10 Must Reads from the CRE Industry Today (August 19, 2015)

10 Must Reads from the CRE Industry Today (August 19, 2015)

 

  1. Shipping Growth Slows at U.S. East Coast PortsThe red-hot growth in shipping volumes at some East Coast ports appears to be slowing as the hampering effects of the labor strife that hit West Coast ports earlier this year recede.” (Wall Street Journal)
  2. Will the Bronx Ever Become the Next Brooklyn? “With Manhattan at the epicenter of New York City, the three boroughs immediately surrounding the island are inevitably bound to benefit from their proximity (sorry, Staten Island). Brooklyn has dominated headlines for the past few years—GQ’s ‘coolest city on the planet,’ the opening of the Barclays Center, and on and on—and pockets of Queens are inserting themselves into the conversation as Astoria and Long Island City have emerged as ‘hot,’ ‘up and coming’ neighborhoods.” (Commercial Observer)
  3. Where Apartment Construction Is Hottest “Single-family home construction made a strong move higher in July, but it was not enough to reverse a new dynamic in today's housing market; multifamily construction and demand are leading the recovery. After a decade of underbuilding apartments, cranes are scattering city skylines, and the numbers are truly staggering.” (CNBC)
  4. Major Real Estate Developer to Pay $100 Million for Upper East Side Site “Developer Gary Barnett is laying the groundwork for his next Manhattan condo project. The builder of mega-spires like One57 and the Nordstrom Tower, which is under construction on West 57th Street, has entered into a contract to purchase the site of a Gristedes on the Upper East Side for about $100 million.” (Crain’s New York Business)
  5. Norway’s Fund Posts First Loss in Three Years as Bonds DropThe world’s largest sovereign wealth fund lost 73 billion kroner ($8.8 billion) in the second quarter, the first decline in three years, dragged down by falling global bond and stock markets.” (Bloomberg)
  6. Ceruzzi, Chinese Partner Plan $1B Condo Project at 520 Fifth Ave.Ceruzzi Properties and Chinese partner SMI USA are planning a condominium project at 520 Fifth Avenue with a total projected sellout of $1 billion, The Real Deal has learned. Town Residential will be marketing the condos, through its Town New Development division.” (The Real Deal)
  7. Experts Are Worried About Another Housing Crash in MiamiReal-estate experts are worried about another housing crash in South Florida. Speaking to the Washington Post's Jim Tankersley, South Florida housing guru Jack McCabe said that the region's housing market looks like it could be heading for another bubble.” (Business Insider)
  8. America’s Most Expensive Rental MarketsCalifornia's real estate market is on fire, leaving residents with expensive housing options. Incomes are high in the the San Jose metro area, but it's also home to the highest median rent in the country.” (CNN)
  9. Wal-Mart Reins Back Inventory in a Revamped Supply Chain “Wal-Mart Stores Inc. said inventory management was a bright spot in the second quarter that included disappointing profits, higher costs and other challenges in the last quarter.” (Wall Street Journal)
  10. Buchanan Street Makes Waves in Dallas “Buchanan Street Partners has acquired Richardson Office Center I & II, a 238,301-square-foot campus located in Richardson, Texas, in a partnership with CarVal Investors from Principal Real Estate Investors, for an undisclosed amount.” (Commercial Property Executive)
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