Investors in a Brookfield Opportunity Zone fund that invests in New York and Connecticut real estate have been absolutely crushed, but don’t know why. The fund, Brookfield Opportunity 71IV7, had an internal rate of return of negative 18.3 percent through the third quarter of last year. Since mid 2019 it had lost 71 percent of its value. One investor in the fund told me the massive loss “makes no reasonable sense.” Indeed, except for rent-stabilized housing, New York City real estate has bounced back since the pandemic. Even Class B and Class C office space written off for dead has […]

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