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10 Must Reads for the CRE Industry Today (January 28, 2015)

10 Must Reads for the CRE Industry Today (January 28, 2015)


  1. RXR Realty Nears Billion-Dollar Deal for 230 Park Ave. “Scott Rechler’s RXR Realty is thisclose to a $1 billion-plus deal for 230 Park Ave., the iconic cupola-topped office building by Grand Central Terminal between East 46th and East 45th streets, The Post has learned.” (New York Post)
  2. Doubts Grow about Mid-Year Rate Hike, But Fed Won’t Express Any “While there are growing doubts among economists that the Federal Reserve will make their first hike in short-term interest rates in June, don’t look for the U.S. central bank to give any hints that it may hold rates at zero a little while longer than expected.” (MarketWatch)
  3. High-End Malls Get Boost from High-Tech Stores “The nation’s high-end malls are posting record sales, thanks in part to the growing presence of technology retailers that sell pricey goods. At Bellevue Square, a shopping center in this affluent Seattle suburb, electric car maker Tesla Motors Inc. produced sales of $5,500 per square foot last January, more than five times the mall’s average.” (The Wall Street Journal)
  4. And MLV’s Top Multifamily Pick Is… “Looking ahead to 2015 and 2016, expect foreign capital investment in U.S. multifamily properties to continue. This trend will contribute to cap rate compression, making it more difficult for REITs to acquire properties that would be accretive to earnings.” (Benzinga)
  5. Rivals Fear Edge for Blackstone via Analytics Firm Investment “Blackstone is the world’s biggest real-estate investor, and some fear the company’s involvement in the fast-growth data-tracking business will mean such services will become tailored to its specific interests rather than the industry’s.” (New York Post)
  6. Big Spenders Welcome at Super-Luxury Hotels “The Big Apple is flush with hotels for guests who don't flinch at nightly room rates of $1,000 or more. The city's super-luxury hotel stock is at an all-time peak, say industry experts.” (Crain’s New York Business)
  7. Crowdfunding Comes to Manhattan’s World Trade Center “Fundrise, a real estate crowdfunding business, is inviting individual investors to put as little as $5,000 into bonds backing the 80-story tower, according to a statement e-mailed by Joshua Greenwald, a spokesman for the Washington-based company.” (Bloomberg)
  8. Canary Wharf Owner’s Largest Shareholders Back Acquisition Bid “The owner of the Canary Wharf office and retail development said on Wednesday that its largest shareholders had voiced support for a hostile bid for the company by Qatar’s sovereign wealth fund and Brookfield Property Partners.” (The New York Times)
  9. Trump Soho May Abandon Condos to Operate Mainly as Hotel “Lower Manhattan’s Trump Soho, the five-year-old tower that was seized in a foreclosure amid slow sales of its condominiums, may drop its focus on part-time residences and operate most of the property solely as a hotel.” (Bloomberg)
  10. When an Activist Investor Actually Ends Up Helping Dealflow “Dollar General Inc. (DG - Get Report) CEO Rick Dreiling lamented the outcome of his company's $80 per share hostile bid for Family Dollar Stores Inc. (FDO - Get Report) in a Jan. 22 press release, saying that the target stockholders' approval of a sale to Dollar Tree Inc. (DLTR - Get Report) at $76 a share was a loss not only for them ‘but also for consumers across the country.’” (The Street)
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