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The Empire State Building in New York in April, 2013. Owners of the Empire State Building have just received the go-ahead for an IPO.
The Empire State Building in New York in April, 2013. Owners of the Empire State Building have just received the go-ahead for an IPO.
(TODD HEISLER/NYT)

FINANCIAL TIMES

Commercial real estate in New York City is surpassing peak valuations

Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.

Where is the priciest shopping in midtown Manhattan? To judge by two recent deals, you are more likely to find a bargain at Harry Winston or Bergdorf’s than in commercial real estate. And this surely pleases owners of the Empire State Building, who have just received the go-ahead for an IPO.