December 31, 2006
$5.4 Billion Real Estate Deal
Tishman Speyer properties bought 80 acres of apartment buildings in Manhattan for $5.4 billion, the most expensive real estate deal presently recorded in absolute dollars. The price far exceeded any reasonable multiple on revenue (rent). One possible inference is that the new owners are gambling on loosening or avoiding the New York rent control laws, that the deal is regulatory arbitrage.
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