10 Must Reads for the CRE Industry Today (June 2, 2015)

10 Must Reads for the CRE Industry Today (June 2, 2015)

 

  1. Millennials Are Just Like Everyone Else “Millennials are just like everyone else, at least when it comes to housing.” (Business Insider)
  2. Sternlicht and Gray Riff on Foreign Investment in NYC Hotels “Chinese insurer Anbang’s $1.95 billion purchase of the Waldorf Astoria is only the beginning of a wave of foreign investment in New York hotels, according to real estate bigwigs Jonathan Gray and Barry Sternlicht.” (The Real Deal)
  3. Construction Spending Report Delivers $1T Good News “Construction spending in April jumped 2.2% to an annual rate of $1T. It was the biggest percentage increase since May 2012 and the best pace since November 2008 according to today's Commerce Department report.” (Bisnow)
  4. L.A., Long Beach Ports Losing to Rivals Amid Struggle with Giant Ships “C.J. Nord spends her days tracking shipments of metal parts from China, Taiwan and Italy, which her Huntington Beach company assembles into high-end bathroom fixtures for customers demanding quick delivery.” (Los Angeles Times)
  5. South Korea's Lotte Group Buys New York Hotel for $805 Million "South Korea's Lotte Group said on Sunday that it had signed a contract to buy the New York Palace Hotel in Manhattan for $805 million from real estate management firm Northwood Investors.” (Reuters)
  6. Industrial Real Estate Market Heats Up in Palm Beach County The industrial real estate market is booming in Palm Beach County, as the strong economy spurs demand while the supply of property grows only slowly.” (The Real Deal)
  7. Children's Memorial Developer Adds Joint Venture Partner “The developer of the former Children's Memorial Hospital site in Lincoln Park added a joint venture partner as it prepares to start work on the $350 million residential and retail project by the end of the year.” (Crain’s Chicago Business)
  8. Commercial, Multifamily Mortgage Delinquencies Continue Decline in US “According to the Mortgage Bankers Association's (MBA) Commercial and Multifamily Delinquency Report, delinquency rates for commercial and multifamily mortgage loans continued to decline in the first quarter of 2015.” (World Property Journal)
  9. Norwegian Bank with Growing Appetite for Manhattan Skyscrapers Triples Its Own Office Space “Norges Bank has been expanding its portfolio of real estate in the city during the past few years, buying stakes in major office towers such as 11 Times Square and 601 Lexington Ave.” (Crain’s New York Business)
  10. Balfour Beatty, JLL Grow in the Sunbelt A joint venture between Balfour Beatty Communities and JLL Income Property Trust has acquired Townlake of Coppell, a 398-unit garden style apartment community in Coppell, Texas. The price of the sale was not disclosed.” (Commercial Property Executive)
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