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The spread between historically low interest rates and the money that real estate generates is "truly astonishing," Starwood Capital Group Chairman and CEO Barry Sternlicht told CNBC on Tuesday.
"You can buy assets below replacement costs still," he said in a "Squawk Box" interview. "You can finance them with positive leverage — meaning the cost of borrowing is much lower than the yield on the property."
Sternlicht pointed out, "Never s