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Photo credit: Goldman Sachs
After seven months of “sell” status due to fears of a maturing real estate cycle, Goldman Sachs upgraded SL Green to “neutral” on Friday.
SL Green’s stock has fallen 31% since Dec. 1, and it’s finally gotten cheap enough that Goldman Sachs believes its price insulates investors from risk, The Real Deal reports.
However, the banking giant said that due to the sheer magnitude of the deal, investors would react negatively if SL Green moves forward with developing its 1.6M SF One Vanderbilt office tower without revealing its JV partner. [TRD]
