- Investors Cool Off on REIT Sector “Investors aren’t treating real-estate investment trusts like hot properties anymore. An index of REIT stocks is on track for its worst year since 2008 after a six-year rally pushed it up 348%, including dividends, from its financial-crisis-era low, as of Friday’s close.” (Wall Street Journal)
- Citigroup Sees 55% Risk of Global Recession Made in China “Citigroup Inc. is sounding the alarm bells for the world economy. In an analysis published late on Tuesday, the New York-based bank’s chief economist, Willem Buiter, said there is a 55 percent chance of some form of global recession in the next couple of years, most likely one of moderate depth and length.” (Bloomberg)
- How Bank of China Helps Keep New York City’s Commercial Real Estate Market Afloat “As US banks reduced their average loan size and exposure to the market after the 2008 financial crisis, Bank of China stepped in. The Chinese group lent increasingly more money until this year, when lending abruptly slowed down, according to data from CrediFi, which tracks commercial real estate lending in the US.” (Quartz)
- Macy’s to Close Up to 40 Stores “Macy's will close 35 to 40 underperforming stores, around 5% of its total locations, the department store chain announced Tuesday. The stores, slated to be shuttered in early 2016, will be identified at a later date, said the company with corporate offices in Cincinnati and New York.” (Detroit Free Press)
- Tight Housing Market North of L.A. to Get 1,500 New Homes “Limoneira Co., a citrus and avocado-farming company, is developing a $1 billion project for 1,500 homes in a supply-constrained area north of Los Angeles. The Santa Paula Gateway project is expected over 10 years to provide at least 25 percent of the new homes in Ventura County, where new non-agricultural developments require voter approval, according to Limoneira Chief Executive Officer Harold Edwards.” (Bloomberg)
- Macy’s to Add Best Buy-Run Electronics Department in Some Stores “The nation’s last-standing, national consumer electronics chain is joining forces with Macy’s. Best Buy has inked an agreement with the department store to test licensed consumer electronics departments in 10 Macy M +1.30% stores, slated to open in November 2015. Best Buy licensed shops will occupy about 300 square feet in Macy’s stores across various markets throughout the U.S.” (Forbes)
- Credit Suisse Ordered to Pay Hedge Fund Over Real Estate Deal “A judge on Friday said Credit Suisse must pay a unit of Highland Capital Management $287.5 million over a soured real-estate loan, a win for James Dondero’s hedge-fund firm in its multipronged fight against the Swiss bank over luxury developments, The Wall Street Journal reports.” (Wall Street Journal)
- Manocherians Buy Times Square Hotel Parcel for $81M “Real estate investor Jed Manocherian acquired a Times Square property housing a 300-room Hampton Inn for $80.9 million from South Carolina-based OTO Development, according to property records filed with the city Tuesday. Manocherian bought the property at 220-226 West 41st Street, between Seventh and Eighth avenues, through BMS Management — a Houston-based company part of the Manocherian family’s portfolio of real estate holdings.” (The Real Deal)
- Kenneth Thompson is Making Real Estate an Important Issue for the Brooklyn DA’s Office “There are times when justice needs to put aside the talk and deliver a clean, swift blow to a crook—and in April, Kenneth P. Thompson, the Brooklyn District Attorney, found what he believed to be two worthy malefactors. He doled out indictments to Aaron and Joel Israel, two brothers who had been hounding their rent-stabilized tenants at four of their buildings in Bushwick, Greenpoint and Williamsburg.” (Commercial Observer)
- Foreclosures Down 28%, Lowest Level Since 2007 “And in another round of good news for the housing market, July saw only 38,000 foreclosures nationwide, the lowest foreclosure rate since 2007. The foreclosure figures are down 24.4% from last July, representing an overall 67.9% decrease from the peak month of September 2010's 117,225 homes.” (Bisnow)
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