10 Must Reads for the CRE Industry Today (October 27, 2014)

10 Must Reads for the CRE Industry Today (October 27, 2014)

 

  1. Tourism Expected to Generated Quarter of 1 WTC's Revenue "The Port Authority of New York and New Jersey and the Durst Organization—owners of One World Trade Center—are betting on tourists to bring in a quarter of the building's revenue by 2019." (The Real Deal)
  2. Corporate America Starts to Spend Again "More companies cut their cash holdings than increased them over the past year, the first time that has happened during the recovery, according to a new survey of corporate treasurers by the Association for Financial Professionals." (The Financial Times)
  3. Los Angeles Delays Hit Sales as No. 1 U.S. Port Suffers "Equipment shortages, labor negotiations and rail delays are slowing shipments from the Ports of Los Angeles and Long Beach, the nation's biggest container hub, just as retailers are piling up goods for their most important period of the year." (Bloomberg)
  4. AREP-Investcorp JV Purchases Metro DC Office Complex "For 176 million, a joint venture of American Real Estate Partners and Investcorp has acquired Canal Center, a four-building, 540,000-sq.-ft. Class-A office complex on the Potomac River in Alexandria, Va., AREP announced Friday. The seller was Tishman Speyer, on whose behalf Cassidy Turley had marketed the property starting this past May." (Commercial Property Executive)
  5. Most Precious Thing in Downtown Chicago? Dirt "In Chicago's strongest neighborhoods, prices of development sites have eclipsed pre-crash levels, fueled by an apartment and hotel construction wave and a resurgent condo market, developers and brokers say. Demand for land is rising, but supply isn't." (Crain's Chicago Business)
  6. Tallest Twin Towers Part of Emaar Megaproject on Dubai Lagoon “The world’s tallest twin towers will be the centerpiece of a new residential and business project in Dubai being developed by Emaar Properties PJSC (EMAAR) and Dubai Holding LLC.” (Bloomberg)
  7. Family-Run Hotel Firm Expands "Family-run the Deniham Hospitality Group is in expansion mode. The New York City company, known for its boutique hotels like the Surrey on the Upper East Side and the Benjamin in Midtown, is planning to open a James hotel in Los Angeles in 2016." (Crain's New York)
  8. Target to Open Smaller Store Model in Downtown Brooklyn "CityTarget, the big-box chain Target's smaller store model, will find its first New York home at City Point, the 1.8 million-sq.-ft. development under construction in Downtown Brooklyn." (Commercial Observer)
  9. Miami Building Boom Spreads Into Downtown's Tent City "A building boom that transformed Miami into a destination for the global elite left out the city core, better known for its empty lots filled at night with tents for the homeless. Now the area awaits a $2 billion face lift." (Bloomberg)
  10. Federal Rules Are Deterring Banks from Approving More Home Loans “Federal regulators last week took their biggest steps yet to grease the wheels for borrowers, lowering down payment requirements on federally insured mortgages to 3.5% and issuing new rules for what qualifies as a safe loan. Regulators also promised clearer rules for when banks might be forced to buy back defaulted loans after selling them to investors.” (Los Angeles Times)
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