Kelley, McKeefrey, Dockery (212) 829-5482
Sam Zell's positive sentiments on New York City real estate must have been heard by BXP's Mort Zuckerman. BXP is paying $1,000 a square foot (Including the costs of leasing up the space) for an empty office tower on Madison Avenue, one of the heftiest prices a skyscraper has sold for since the downturn in real estate began. This week we get existing home sales Tuesday, the first month of data following the original expiration of the tax credit, and new home sales on Wednesday. Last month's new home sales were the second-lowest on record, and even though we've grown used to disappointments lately, the broader markets and our space more specifically will be watching these two data-points for any glimmer of hope. The RMZ opened just above support of 675 on Friday and managed to round trip that level after a mid-day stop at 669.93. On the desk our volumes were very light going into the weekend and we were better to buy almost 3:1.
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