New York luxury condo developer tries hand at REIT investing

New York lower Manhattan skyline is seen when the city officially began "Phase Three" of opening-up on July 6, 2020. - AFP

A DEVELOPER of some of Manhattan’s newest ultra-luxury condos has started a more down-to-earth project: a fund investing in real estate companies that appear undervalued.

The venture by Ziel Feldman’s HFZ Capital Group will buy shares of publicly traded real estate investment trusts (REITs) that have taken a hit from the pandemic, Feldman said in an interview.