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Big Apple Boom

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In looking at the most promising real estate markets around the country in which he can invest, CGM Realty Fund’s Ken Heebner is in a New York state of mind, and is particularly fond of the SL Green Realty REIT:

“I think the Manhattan real estate market is the strongest in the country. It is benefiting from increased headquarters activity as the economy expands [and] companies expand their headquarters; the vacancy rate has fallen below 10%; and (by the end of this year) I expect to see rent increases, generally, in this market to rise at over a 10% rate. So I think the Manhattan real estate market’s going to boom and I think this company [SL Green Realty] is a principal beneficiary of that. In fact, when I look back at the whole fund on March 31, [SL Green] is the second largest holding.”