Vornado is the one I keep hearing about and look interesting superficially.
Not sure what the imply discount is, and how exposed they are to rising rates.
I am also always a little squeamish in dealing with real estate in places in never visit nor understand. Location location location is a motto that seems to run in contraction to buying REITs the other side of the planet.
But yeah, even in the event of the US getting less hegemonic globally, if anything, it might encourage more concentration of wealth in NY and Washington.
“This could create opportunities for NY real estate firms whose stock prices are crashing when their real prospects are not so bleak.”
Completely agree. Companies with Class A real estate such as Vornado Realty (VNO) are trading at ultra depressed prices. NYC’s never going away
Vornado is the one I keep hearing about and look interesting superficially.
Not sure what the imply discount is, and how exposed they are to rising rates.
I am also always a little squeamish in dealing with real estate in places in never visit nor understand. Location location location is a motto that seems to run in contraction to buying REITs the other side of the planet.
But yeah, even in the event of the US getting less hegemonic globally, if anything, it might encourage more concentration of wealth in NY and Washington.
This article’s pretty long but lays out the VNO investment thesis https://warcap.substack.com/p/on-vornado-nyc-office-market-part