- Alexander’s is a REIT that owns seven properties in the NYC metropolitan area, with the crown jewel being the Bloomberg Tower, a trophy Class A office tower leased to Bloomberg.
- It is currently trading ~70% of estimated NAV, yielding 6.8%, and has $460 million in cash (~34% of market cap).
- It is down ~25% since Jan 2020, ~15% off its 52-week lows, and hasn’t participated in the NYC office REIT recovery like VNO and SLG have.
- Fears that NYC offices will go away forever are overblown and short-sighted; NYC is here to stay and employers are slowly but surely bringing workers back into the office.
For further details see:
Alexander's: High Quality NYC REIT Trading At 70% NAV And Mike Bloomberg Pays You A 7% Yield