Apple and Facebook would plant their flags in New York, Mark Zuckerberg’s firm showed its hand. The social media giant signed a lease for more than 1.5 million square feet of office space across three buildings at Hudson Yards in mid-November, a major coup for developers the Related Companies, Oxford Properties Group and Mitsui Fudosan America. Related’s Stephen Winter, senior vice president of commercial leasing, said his
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