Chrysler Building

10 Must Reads for the CRE Industry Today (March 11, 2019)

The New York Times looks at the incentives packaged received by the Hudson Yards project. MarketWatch ranks the best places to live in 2019. These are among today’s must reads from around the commercial real estate industry.

  1. U.S. Retail Sales Rise in January; December Revised Sharply Lower “U.S. retail sales unexpectedly rose in January, lifted by an increase in purchases of building materials and discretionary spending, but receipts in December were much weaker than initially thought. The report from the Commerce Department on Monday was welcome news for the economy after a raft of weak December data, as well as a sharp moderation in the pace of job growth in February. Still, January’s increase in retail sales recouped only a fraction of December’s plunge, leaving expectations for a sharp slowdown in economic growth in the first quarter intact.” (Reuters)
  2. Amazon’s Tax Breaks and Incentives Were Big. Hudson Yards’ Are Bigger “At Hudson Yards, the expansive real estate development that is about to open in Manhattan, seven floors of retail are occupied by Fendi, Dior, Neiman Marcus and other high-end shops. Major corporations, including WarnerMedia and L’Oreal USA, will have their headquarters there. In the luxury residential buildings, one-bedroom apartments will rent for at least $5,200 a month — or you can buy a two-floor penthouse condo for $32 million. All thanks to the help of taxpayers.” (The New York Times)
  3. RFR Gets Great Deal on Chrysler Building, But There’s a Catch “Aby Rosen’s RFR Holding is poised to buy the Chrysler Building for peanuts — around $150 million, compared with the $800 million the Abu Dhabi Investment Council paid Tishman Speyer and a German fund for a 90 percent stake in the landmark skyscraper in 2008. But the deal — which includes the highly profitable Trylons retail pavilion next door — comes with a big asterisk. It’s a leasehold purchase and doesn’t include the land, which is owned by Cooper Union.” (New York Post)
  4. The Best, Affordable Place to Live in the U.S. in 2019 “For six years, Livability editors and data scientists have combined our obsessions with cities and data to create Livability’s annual ranking of the Top 100 Best Places to Live in America Every time we make this list, we look at hundreds of data points and examine more than 1,000 cities based on economics, housing, amenities, infrastructure, demographics, social and civic capital, education and health care. This year, we wanted to get back to basics, so we started with a single question: What matters most to you when you’re deciding where to live?” (MarketWatch)
  5. Real Estate Mogul Taunts Ex-Wife with 42-Foot-Tall Photo of New One “They measure 24 feet wide and 42 feet high, which makes them taller than a telephone pole but three feet shorter than the letters in the Hollywood sign. The two photographs, according to the recently divorced and newly remarried man who had them installed last week on one of the tallest residential buildings in the Western Hemisphere, are ‘a proclamation of love.’ That man is the real estate developer Harry Macklowe, who is pictured in one of the photographs and was married for the second time on Thursday after a contentious 14-week divorce trial.” (The New York Times)
  6. Commercial, Multifamily Mortgage Delinquencies Remain Low in U.S. “According to the Mortgage Bankers Association's latest Commercial/Multifamily Delinquency Report, commercial and multifamily mortgage delinquencies in the U.S. remained at a low rate in the final three months of 2018. ‘It's hard to imagine commercial and multifamily mortgages performing much better than they have recently,’ said Jamie Woodwell, MBA's Vice President of Research and Economics. ‘Future performance will be largely driven by changes in the economy and how they affect property incomes, property values and the ability of owners to refinance when their loans come due. Currently, all of those factors are favorable.’” (World Property Journal)
  7. ‘It’s Great Having People Here When I Come Home’: Behind the Rise of Co-Living “It was a typical group-house scene: As evening rain pelted their Lake Merritt neighborhood, Randy Jordan spun a Stevie Wonder record on a turntable, while Carissa Villafaña sauteed vegetables and Jessica Bruno lounged on a leather sofa. Their other housemates were out for the evening. ‘I love co-living,’ said Bruno, 28, a tech saleswoman who moved into the six-bedroom house when it opened in August. ‘It’s great having people here when I come home.’” (San Francisco Chronicle)
  8. Frisco Station ‘Lifestyle Hotel Campus’ Billed as First of its Kind Is Set for Summer Opening “Lewisville-based hotel company NewcrestImage will open a dual-branded hotel in North Dallas' Frisco Station in late June 2019 that will become part of a first-of-its-kind in the U.S. ‘lifestyle hotel campus.’ The company has been behind several dual-branded hotel sites in the last several years. The new hotel will feature an eight-floor, 150 room AC Hotel and seven-floor, 150 room Residence Inn within the same building.” (Dallas Morning News)
  9. Can Real Estate Lobby the Left? “Cocktail hour at the ‘Liar’s Ball’ — the Real Estate Board of New York’s annual gala — is all about being seen. Brokers and developers float to and from the open bar, pose for pictures with their peers and public officials, and often sneak out before the main event. At this year’s banquet, though, there were two glaring absences: Gov. Andrew Cuomo and Mayor Bill de Blasio. One week before the largest real estate event of the year, the mayor pledged to seize property from negligent landlords.” (The Real Deal)
  10. Coyote Logistics to Anchor Detroit Mixed-Use Development “Chicago-based Coyote Logistics has paved the way for its expansion to Detroit. The global third-party logistics provider recently committed to opening its new tech hub in 58,000 square feet of office space at The Assembly, a 160,000-square-foot, mixed-use development in downtown Detroit’s Corktown neighborhood. ‘Detroit’s growing reputation as the Midwest’s hub for technology and innovation was a huge draw as we looked to expand Coyote’s operations,’ John Perkovich, vice president with Coyote Logistics, said in a prepared statement.” (Commercial Property Executive)
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