10 Must Reads for the CRE Industry Today (October 7, 2015)

10 Must Reads for the CRE Industry Today (October 7, 2015)


  1. Blackstone Bullish on New York, Miami Rental Homes, Gray Says “Jon Gray, global head of real estate at Blackstone Group LP, said the private equity firm is ‘bullish’ on rental housing in New York and Miami, two cities where high home prices make purchases more difficult, sending tenants to the landlord’s apartments and houses. Blackstone, the world’s biggest alternative-asset manager, and partner Fairstead Capital recently acquired Manhattan apartment buildings with almost 1,000 units for $690 million.” (Bloomberg)
  2. The Cities Americans Are Thronging To and Fleeing “Cities get ranked in numerous ways — by income, hipness, tech-savviness and livability — but there may be nothing more revealing about the shifting fortunes of our largest metropolitan areas than patterns of domestic migration. Bright lights and culture may attract some, but people generally move to places with greater economic opportunity and a reasonable cost of living, particularly affordable housing.” (Forbes)
  3. TPG Gets Over $2 Billion for First Multi-Investor Property Fund “TPG Capital finished gathering more than $2 billion of capital pledges for its first multi-investor real estate fund, slightly exceeding its target at a time of volatility in financial markets. The Fort Worth, Texas-based firm, whose property unit is led by Kelvin Davis and Avi Banyasz, began raising the new pool about 20 months ago.” (Bloomberg)
  4. Nazarian to Sell Stake in SLS Las Vegas Hotel “Hotelier Sam Nazarian has agreed to sell his minority stake in the SLS Las Vegas hotel and for his company to give up management of the money-losing property on the Las Vegas Strip. Stockbridge Capital Partners, the San Francisco-based real-estate investor that owns 90% of the hotel, has agreed to buy the remaining 10% owned by Mr. Nazarian and his family, according to people familiar with the matter.” (Wall Street Journal)
  5. Salesforce Nears Sublease Deal With MetLife for 300K SF at 3 Bryant Park “Salesforce customer service and customer relationship management platform is close to a sublease deal with insurance giant MetLife for around 300,000 square feet at 3 Bryant Park, also known as 1095 Avenue of the Americas, Commercial Observer has learned. It wasn’t immediately clear what Salesforce would do with its other Manhattan digs at 1095 Avenue of the Americas, 685 Third Avenue and 155 Avenue of the Americas.” (Commercial Observer)
  6. When I Sell Real Estate, How Am I Taxed? “Investment property allows for write offs for expenses related to owning the property, but that perk comes with a big trade off: Every penny that you make on appreciation – after accounting for the cost of acquiring and selling the property – is subject to capital gains taxes.  The rate depends on your tax bracket but for most people it’s 15%.” (Time)
  7. The Newest Odd Couple: Real Estate Developers and Urban Farmers “Environmentally conscious construction and building systems are old news at this point, but building-integrated food production is a relatively new, though growing, area of focus. And it’s led to a bit of a strange bedfellows situation: As both urban agriculture and real estate boom in a number of U.S. cities, real estate developers are looking to small-scale local growers to augment their plans.” (The Atlantic)
  8. The Right REITs—American Century Manager’s Hot Real Estate Picks “Real estate investment trust -- or REIT -- shares have been under pressure this year because traders see the sector as a yield alternative set to be slammed by the impending Federal Reserve rate hike. Steve Brown, portfolio manager for the American Century Real Estate Fund (REACX), said investors should stop watching the Fed for a moment and start looking at REIT fundamentals.” (The Street)
  9. Former Executive Files $40M Gender Discrimination Suit Against Cushman & Wakefield “The former head of research for the Americas at Cushman & Wakefield has filed a $40 million lawsuit against the real estate giant, alleging gender discrimination, after she was fired from her position and replaced by a younger male employee. Maria Sicola, 60, was fired October 2 – the day before her 60th birthday – after nearly 35 years with the company.” (Real Estate Weekly)
  10. Firm Pays At Least $40 Million for Upper East Side Medical-Office Space “A real estate investor is buying the medical-office space at the base of the Corinthian, a large East Side residential tower, for as much as $50 million. Kevin Chisholm, who operates real estate investment firm 60 Guilders, is purchasing the three-story condo space from ProMed Properties, a Florida-based real estate owner, according to a source with knowledge of the deal.” (Crain’s New York Business)
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