GlobeSt.com UPDATE: Post CEO Discusses NYC Exit Strategy

NEW YORK CITY-Atlanta-based Post Properties’ plan to exit the market here is not a reflection on Manhattan, CEO David Stockert tells GlobeSt.com. Instead the company wants to change how it is perceived and focus on locations where it can have more of an impact. For more on this story, go to 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.”