TRADE ALERT - Core Portfolio March 2024

TRADE ALERT - Core Portfolio March 2024

One of the biggest winners of the past months has been SL Green Realty (SLG). For a while, it was left for dead because New York City was out-of-favor and it is a well-known fact that offices are today struggling. 

But it turns out that the fears were overblown... NYC always recovers... and as a result, SLG's share price nearly doubled over the past 5 months: 

Data by YCharts

And it is not just SLG. 

Vornado Realty (VNO), which also focuses on offices in NYC, rose by nearly 50% despite owning older properties: 

Data by YCharts

Empire State Realty Trust (ESRT), which owns the Empire State Building, and a portfolio of older Class B office buildings in NYC also rose by 36%: 

Data by YCharts

But there is one NYC-focused REIT that remains cheap... very cheap...