The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: patron_anejo_por_favor who started this subject	10/5/2002 10:48:34 AM
From: stan_hughes	Read Replies (1) of 306849

I know this is the residential thread, but I still think this little ditty from Crain's NYB makes a good canary for where we are in the overall cycle. We all know as a general rule that the so-called smart money likes to get out when the getting is good - Manhattan REIT plans IPO by Wendy Blake Manhattan-based real estate investment trust NewCastle Investment Corp. is planning an initial public offering Wednesday, which will make it the first New York area company to test the public markets since July. The 4½-year-old company is hoping to raise about $109 million, floating 31% of the company in a sale of 7.5 million shares at $14 to $15 each. It had originally planned to sell less stock at a higher price—4.4 million shares at $22 to $24—when it first filed for an IPO in December. The company plans to use the proceeds to buy mortgage loans. The last New York area company to go public was Manhattan-based CIT Group, which started trading on July 2. Copyright 2002, Crain Communications, Inc

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