Post Looks to Exit Manhattan.

"It's not so much getting away from the New York market which is very dynamic," Stockert tells GlobeSt.com exclusively. "It's very competitive and we want to focus on a market where we can have a bigger impact."

Last week in a conference call, Stockert said Post was "pursuing the possibility" of an asset exchange for its two apartment properties here in order to acquire comparable properties in the nation's capital. To do so, the company hired Eastdil to market the residential sites, Post Luminaria and Post Toscana. Post spent approximately $140 million to develop the two buildings and Stockert believes they are worth "substantially more than that."

Stockert says Post would like to be perceived as an Atlanta- and Washington, DC -focused company. If that exchange of assets is accomplished, the DC market would become the company's second largest measured by capital invested.