Search
 

GlobeSt.com UPDATE: Post CEO Discusses NYC Exit Strategy

NEW YORK CITY-Post wants to concentrate on the Washington, DC market and has puts its two residential properties here on the market, hoping to make an exchange. CEO Stockert hopes to change how the company is perceived through this move.

By Barbara Jarvie | Updated on February 14, 2005

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.