10 Must Reads for the CRE Industry Today (January 16, 2015)

10 Must Reads for the CRE Industry Today (January 16, 2015)

 

  1. NYC Adds Thousands of Hotel Rooms for Gotham-Wide Guest Surge “The boom has added 30,000 new rooms in the past seven years, raising the total to 102,000 since 2007 — and it’s on track to reach an all-time high of 110,000 rooms by 2016.” (New York Post)
  2. Ivanhoe to Buy Building from Blackstone for $2.2 Billion “Ivanhoe Cambridge and Callahan Capital Properties announced the acquisition of 1095 Avenue of the Americas on Bryant Park in a statement today. The Ivanhoe group in November signed a contract to buy the property from Blackstone Group LP, two people with knowledge of the deal said at the time.” (Bloomberg)
  3. Why U.S. Housing Market is Poised for Recovery “The numbers are getting better for consumer budgets as the expansion consolidates its gains. The mortgage payment on the median U.S. home has come down by about $50 a month, with lower rates offsetting a small price increase, said Ken Fears, an economist for the National Association of Realtors.” (The Street)
  4. REITs at Crossroads: NextGen REIT “Canadian investors used to be all about yield when it came to real estate trusts, observed Michael Emory, president and CEO of Allied Properties REIT (AP.UN-T). That has changed over time as foreign investors have started to take an interest in the Canadian REIT sector.” (Real Estate News Exchange)
  5. Starwood, KFK Team on Adaptive-Reuse Project in Downtown Dallas “The Westin Dallas Downtown is part of an adaptive re-use project that will transform the landmark “One Main Place” complex into the city’s newest lifestyle development. The KFK Group acquired the 1-million-square-foot building in March of last year.” (Commercial Property Executive)
  6. Cordish Proposes New Arena for Inner Harbor “A presentation about the plan that calls for a 15,000-seat facility was made to the Greater Baltimore Committee recently, according to the Baltimore Sun. Blake Cordish, a vice president with the development firm, says the plan for piers 5 and 6 calls for further expansion.” (GlobeSt.)
  7. New York City Construction Costs Rise by 5% “Last year, construction costs rose to $32.9 billion, up 5% from $28.2 billion in 2013. It is the second consecutive year that costs have risen 5%, and for now there isn't any sign of a slowdown.” (Crain’s New York Business)
  8. RadioShack Said in Talks to Sell Stores to Sprint in Bankruptcy “RadioShack Corp. (RSH) is preparing for a bankruptcy filing and is in active talks with Sprint Corp. (S) to sell leases on some of its stores to the wireless carrier, according to a person with direct knowledge of the matter.” (Bloomberg)
  9. Why Target Failed in Canada “The reality is that most Zellers stores were dumpy, poorly configured for Target’s big-box layout, and were in areas not frequented by the middle class customers Target covets. And inheriting many awful locations from a dying low-end retailer was at the heart of the damage to Target’s cheap-chic allure in Canada.” (Fortune)
  10. Mariano’s Breaks Ground on Former CHA Site in Bronzeville “Mariano's broke ground today on a new store in Bronzeville on a parcel of land owned by the Chicago Housing Authority at 39th and King Drive. this year; the Bronzeville store is slated to open in 2016. Executives have said they believe the Chicago area can support as many as 50 stores.” (Crain’s Chicago Business)
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