Zuckerman Sees Profit In Real Estate -- And Newspapers
Mort Zuckerman has mastered both publishing and real estate. On "Power Lunch," the editor-in-chief of U.S. News & World Report and chairman of Boston Properties explained why the newspaper business is still attracting tycoons -- and why New York City real estate is booming.
Zuckerman conceded that print growth is a "serious issue," as readers have fled from "any kind of print product." But he told CNBC's Bill Griffeth that investors like Sam Zell, who bought the Chicago Tribune, know that at "the right terms and the right price," newspaper publishing remains a "business that can work." The publisher predicted that "a good part" of successful magazine and newspaper content will be derived from publications' sister Web sites -- instead of the other way around.
In the real estate sphere, Zuckerman said the market remains "strong" in Boston, Washington, D.C. and San Francisco. In NYC, he's enjoying "the best period" ever. His holdings have no vacancies at all, he says, thanks to limited rental space keeping demand strong.