Kim said New York Life is weighing the acquisition of funds that invest in U.S. real estate, focusing on high-quality properties in major cities. New York Life is taking a cautious approach because the real-estate cycle is getting “long in the tooth,” he said.
“While we’re interested in the asset class strategically, we also know that from a market cycle perspective, that it might be better to wait a little bit,” Kim said. “We’re trying to weigh the strategic need with how we perceive the cyclical position of real estate today.”