- One More Big Reason You Can’t Buy a Home “Eight years after the crash, the housing market still awaits the return of the first-time home buyer. Beyond the struggle to build credit to meet stricter standards, and the difficulty saving for a down payment amid skyrocketing rents and surging student loan burdens, there lies an even simpler explanation: fewer choices. It's the lack of inventory that's haunting Ralph McLaughlin, chief economist at real estate website Trulia, as he looks at the year ahead in housing.” (Bloomberg)
- Banks Give Developers More Time to Work on Sony Building Condo, Hotel Conversion “The developers planning to convert Sony’s former Manhattan headquarters in midtown into multimillion-dollar condos and a luxury hotel got a little more time to work on its proposed 36-story, 700,000-square-foot tower. Joe Chetrit and David Bistricer arranged a six-month extension for the roughly $900 million in loans on the high-profile project.” (Crain’s New York Business)
- Fifth Avenue Makeover Could Bring New Indoor Shopping Mall “As Fifth Avenue below Saks gradually sheds its schlocky retail image, Extell chief Gary Barnett has his eye on a project that would accelerate the avenue’s ongoing upmarket trend. Among other options he’s considering, Barnett might build an “internal” shopping mall that would front on Fifth Avenue’s west side between West 46th and West 47th streets, and have an apartment tower or hotel on top.” (New York Post)
- Macy’s Adds Real Estate CEO to Board to Help with Property Plans “Macy’s Inc. named Four Corners Property Trust Inc. Chief Executive Officer Bill Lenehan to its board, enlisting a real estate expert to help the chain figure out what to do with its properties. The 39-year-old will join the board on April 1, the Cincinnati-based company said in a statement Tuesday. Lenehan, who became CEO of Four Corners last year, has previously worked at such firms as MI Development and Farallon Capital Management LLC.” (Bloomberg)
- Will International Investment in U.S. Real Estate Continue? “The recent $12.8 billion bid by Anbang Insurance for Starwood Hotels and Resorts, even if it proves to be unsuccessful, highlights the ongoing flow of international capital into the U.S. real estate market. The United States is perceived as a safe haven for capital, especially for investors experiencing volatility in their local markets. U.S. property market fundamentals are strong, and real estate values—even for trophy properties in top markets—are inexpensive compared with those in other world capitals.” (Urban Land Magazine)
- Why Online Retailers Are Flocking to Nordstrom “Nordstrom has a disproportionate percentage of its stores at the best malls, locations that many online brands are eyeing for their first shops. According to a Credit Suisse research note last week, Nordstrom has the highest proportion of its stores at what the bank’s research arm calls “Most Valuable Properties,” 95 of the best U.S. malls in a universe of 2,101 centers. Some 62% of Nordstrom’s 120-plus stores are in those elite malls, which includes places like Roosevelt Field on Long Island and The Galleria in Houston.” (Fortune)
- NYC Redevelopment Commands $390M “China Oceanwide Holdings has acquired 80 South St., a planned 113-story tower in New York City’s Seaport District, from the Howard Hughes Corp. (HHC), for $390 million. The development calls for 441,077 square feet of residential space and 376,707 square feet for hotel, office or retail use. Although initially announced more than seven months ago, the deal was contingent on HHC transferring an additional 303,113 square feet of air rights to the site.” (Commercial Property Executive)
- ‘The Scott’ Will Bring Apartments, Retail to Midtown “In a continued effort to revitalize downtown Detroit, new apartments along with retail stores are slated to open in December along Woodward at the south end of Midtown. Developer Richard Broder of Broder & Sachse Real Estate says there will be 199 apartments for rent ranging from $950 per month all the way up to $3,000 a month. Detroit mayor Mike Duggan was on hand along with investors for the groundbreaking ceremony on Monday.” (CBS Detroit)
- Hudson, Related Nearing $105M Loan for World’s Biggest Passive House at Cornell Tech “The Hudson Cos. and the Related Cos. are close to securing a $105 million loan for a 26-story apartment building on the new Cornell Tech campus now under construction on Roosevelt Island, The Real Deal has learned. The building is particularly significant in that it will be the largest – and the tallest – structure in the world to employ a “passive house” design, which can cut energy costs by up to 90 percent. The apartment building will house 530 graduate students, faculty and Cornell Tech staff.” (The Real Deal)
- Refinancing Could Get Harder for Some Chicago Landlords “The rising real estate market has lifted more landlords out of loan trouble, but delinquencies may head up again before they come down some more. The delinquency rate on Chicago-area commercial mortgage-backed securities (CMBS) loans fell to 4.46 percent in February, down from 5.54 percent in January but still up from its 2015 levels, according to Trepp, a New York-based research firm.” (Chicago Real Estate Daily)
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