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New York

REITs pick a good time for city investment

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Several REITs in the last few years from outside the city have shown an interest in snatching up New York properties. Just last week, Chicago-based Equity Residential bought a 135-unit residential rental building with about 7,900 square feet of retail space at 600 Washington Street. The REIT buys may be a particularly good thing now as real estate investment trusts have outperformed the stock market for the past seven years. more [Sun]