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“The New York office market is facing an existential hurricane,” says activist investor Jonathan Litt of Land & Buildings. “Empire State Realty Trust (NYSE:ESRT) is poised to bear the full brunt of this storm,” he adds.
While Litt didn’t mention any short positions, the WSJ reports his shop as short Empire State Realty, SL Green (NYSE:SLG), and Vornado Realty (NYSE:VNO).
In addition to the pandemic panic, says Litt, the NYC office market is also bearing the weight of lots of new supply thanks to recent heavy construction on the West Side, and the return of space from WeWork.
The Journal‘s source says the short positions account for a small amount of Land & Buildings roughly $500M in assets.
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