Steep price cuts at Equity buildings

Real estate
investment trust Equity Residential has lowered rents by an average of
13 percent at its 47 buildings in the New York metropolitan area. The
reduction is in addition to the 15 percent price cuts the buildings saw
last year. The biggest cuts were at the REIT’s Trump Place buildings on
the Upper West Side, where rents fell by an average of 15.5 percent in
1,325 units. Rents in studio apartments in Trump Place were lowered by 19 percent.
Properties in the New York metro area made up 10 percent of the
Chicago-based REIT’s net operating income last year.