Avi Shemesh, a CIM founding principal, said if savvy local buyers see 432 Park as a desirable place to live, it would build credibility with the market.
The top stock in the fund is Annaly Capital Management ( NLY) accounting for more than 20% of the fund, followed by Chimera Investment Corportation ( CIM) accounting for about 11% of the fund.
Other mortgage REITs include American Capital Agency (AGNC) which is trading at a 22% premium to the third quarter book value and Chimera Investment Corporation (CIM) which is trading at a 23% premium to third quarter book value.