“New York City is an important component of our long-term strategy of owning apartment communities in highly desirable neighborhoods with expensive housing costs. We are very fortunate to have grown our presence in this market in such a meaningful way, and we are extremely pleased to be the largest public owner of apartments in Manhattan. By virtue of their proximity to millions of jobs in the nation's two largest central business districts, Midtown and Wall Street, as well as their accessibility to other parts of the city, Marlborough House and 180 Montague are ideal additions to our New York City portfolio.”
“This impressive growth is a direct result of our continued strategy of owning apartments in highly desirable neighborhoods with very expensive housing costs, together with our ongoing commitment to innovation.”
“There is a big picture driver of this phenomenon. That is the significant discount in the price of rental housing in the expensive neighborhoods in which we own apartments compared with the cost of purchasing housing in these same neighborhoods.”
