Last week, munis underperformed the Treasury market "across the curve through Thursday with yields lower just 13bps," according to Birch Creek strategists. However, they said Friday's rally "in the front end helped pull shorter maturity munis ahead."
(This story has been updated from the print version.)
Tishman Speyer and the School Construction Authority have taken advantage of a New York City zoning provision that allows the owners of neighboring properties to pool their development rights and then redistribute them between tax lots as they see fit.