Developer Sam Cherry is building his first residential complex since the boom days — a four-story apartment complex in downtown Las Vegas’ Arts District.
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Breaking the old record more than 13 years after it was set is more symbolic than anything: It underscores just how high the market had soared, how badly it crashed, and how long the road to recovery has been.
New York investors have spent billions on Las Vegas real estate in recent years, including a recently announced a half-billion-dollar deal to purchase the Rio from Caesars Entertainment Corp.