10 Must Reads for the CRE Industry Today (May 20, 2015)

10 Must Reads for the CRE Industry Today (May 20, 2015)

 

  1. Community Board Wants to Ban More 57th St. Skyscrapers “Local community leaders in Midtown are hoping to stop the creation of any more supertall towers.” (The Real Deal)
  2. Wal-Mart CEO Reveals Where American Consumers Are Spending Their Money “Wal-Mart's same-store-sales growth in the US was weaker than expected for its most recent quarter. In an earnings call Tuesday, Wal-Mart CEO Doug McMillon blamed a decline in customers' discretionary spending.” (Business Insider)
  3. Goldman Said to Sell Hotels to REIT for $1.73 Billion “Goldman Sachs Group Inc. is selling almost 150 U.S. hotels acquired during the last decade’s property boom to a nontraded real estate investment trust for $1.73 billion, according to two people with knowledge of the deal. (Bloomberg)
  4. Empire State Building To House Three Starbucks Concepts “Starbucks Coffee will be bringing a third concept to the Empire State Building, making it the only building in New York City with three Starbucks leases, Commercial Observer has learned.” (Commercial Observer)
  5. Property Dynasties Team Up to Fund Miami Project “Developers are digging deep into their own pockets to pull off megaprojects in South Florida. In the latest example, two prominent families, the LeFraks of New York and the Soffers of South Florida, are teaming up on a $4 billion, 183-acre development on a former landfill and Superfund site in North Miami.” (Wall Street Journal)
  6. Danny Meyer Looks to Open Giant Food Hall at Hudson Yards “Restaurateur Danny Meyer may be opening a new food hall at Hudson Yards on the far West Side of Manhattan.” (Crain’s New York Business)
  7. Can Kanye Save Adidas? “The iconic sports apparel and sneaker company has lost significant market share and muddled its image with consumers. Its latest push into hip-hop fashion has some analysts wondering whether it can ever outrun Nike again.” (Fortune)
  8. Filling Google's Gap in River North “The River North landlord that's saying goodbye to Google is saying hello to WeWork, the fast-growing co-working company from New York.” (Crain’s Chicago Business)
  9. RICS Brings Good News to CRE Investors “RICS’s U.S. Commercial Property Monitor for Q1-2015 revealed that despite slower economic growth, the U.S. commercial real estate market looks strong, with forecasts of average capital value growth of 5 percent a year between now and 2018.” (Commercial Property Executive)
  10. Should You Seek Alpha In mREITs? “A mortgage real estate investment trust (mREIT) primarily invests in mortgages, rather than buys and owns property outright. The revenue for mortgage REITs comes mainly from the principal and interest on the mortgages owned. REITs are required to distribute most of their income each year to their shareholders in the form of dividends.” (Seeking Alpha)
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