This is only the beginning of the recovery in The Big Apple, says Sarah Hawkins.

"We're getting healthy rents," said partner Kenneth Fisher.

Bill Staffieri said he would put his money on it if he won the lottery.

The REIT will keep the remaining 55 percent.

To make matters worse, borrowing is still expensive.

The asset is two blocks from Grand Central Terminal.

Rents and absorption scaled back.

The fund has already acquired 43 manufactured housing communities.