Why You Should Invest in Smaller Markets
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The National Association of Home Builders is “enthusiastically backing” President Donald Trump’s tax overhaul plan, just weeks after saying many of the proposals raised “red flags.”
One the group’s main concerns had been over the White House and congressional leaders’ push to double the standard deduction — a move the NAHB said would reduce the value of the mortgage deduction for individual filers. The framework released Wednesday still calls for almost doubling the standard deduction. But it offers other provisions that assuaged the NAHB, such as preserving incentives for home mortgage interest and cutting the rate for pass-through businesses to 25 percent from as high as 39.6 percent…
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Outsize punitive damages awards are often reduced by courts
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Bank found by jury to have mismanaged estate of Max Hopper
JPMorgan Chase & Co. was ordered by a Dallas jury to pay more than $4 billion in damages for mishandling the estate of a former American Airlines executive, but the verdict will probably be knocked down on appeal.
Jo Hopper and two stepchildren won the probate court verdict over claims that JPMorgan mismanaged the administration of the estate of Max Hopper, who was described as an airline technology innovator in a statement issued by the family’s law firm…
How CRE Fundraising Is Changing and Why
By · CommentsPending Home Sales in U.S. Decline by Most Since January
By · CommentsContract signings for the purchase of previously owned U.S. homes fell in August by the most in seven months, reflecting limited inventory, the National Association of Realtors said Wednesday. The Realtors group’s revised forecast for the year calls for sales to weaken from 2016 in the wake of two hurricanes.
HIGHLIGHTS OF PENDING HOME SALES (AUGUST) |
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The Massive Hedge Fund Betting on AI
By · CommentsInitially wary of the technology, Man Group was soon persuaded by the returns from algorithm-centric funds.
As chief executive officer of one of the world’s largest hedge funds, Luke Ellis prides himself on a healthy appetite for risk. “My job,” he says, “is to not blink.” About five years ago, he did, though—in a big way. What spooked him was an experiment at his firm, Man Group Plc. Engineers at the company’s technology-centric AHL unit had been dabbling with artificial intelligence—a buzzy, albeit not widely used, technology at the time. The system they built evolved autonomously, finding moneymaking strategies humans had missed. The results were startlingly good, and now Ellis and fellow executives needed to figure out their next move…
KBS Strategic Snags Greater Dallas Office Tower
By · CommentsKBS Strategic Opportunity REIT II has acquired 125 East John Carpenter Freeway, a 400,000-square-foot, 18-story office tower in Irving, Texas, from Brookwood Financial Partners LLC.
HFF represented Brookwood in the transaction.
Originally called the Caltex House, the 18-story office tower was sold to Brookwood three years ago by General Electric Credit Equities…
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Prices in Singapore to climb 10%-15% in next 12-15 months: BNP
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Chinese buyers to fuel Hong Kong gains, but no bubble risk
Singapore home prices have reached a bottom and will rebound, while Hong Kong’s “crazy” housing market will continue to defy gravity, according to BNP Paribas SA.
“Very significant” income growth will drive the first leg of a recovery in home prices in Singapore, where property ownership as a proportion of household assets is near a record low, BNP’s Asia-Pacific head of research for financial institutions and property Wee Liat Lee said in an interview while visiting the city-state. That will boost prices by 10 percent to 15 percent over the next 12 to 15 months, in turn luring foreign buyers, especially from China, Lee said…
Once full build-out is complete, The Waterfront Vancouver will deliver 3,300 residential units, 1.25 million square feet of Class A creative office space, unique retail, flagship restaurants and a boutique hotel to the Southwest Washington city. Situated along a half-mile parcel on the south-facing side of the Columbia River, the mixed-use development is the handiwork of a unique public-private partnership involving the city of Vancouver, Columbia Waterfront LLC and Gramor Development Inc.
Seagis Buys Warehouse Complex in Miami
By · CommentsSeagis Property Group, of Conshohocken, Pa., has acquired Airport International Center, a two-building, 207,000-square-foot warehouse complex in Miami’s Airport West submarket.
The multi-tenant buildings, at 5501-5505 NW 72nd Ave., feature 4,500-square-foot tenant bays, with both dock-high and street-level loading in each tenant space. The property is about 2 miles from Miami International Airport and 13 miles from the Port of Miami…
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He is said to aim to raise $500 million after Fortress losses
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‘Largest bubble of our lifetimes,’ he says of digital currency
Mike Novogratz is reinventing himself as the king of bitcoin.
The swaggering macro manager who flamed out at Fortress Investment Group LLC is starting a $500 million hedge fund to invest in cryptocurrencies, initial coin offerings and related companies. Novogratz will put up $150 million of his own money and plans to raise $350 million more by January, mainly from family offices, wealthy individuals and fellow hedge fund managers, said a person familiar with his plans…
In the last decade, Boston’s Seaport District transformed into a modern neighborhood, with glass towers and futuristic cultural and event venues. The new developments, some delivered at the height of the real estate crash, are the result of a collaboration between local and state authorities, private investors and developers, residents and cultural organizations. Joseph Fallon, president of The Fallon Co., revealed the story behind Fan Pier, the project standing at the core of Boston’s southern waterfront.
Bank of the Ozarks to Build 247 KSF AR HQ
By · CommentsBank of the Ozarks intends to build a new 247,000-square-foot corporate headquarters in Little Rock, Ark. The bank purchased a 44-acre site at The Ranch in west Little Rock. Construction of the new building is slated to begin this year.
Home prices in 20 U.S. cities climbed more than forecast in July, reflecting solid demand against a backdrop of modest listings of properties, figures from S&P CoreLogic Case-Shiller showed Tuesday.
HIGHLIGHTS OF HOME PRICES (JULY) |
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Buyers are competing for a limited number of for-sale homes, allowing sellers to boost asking prices. Property values are consistently outpacing wage growth, helping explain why the share of first-time buyers of previously owned homes in August was at a one-year low. At the same time, owners’ equity as a share of total real-estate holdings climbed in the second quarter to the highest level in 11 years…
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Her two-bedroom, two-bathroom condo is at 502 Park Ave.
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First daughter bought the apartment for $1.5 million in 2004
The asking price to rent a Manhattan apartment owned by Ivanka Trump has dropped by 30 percent since her father was elected president.
The two-bedroom, two-bathroom condo at 502 Park Ave. was listed at $15,000 a month in November, according to the real estate website StreetEasy. In February, it dropped to $13,000. The asking rent on Tuesday was $10,450, the website shows…
Ivanka Trump Drops Rent at Manhattan Apartment by 30% Since Election
Celebrating 30: Blackstone, Wells Fargo Make $23B Buy
By · CommentsA second straight decline in purchases of new U.S. homes, combined with downward revisions for prior months, show a tepid market as results begin to be clouded by the fallout from Hurricanes Harvey and Irma, according to government data Tuesday.
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Le Cirque Is Taking Bankruptcy Tips From Trump
By · CommentsAs donors filed into Le Cirque for a Republican fundraiser starring Donald Trump, Mario Maccioni stood outside with a monocle around his neck.
His family owns the Manhattan restaurant, which filed for bankruptcy in March. “We are trying to use the bankruptcy laws exactly like the president did,” Maccioni said Tuesday evening. “And in our case, hopefully, it will work as well as it did for him.”
Trump’s companies filed for bankruptcy at least four times.
A lot of people do not equate California with poverty. You certainly don’t think of poverty when you look at real estate values in places like San Francisco even though the homeless issue is right in your face. The reality is that most people do not live lavish lifestyles. In fact, a new report highlights that more than one-third of California households have virtually no savings. These households would not have the ability to live at the poverty level for three months if one paycheck in the household was lost due to a job loss. You also have more than 2 million young adults living at home with their parents since the rent is too high. This isn’t the California that is presented in Hollywood movies.
Hilton Garden Inn Sells for $44M in Portsmouth, NH
By · CommentsChatham Lodging Trust has purchased the 131-key Hilton Garden Inn Portsmouth Downtown in New Hampshire, for $43.5 million, or $332,000 per guestroom. The seller, Cathartes Private Investments, had owned the property for a dozen years. Chatam funded the purchase through available cash and borrowings on its revolving credit facility.
Hilton Garden Inn, located at 100 High St., opened in 2006 and went through a full renovation within the last two years.
Kayne Anderson Buys Sentio Healthcare for $825M
By · CommentsKayne Anderson Real Estate Advisors, the real estate private equity arm of Kayne Anderson Capital Advisors LP, has completed its $825 million acquisition of Sentio Healthcare Properties Inc., it was announced by the parties involved, which also included Kohlberg Kravis Roberts & Co. LP and Sentio Healthcare Properties’ external advisor, Sentio Investments LLC.
San Francisco real estate continues to operate in a land of full on self-indulged delusion and pseudo-tech worship. I travel to the Bay Area and San Francisco often and the amount of self-delusion when it comes to real estate is amazing. You will find all of these convoluted justifications as to why a crap shack should sell for $1.5 million and when some other chump takes the jump, they use this as some sort of reinforcement of their real estate buying acumen. You are the amazing market timer and they are the fool (at least that is the thought process). I’ve seen this with couples in the area where two professionals have sound financial judgment but then a kid is thrown into the mix and all hell breaks loose. “Well I don’t want my kid living in a rental!” or “I want them to have a piece of real estate when I turn over and pass on” as if your kid wants to chase the same Full House rat race. People are mistaking luck with skill but that is part of human nature. And a recent survey found that 83 percent of Bay Area renters are planning on getting out of the area to settle down…
DLA Piper Renews 119 KSF at University Circle
By · CommentsLaw firm DLA Piper signed a renewal of its current lease at University Circle, an office campus in East Palo Alto, Calif. The company finalized its contract with Columbia Property Trust to retain its 119,000-square-foot space through June 2023. The renewal will go into effect once the current lease is completed in June 2018.
GBT Realty Acquires Alabama Retail Center
By · CommentsGBT Realty Corp. acquired the McFarland Plaza Shopping Center, a 234,124-square-foot retail center in Tuscaloosa, Ala., from a joint venture between DDR Corp. and TH Real Estate.
HFF represented the sellers in the transaction.
“There were several drivers that resulted in significant investor interest in McFarland Plaza,” Jim Hamilton, HFF’s senior managing director, told Commercial Property Executive. “Being located one mile from the University of Alabama campus, value-add potential through the lease up of the existing vacancy and being located along McFarland Blvd., which is the most active and dominant retail artery in the region.”
LONDON — The Swiss engineering firm ABB Group said on Monday that it would buy General Electric’s business that provides circuit breakers and other electrical equipment for industry for $2.6 billion, as the American giant looks for ways to shake up its operations.
The deal is the latest move by General Electric as it seeks to refocus on its roots. The company had expanded into a sprawling conglomerate but its once-huge financial business threatened its survival after the 2008 economic crisis, and it has been selling off an array of units since…
Swiss Firm ABB to Buy G.E.’s Industrial Solutions Business for $2.6 Billion
Amazon to Bring Another 2,000 Jobs to NYC
By · CommentsAmazon is bringing another 2,000 jobs to New York City over the next three years, this time with the opening of a new office in Manhattan in 2018. The people working from the newest space will join the already 1,800 employees in Manhattan, as well as the 2,250 new hires that will be based at the Staten Island, N.Y. fulfillment center currently under construction.
$350M Marriott Marquis Chicago Opens
By · CommentsAfter years as a sleepy federal backwater, the Commodity Futures Trading Commission became one of Wall Street’s most aggressive watchdogs during the Barack Obama administration.
Now the agency — which is responsible for policing a broad swath of markets and financial machinery, from trading in commodities to digital currencies to the complex derivatives that helped torpedo the financial system in 2008 — is shifting its law enforcement strategy: It will increasingly look to banks and other financial institutions to come clean on their own about misconduct and problems in the market…
Regulator Wants Financial Industry to Self-Report Wrongdoing
JLL Facilitates Sale of Rail-Served Property in Houston
By · CommentsJLL arranged Polymers Packaging & Warehousing Inc.’s acquisition of a 275,000-square-foot warehouse from Aleen Street Associated Ltd., for an undisclosed price. The building, served by Union Pacific railroad, is situated in the northeastern corner of the 610 Loop.
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Grameen America lends to women, who then monitor each other
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Transparent approach could serve as public policy, Dalio says
On his first Saturday night as an Amazon best-selling author, Ray Dalio headed to one of Manhattan’s most famous party spots — the Temple of Dendur at the Metropolitan Museum of Art.
The majestic setting is where Katy Perry once sang for the Costume Institute ball and Henry Kravisgranted a leadership award named for himself. For Dalio, the ancient Egyptian temple was the place to be honored alongside Nobel Peace Prize winner Muhammad Yunus at the first gala for Grameen America, a microfinance nonprofit that helps low-income women entrepreneurs…
Kennedy Wilson Names New President
By · CommentsInternational real estate investment and services firm Kennedy Wilson, named Ed Sachse president of the company’s commercial brokerage and property management division. Since seven year ago, Sachse has served as the executive managing director of the firm’s brokerage operations, leading a national team of agents under the Kennedy Wilson Properties banner.
“With tens of millions of commercial square feet under management combined with hundreds of millions of dollars in brokerage transactions, I am honored to take an already driven and entrepreneurial team to the next level. We are focused on adding value and creating operating efficiencies for each client,” said Sachse, in a prepared statement…
Hilton Opens New Hotel in Cincinnati
By · CommentsHome2 Suites by Hilton opened its newest property, Home2 Suites by Hilton Florence Cincinnati Airport South. The 109-key hotel will be managed by Vista Host Inc. Eliot Cohen and Stuart Cohen own the asset.
Located at 7570 Woodspoint Drive, Home2 Suites by Hilton Florence Cincinnati Airport South provides convenient access to Cincinnati’s downtown area, Kentucky Speedway, Creation Museum and Newport Aquarium. In addition, Cincinnati/Northern Kentucky International Airport, Regal Movie Theatre and Florence Mall are just minutes away. The new hotel features all-suite accommodations with fully equipped kitchens and modular furniture. Amenities include complimentary Wi-Fi, fitness area, indoor saline pool, fire pit and grill area…
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Hedge-fund money chases soaring ticket prices in new era
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Alleged frauds ensnared Michael Dell, Paul Tudor Jones
We ain’t in Asbury Park anymore: prime tickets to “Springsteen on Broadway” are now going for as much as $10,000 on StubHub.
Even a cheap seat will cost you $1,400. Never mind that it says $75 on the ticket.
Sure, those $2.50 tickets, circa “Rosalita,” disappeared in the ’70s. But The Boss’s run at Broadway’s Walter Kerr Theater is just the latest example of how today’s ticket resellers, AKA scalpers, help drive prices to you’ve-got-to-be-joking levels…
When the Trump administration unveils new details of its tax plan, promised for next week, one group of taxpayers will be under the microscope: the rich.
That’s because they take advantage of so many tax breaks that few, if any, pay the top rate of 39.6 percent. Eliminating at least some of those breaks would make it possible to reduce tax rates for the highest earners (and everyone else) while raising the same or even more in total revenue…
Tax Reform for the Rich: Reduce the Rates but Lose the Breaks
Sentury Tire Seeks Developer for Its First US Facility
By · CommentsSeagis Property Group Expands NYC Portfolio
By · CommentsSeagis Property Group has expanded its New York City Boroughs holdings with three warehouse buildings, totaling 135,000 square feet. The company purchased the assets of East New York submarket of South Brooklyn in separate transactions. The properties located at 931 Stanley Ave., 1010 Stanley Ave. and 1970 Pitkin Ave., range in size from 22,000 square feet to 70,000 square feet. The buildings are vacant and ready for immediate lease.
Transwestern in Charge of Leasing Atlanta Office Tower
By · CommentsGeorgia-Pacific Center, the iconic 1.2 million-square-foot office tower located in downtown Atlanta, has a new leasing team. Transwestern was tapped to lead the efforts of retaining existing tenants and attracting new ones to the building, with Director Greg Frankum spearheading the seven-person crew. The tower is undergoing more renovation work after the common areas have recently been upgraded.
Mortgages Back in Fashion for London’s Priciest Homes
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74% of high-priced London homes are bought using loans
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Rising values and taxes are behind the jump in finance take-up
More home buyers are resorting to mortgages to purchase London’s most expensive houses and apartments as rising prices drag them into higher tax brackets.
Seventy-four percent of homes costing 1 million pounds ($1.4 million) or more in the U.K. capital were bought with a mortgage in the three months through July, up from 65 percent a year earlier, according to Hamptons International. The figure was as low as 31 percent during the depths of the financial crisis in 2009…
Monmouth Lands 300 KSF OH Industrial Building
By · CommentsCushman & Wakefield Expands ATL Lease for SunTrust Bank
By · CommentsCushman & Wakefield represented SunTrust Bank in a lease renewal and expansion at 211 Perimeter Center in Atlanta. The tenant was already using 48,871 square feet of office space in the building and expanded it by 8,486 square feet. The brokers who negotiated the agreement on behalf of SunTrust Bank are Executive Managing Director Kirk Diamond, Vice President April Parrish, Director Erin Smith and Transaction Manager Steven Taylor. The landlord, Windsor at Convergence 211, was represented by JLL Senior Vice President Jeff Frantz.
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Bezos’ empire to buy shares in Mumbai-based Shoppers Stop
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Shoppers Stop to host Amazon experience centers in stores
Amazon.com Inc.’s investment in retailer Shoppers Stop Ltd. will help the Indian company boost revenue and add 25 percent more stores, while the U.S. firm expands its reach into smaller towns in the world’s second-most populated nation.
Shoppers Stop will raise 1.8 billion rupees ($28 million) selling a 5 percent stake to Amazon.Com NV Investment Holdings LLC, the Mumbai-based company said in an emailed statement late Saturday. As part of the deal, Amazon experience centers — which let customers test out the products available online — will be set up across Shoppers Stop’s network of 80 bricks-and-mortar stores in India. The company will add 20 stores in the next four years, Govind Shrikhande, managing director of Shoppers Stop said.
Calare Properties Lets Go of MA Asset
By · CommentsShortly after selling a lab facility in Billerica, Mass., Calare Properties finalized a new transaction in the Boston area. The 94,268-square-foot warehouse and distribution facility is located in Watertown and is fully leased through January 2024. The deal closed at $15 million, signaling a robust Greater Boston industrial market.
“Industrial real estate continues to see significant value increases as a growing buyer pool drives up exit pricing,” said Bill Manley, the company’s CEO & CIO, in a prepared statement. According to industry reports, lease rates increased by 6.3 percent year-over-year, as of the second quarter of 2017…
Bedrock Reveals $2B, Multi-Project Plan for Detroit
By · CommentsChange is afoot in Detroit and Bedrock is behind some of it. The local real estate firm recently announced plans for four transformative developments that will bring millions of square feet of office, residential, retail and other commercial offerings to the city at a total cost of $2.1 billion.
“Detroit is going vertical,” Dan Gilbert, Bedrock founder & chairman, said in a prepared statement. “In fact, that is the only way to create any type of significant expansion in the city because we are virtually at full occupancy for residential and commercial space in both downtown and midtown.”…
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Indian market never cheap, focus on long term: Habrok’s Khanna
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Reform push should bolster economic expansion next year
The top-performing hedge fund focused on India isn’t scared by equity valuations that are the most expensive in 10 years and predicts Asia’s third-largest economy will have seven good years in the next decade.
Rahul Khanna, chief investment officer at Habrok Capital Management LLP, said his fund is betting on the long-term potential of the economy, which will begin to benefit next year from the government’s crackdown on black money and a nationwide sales tax. Last year’s cash ban and the goods and services tax introduced July 1 are expected to widen the tax base, while the latter should also make it easier to do business…
New Skyscraper Coming to Uptown Charlotte
By · CommentsCenterSquare Spins Off from BNY Mellon
By · CommentsSaying it wanted to streamline its portfolio, BNY Mellon Investment Management has agreed to sell its real asset investment subsidiary CenterSquare Investment Management to its management team and the private equity firm Lovell Minnick Partners.
BNY Mellon has owned CenterSquare for 11 years and the two firms are expected to continue as partners in a number of areas after the deal closes later this year. Terms of the transaction were not released…
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UniSuper increases Asia equity allocation, buys U.S. banks
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Profit growth in emerging markets is key driver for UniSuper
John Pearce has returned to Sydney from a week in Hong Kong beaming, with one clear message of where to invest his next dollar: China.
The chief investment officer who’s in charge of A$60 billion ($48 billion) at Australian pension fund UniSuper Management Pty expects returns in Asian emerging-market equities to beat developed economy peers, extending an outperformance that’s already underway. The main reason: Chinese firms are driving profit growth set to exceed that in mature stock markets as it’s coming from a lower starting point…
Describing the results as “disappointing,” Harvard University reported on Tuesday that its $37.1 billion endowment earned an 8.1 percent return for its most recent fiscal year.
The endowment’s new chief executive, N. P. Narvekar, said that the fund was in the middle of a major revamping and that problems in the endowment would “require time to overcome.”
That return significantly trails the mean one-year return of 12.7 percent for more than 400 institutions tracked by Cambridge Associates, which manages money for many nonprofit organizations. And while many of the nation’s largest endowments have yet to report returns, this month the Massachusetts Institute of Technology posted a 14.3 percent return for its $14.8 billion endowment…
Hillwood to Deliver 1.7 MSF Kentucky Industrial Project
By · CommentsA joint venture between Hillwood—a Perot company—and Al. Neyer is developing Erlanger Commerce Center, a state-of-the-art distribution center in Erlanger, Ky. The two speculative buildings will total more than 1.7 million square feet, and will be located at the intersection of interstates 75 and 275.
Starwood, Trinity, Vanderbilt Sell Big in NC
By · CommentsA joint venture of Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners has sold, for $105.5 million, a seven-property, 581,600-square-foot office portfolio in the Perimeter Park in Raleigh-Durham, N.C. HFF marketed the offering on behalf of the seller and procured the buyer, an undisclosed institutional investor.
Newport Beach Office Tower Trades for $76M
By · CommentsThe trophy office tower at 4100 Newport Place Drive in Newport Beach, Calif., has come under new ownership, courtesy of a $75.6 million transaction. Relying on commercial real estate services firm Cushman & Wakefield for representation, American Realty Advisors sold the 190,400-square-foot building to Olen Properties in a deal that marks the highest office investment sale based on price-per-square-foot in Orange County year to date, according to the listing brokers…
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74% of high-priced London homes are bought using loans
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Rising values and taxes are behind the jump in finance take-up
More home buyers are resorting to mortgages to purchase London’s most expensive houses and apartments as rising prices drag them into higher tax brackets.
Seventy-four percent of homes costing 1 million pounds ($1.3 million) or more in the U.K. capital were bought with a mortgage in the three months through July, up from 65 percent a year earlier, according to Hamptons International. The figure was as low as 31 percent during the depths of the financial crisis in 2009…
Home Prices Soar in Disaster-Prone Areas
By · CommentsU.S. counties at the greatest risk of hurricanes, earthquakes, and other catastrophes saw the fastest home-price appreciation, a new report says.
It’s been a bad few weeks for natural disasters. A series of hurricanes ripped through Texas, Florida, and the Caribbean, killing hundreds and racking up hundreds of billions of dollars in damage. Wildfires are raging in the Western U.S., and a pair of powerful earthquakes have battered Mexico.
Amid the terrifying recent events is a worrisome finding from a new report: The parts of the U.S. most at risk of natural disasters are also the places where property values are highest and increasing most quickly…
Home Prices Soar in Disaster-Prone Areas
San Diego Office Property Gets New Owner After 60 Years
By · CommentsKennedy Wilson negotiated a two-part sale of the ground lease and underlying fee interest in land for a property in the Little Italy submarket of San Diego. Ocean West Capital Partners in partnership with DivcoWest acquired the 123,000-square-foot, seven-story office building and is under contract to purchase the land in the off-market deal. This is DivcoWest’s second purchase of an office building in San Diego this month.
U.S. household wealth increased in the second quarter to yet another record, driven by solid gains in financial assets and rising property values, figures from the Federal Reserve in Washington showed Thursday.
HIGHLIGHTS OF HOUSEHOLD WEALTH REPORT (2Q) |
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Banks also joining RE100, a corporate renewables initiative
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Private sector continues to support emissions reduction
Morgan Stanley and Citigroup Inc. announced they will get all of their energy from renewables in a few years, another show of corporate support for climate action running counter to U.S. President Donald Trump’s view on the issue.
The New York-based banks are aiming for their operations to be carbon-neutral, Morgan Stanley by 2022 and Citi by the end of the decade, according to separate statements from the companies. Both plan to buy power from clean energy projects…
Brandon Wang Joins Lincoln Property Company as EVP
By · CommentsLincoln Property Company (LPC) named real estate industry Brandon Wang as executive vice president. He will focus on managing the Northern California region for the company’s LPC West unit which spans the Bay Area, Seattle, Los Angeles, Orange County and San Diego. Wang’s main responsibilities will include purchases, development, asset and property management, and repositioning of existing commercial, retail and mixed-use properties…
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Water, electricity, tattletales to identify absent investors
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‘Shall we tax people who buy new shoes and don’t wear them?’
On a wet, midweek evening when most Australians are home cooking dinner, less than a third of the lights are on in the apartments in Melbourne’s Docklands. Most shops and restaurants are closed. The only people passing through seem to be on their way elsewhere.
These “ghost towers,” as the high-end residential property with three-bedroom apartments costing almost $1 million have been dubbed, are popular with Chinese investors who mostly live abroad. Their darkened blocks loom as sparsely occupied symbols of a property market where even solidly middle class households have increasingly found themselves priced out…
Amazon to Create 2,000 Jobs in New Manhattan Office
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359,000 square feet on west side to house advertising
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Project comes amid bids for larger, second headquarters
Amazon.com Inc. is set to open a large new office in New York City and create 2,000 high-paying jobs.
The e-commerce giant, which already has several locations across the city, will expand its presence with a 359,000 square-foot office in Manhattan that will employ people in finance, sales, marketing and information technology earning an average of $100,000 annually. Amazon will invest $55 million in the building project on Manhattan’s west side, according to a statement from the office of Governor Andrew M. Cuomo. The space, at Brookfield Property Partner’s Five Manhattan West, will be the primary New York location for Amazon’s advertising, the real estate firm said…
Life Storage Picks Up 3 Atlanta Self-Storage Facilities
By · CommentsStein Investment Group, a private real estate investment firm, has sold three of its Space Shop Self Storage properties in metro Atlanta to Life Storage LP, on behalf of one of its joint venture partners. The assets include: Space Shop East Cobb in Marietta, Ga.; Space Shop Old Fourth Ward in Atlanta and Space Shop Cumming in Cumming, Ga.