Investors buy in Manhattan at 40-50% off

Investors are returning to the Manhattan real estate market to pick up property at a discount, according to WNYC’s Lisa Chow. In addition to Fortress Investment Group’s purchase of Sheffield 57 at auction last week, a unit of Canada’s largest pension fund purchased 1330 Avenue of the Americas. A private equity firm purchased 1540 Broadway. Experts expect to see more of these kinds of sales, which are occurring at 40 to 50 percent discounts.