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General Growth adds Manhattan, New York, retail as rents increase

from Bloomberg

General Growth Properties Inc., the second-largest U.S. mall owner, is spending almost $450 million for stakes in three Manhattan properties as New York rents soar. The company acquired half of 685 Fifth Ave. for $260.5 million and agreed to take stakes in two other properties in the city, it said in a statement when it announced its second-quarter financial results. more

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