10 Must Reads for the CRE Industry Today (November 4, 2015)

10 Must Reads for the CRE Industry Today (November 4, 2015)

 

  1. Wanted: Immigrant Funds to Build Final World Trade Center Tower “To help finance construction of the final office tower to go up at the World Trade Center site, its developer is turning to aspiring immigrants. Silverstein Properties Inc. recently began a marketing push in China seeking investors to put in $500,000 apiece for 2 World Trade Center through the federal EB-5 visa program, which gives green cards to foreigners who invest in certain job-creating businesses.” (Wall Street Journal)
  2. The ABCs of DDPs: The Rise of a New Alternative Asset Class “Direct participation programs, often called DPPs, are emerging as an alternative asset class for retail investors, typically generating an income stream of 5 percent to 7 percent. DPPs are non-traded pooled investments that invest in real estate or energy-related ventures seeking funds over an extended time period. These products have a finite life, generally five to 10 years. DPPs are generally passive investments.” (CNBC)
  3. In Downtown Los Angeles, a Potential Anchor for Offices “Wilshire Grand Center, an estimated $1.2 billion mixed-use project in downtown Los Angeles, promises many things upon its 2017 completion date. AYet, there is one potential feature of the project, unstated in any brochure, that looms large in the minds of downtown’s many champions: Wilshire Grand could catalyze more growth and diverse interest in the office market, long the troubled sector of real estate in downtown’s revitalization efforts.” (New York Times)
  4. Drone Footage Captures Apple’s New Campus “Apple’s 2.8 million-square-foot spaceship-like campus in Cupertino, Calif., is starting to take shape. Drone footage recorded by Duncan Sinfield using a DJI Inspire 1 on Nov. 1 provides viewers aerial shots of the building’s circular shell. The drone dives into the heart of the circle and catches footage of the building’s under-construction innards as well. Full construction on Apple’s second campus is on track to be completed in the fourth quarter of 2016.” (MarketWatch)
  5. Mayor Unveils Industrial Policy to Freeze Out Hotels, Self-Storage “Rising rents and property values aren’t just squeezing out mom-and-pop stores and longtime New Yorkers. Manufacturers are also feeling the pinch, and on Tuesday Mayor Bill de Blasio unveiled a long-awaited plan to come to their aid. The heart of the plan calls for protecting the city's 20 industrial business zones, or IBZs, from hotel and residential development while investing more than $440 million in manufacturing havens such as the Brooklyn Navy Yard and Hunts Point in the Bronx.” (Crain’s New York Business)
  6. Bankrupt A&P Unable to Find Buyers for 1/3of Stores “The legendary A&P grocery store chain, which will shutter its last store in three weeks, failed to get a buyer for 100 of its 296 stores, The Post has learned. That’s 50 percent higher than previous estimates. Rivals passed on the stores because they were either in unfavorable locations or had bad leases, sources said.” (New York Post)
  7. American Eagle Expands Portfolio and Profit “American Eagle Outfitters is adding brands to its portfolio that could diversify the company's reach and eventually lead to new store formats. American Eagle has acquired Todd Snyder New York, an upscale menswear brand, and Snyder’s Tailgate Clothing Co., a vintage sports-inspired brand that operates a college-town store concept. Todd Synder, founder and creative director of his  eponymous  company, will join American Eagle  as executive VP.” (Chain Store Age)
  8. Sheldon Silver Corruption Trial Begins With Opening Statements “Did former Assembly Speaker Sheldon Silver sell his office in exchange for kickbacks and bribes, or simply make legitimate outside income that prosecutors just don’t like? Those were the two narratives presented to jurors today in the Manhattan federal courthouse where Mr. Silver, still an assemblyman and once among the three most powerful men in the state, is standing trial on charges of honest services fraud, extortion and money laundering for allegedly taking more than $4 million in bribes and kickbacks.” (New York Observer)
  9. Campaign Gives Voices to Struggling Renters “Meet Devona Rollins, a single woman raising three children in Detroit. ‘Between the rent, the utilities, the car, the insurance, the groceries, there’s not a lot left over,’ she says. Rollins has overcome drug addiction, owns her own business, and has moved her family to a safer neighborhood, but the pursuit for a better life comes with big challenges. A new campaign is giving voice to Rollins and the 11 million families struggling to make rent each month.” (Multifamily Executive)
  10. The Best and Worst States for Entrepreneurs “According to a new ranking of the best and worst states for starting a business by GOBankingRates, Washington is the best, due to the high survival rate of startups, its high per capita GDP of $60,476 and sixth lowest tax on business in the nation. That’s followed by Wyoming and California. West Virginia was dubbed the worst state for new businesses for having the highest rate of business deaths in the nation.” (Wealthmanagement.com)
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