Posted To: Pipeline Press

What does $4.6 billion dollars buy you these days? A couple casinos: a Blackstone-sponsored JV is paying that for MGM Grand and Mandalay Bay in Las Vegas. For that you’ll receive the income from 9,743 rooms, approximately three million square feet of meeting space, and approximately 300,000 square feet of casino space across 226 acres on the Las Vegas Strip . 2,500 miles away, the average price of a newly listed condo in New York rose from $1.15 million in 2011 to $3.77 million in 2019 , but about half of the Manhattan luxury condo units that came on to the market in the past five years are as yet unsold . And NY is losing 300 residents per day. Analysts are quick to remind us that this is not actually a market for people to buy homes but rather for the global wealthy to park money (similar…(read more)

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Source: Mortgage News Daily