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Taking My Lumps on FIG

By Jim Cramer

 About this article:
 Am I too optimistic about commercial real estate? I am trying to come to terms with my bullish observations from the REIT sector, where the deals work and people make instant money: Brandywine and yesterday's Federal Realty deal, or ultimate money like Boston Properties' $50 offering. I see trades like the SL Green deal to sell 49.5% of 485 Lexington to Optibase and new real estate money out of Israel, and I am heartened that there is trading and price discovery. But I reached Monday in saying that the Fortress deal to buy an unfinished 58-story condo building for 50 cents on the dollar was a good one. I reached because I presumed that Fortress actually thought it had a bargain, meaning that it looked around and said, "Let's buy this." And I reached in presuming that that Fortress knows what...

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