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

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

  1. Sutton Closes on Crown Building and Inks Deal for Aman Hotel “Last Friday, Jeff Sutton closed on the jewel of his Fifth Avenue empire—the Crown Building at 730 Fifth Avenue, which he purchased for a jaw-dropping $1.78 billion, with a $1.25 billion mortgage, that he bought with General Growth Properties.” (Commercial Observer)
  2. Investors Sue American Realty for Alleged ‘Hidden Scheme’ “Investors in American Realty Capital Properties are accusing ex-chair Nicholas Schorsch of perpetrating a scheme that generated more than $900 million in managers’ fee and bonuses. In a new class-action lawsuit, these investors say that Schorsch turned a small real estate investment trust into a moneymaking vehicle for himself and his cronies.” (The Real Deal)
  3. Howard Hughes to Market 80 South Street “The Howard Hughes Corporation, the real estate development company behind the South Street Seaport’s revitalization, has completed a site assemblage for 80 South Street, Commercial Observer has learned.” (Commercial Observer)
  4. Cinema Verité, Meet in Vino Veritas “The city's movie theater industry will soon be pouring more than giant cups of overpriced soda. A cinema chain with a dozen outposts in the city is hoping to get approval from the State Liquor Authority to start selling booze to go with the show by the end of the year, according to its attorney, David Pfeffer. Another large chain is also in the process of trying to get its liquor license, Mr. David Pfeffer said.” (Crain’s New York Business)
  5. Norway Strikes Biggest Property Deal Betting on U.S. Warehouses “Norway’s sovereign-wealth fund made its biggest real estate investment yet, teaming up with Prologis Inc. to buy warehouse properties in 17 U.S. states for $5.9 billion.” (Bloomberg)
  6. Make Brooklyn a College Town “Downtown Brooklyn doesn't have a quad or a football stadium. There's no Greek row. Streets are busy before 10 a.m. on weekends. Madison, Cambridge and Ann Arbor, it's not. But creating a college town is about more than replicating these traditional locales. Downtown Brooklyn's resurgence and thriving real estate market make it ripe for a new kind of college town to grow there.” (Crain’s New York Business)
  7. Casino Operator Overbuilding Again “Jonathan Litt, who’s pushing MGM Resorts International to put its properties into a real estate investment trust, stepped up his criticism of the casino company and accused a director of retaliating against one of his board nominees.” (Bloomberg)
  8. Regulatory Relief for Banks That Rarely Fail “Rolling back regulations created after the 2008 crisis has been Job 1 for leaders of many of the nation’s large and powerful banking institutions. So it’s no surprise that recent proposals for regulatory reform in the financial industry have overwhelmingly been the work of big banks or their supporters. The bankers want to return to the days when they could roll the dice, pocket their winnings and rely on the taxpayer if something went wrong.” (New York Times)
  9. Retired, But Opting to Stay in the ’Burbs “While many of their empty-nester friends have swapped suburban houses for condos downtown, Susan and Butch Honaker opted to stay in Northfield. They had owned a house on an acre of land for 32 years, and in January they moved into a newly built house 2 miles away.” (Crain’s Chicago Business)
  10. Prologis, Norges Acquire KTR Capital for $5.9B “Prologis and Norges Bank Investment Management have partnered to acquire the real estate assets of KTR Capital Partners for $5.9 billion. The properties will be acquired by Prologis US Logistics Venture, a 55-45 JV between it and the Norwegian government pension fund.” (Globe St.)




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