AvalonBay considering $150M condo play at Columbus Circle rental tower

In a sign of the challenges New York City’s rental market is facing, apartment REIT AvalonBay Communities is considering switching tack at its Columbus Circle development. “Our allocation to the greater New York region is a big higher than we’d like,” Matt Birenbaum said on the company’s third-quarter earnings call Tuesday morning. “While the Manhattan condo market has softened somewhat over the past year, our building offers some compelling advantages.” In order to reduce its […]

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