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Article: Investors asking how low can cap rates go.(luncheon of Real Estate Board of New York)
- Article from:
- Real Estate Weekly
- Article date:
- November 10, 2004
- Author:
CopyrightCOPYRIGHT 2004 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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At a REBNY luncheon held at the Waldorf Astoria on November 3, Joe Moinian, president of the Moinian Group, the fifth largest private REIT in the United States, made highly optimistic statements when weighing in on the future of Manhattan property.
"I feel this is only the beginning," he said, describing the skyrocketing value of buildings over the past few years. "Properties are still a bargain, they're not at a peak."
It's not surprising that Moinian feels this way; he has been on a buying spree of commercial and residential property over the past months.
But his assessment of continually escalating real estate value brings up a question on ...