The private equity and other pooled funds that have made century-old buildings some of the hottest properties in Manhattan have been cashing out at double the rate of a few years ago, but strong buying from other investors has assuaged fears that the market is peaking.
The institutional investors and real estate investment trusts that are taking private equity's place indicate a comfort level for older buildings that have been renovated in Midtown South, the district accounting for many of the transactions...
Now many private equity firms have been able to exit before completing the business plans for a building, said Woody Heller, an executive managing director at real estate company Savills Plc's (SVS.L) Savills Studley unit in New York.
In a very short period, he said, private equity funds have enjoyed tremendous appreciation in the value of their real estate and sold after hitting their metrics...NYC property market still hot even as private equity exits
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National Office Sector Report (Q2 2015)