10 Must Reads for the CRE Industry Today (June 18, 2015)

10 Must Reads for the CRE Industry Today (June 18, 2015)


  1. Fed Says Rate Hike Still on Track for This YearThe Federal Reserve signaled a pickup in the economy is keeping it on track to raise interest rates this year, though subsequent increases are likely to be more gradual than anticipated earlier.” (Bloomberg)
  2. After American Realty Capital Properties Commits Fraud, CEO Tries to Regain the TrustOn April 1, Glenn Rufrano, the former head of Cushman & Wakefield and a longtime real estate executive, became CEO of American Realty Capital Properties. The job will be a challenge for the 65-year-old.” (Crain’s New York Business)
  3. The New Money Masters: Blackstone Real Estate Chief Jonathan Gray “Largely under Gray’s leadership Blackstone has become one of the largest and most profitable landlords on the planet, with $93 billion in assets and an annualized net return of 18% over the last 23 years.” (Forbes)
  4. Starbucks to Shutter One of Its Retail Concepts “Starbucks Corp. is getting out of the freestanding bakery store brand business. The coffee giant said it plans to close all 23 La Boulange retail (bakery café) locations by the end of September, as well as the two baking facilities serving the locations. The retailer said it determined that La Boulange stores are ‘not sustainable for the company’s long-term growth.’” (Chain Store Age)
  5. Morgan Stanley Lends $205M for Vornado’s Herald Square Old Navy BuyMorgan Stanley originated a $205 million acquisition loan to help finance Vornado Realty Trust’s purchase of the Old Navy building in Herald Square, records filed with the city show.” (Commercial Observer)
  6. Lasting Impression: Renovating For Current, Future SeniorsDean Maddalena is familiar with the sterile, nursing home-like attitude that is associated with senior communities. He’s determined to change that.” (Multifamily Executive)
  7. NAI SPECIAL REPORT: Linneman, Zell Sound Off “Renowned real estate economist Peter Linneman, who is NAI Global’s chief economist, and Sam Zell, the salty real estate billionaire, didn’t argue with each other as the main speakers at today’s NAI Global Market Outlook in Chicago. But they did disagree (somewhat) about the direction of the U.S. economy and, by extension, the CRE market. Linneman posited that the economy still has at least two or three more years of reasonably good growth ahead. Zell was not so sure. ‘The situation is better than it was, but it’s important not to get too kumbaya right now,’ he said.” (Commercial Property Executive)
  8. Regulator Restricts Mortgage Operations of Six Big BanksJPMorgan Chase, Wells Fargo and four other big banks are facing new restrictions on their mortgage operations after a federal regulator determined the banks did not do enough to fix problems in their foreclosure practices in the aftermath of the financial crisis.” (New York Times)
  9. Documents Confirm 1,522-Foot Parapet Height for 217 West 57th Street, aka Nordstrom TowerThe permitting process surrounding high-profile projects is becoming increasingly convoluted, with ‘dummy filings’ now commonly submitted prior to actual new building applications. This is particularly true at 217 West 57th Street, which still doesn’t have any on-site renderings. But luckily some new supporting documents have been filed with the city, revealing what appear to be the actual height numbers for the tower’s parapet and roof, confirming it will become the country’s tallest building.” (New York Yimby)
  10. U.S. Commercial, Multifamily Mortgage Debt Reaches $40.4 Billion in Q1According to the Mortgage Bankers Association, the level of U.S. commercial and multifamily mortgage debt outstanding increased by $40.4 billion in the first quarter of 2015, as all four major investor groups increased their holdings. That is a 1.5 percent increase over the fourth quarter of 2014.” (World Property Journal)
Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.