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Economy Watch: The Yo-Yoing of Wall Street; Big News on Foreclosures
A yo-yo might be the best metaphor for Wall Street’s activity this week. And while foreclosures are down significantly, the government is looking into what to do with the empty properties.
Prewar Park Avenue Apartment Building Sells for $253M to Harry Macklowe
One of the more coveted addresses in New York City multi-family real estate has just moved off the books of the Katz 737 Corp. and into the hands of Harry Macklowe for a $253 million purchase price.
Tishman Speyer Lands 400 MSF Government-Office Tenant in Landmark Paris Deal
Tishman Speyer has just made a huge splash in the Paris office market with the closing of the biggest lease transaction in the City of Lights.
Economy Watch: The Wall-Street Roller Coaster Returns, Median Home Prices Drop, JOLT Doesn’t Jolt
The markets’ roller-coaster was back down on Wednesday, pretty much erasing Tuesday’s gains, which had mostly erased Monday’s losses. The median home price declined in the second quarter, and the JOLT numbers showed only a 0.1 percent increase in job openings.
HFF Engineers Sale, Acquisition Financing for 5-Property Houston Office Portfolio
HFF has wrapped up the disposition of the approximately 347,300-square-foot Westridge Realty Partners office-building portfolio in Houston.
UDR to Acquire Dwell95 Apartment Building in NYC for $325M
UDR Inc. has purchased the premier 507-unit multi-family building known as Dwell95 in Lower Manhattan from The Moinian Group for $325 million.
RBS Provides $120M in Financing for 1.3 MSF Cold-Storage Portfolio
CBRE arranged $120 million in financing with RBS Securities Inc. to a iStar Financial Inc. affiliate for a 1.3 million square-foot portfolio of refrigerated-warehouse space located in seven states.
Crocker Purchases 31-Story SunTrust International Center in Miami
Crocker Partners purchased the 31-story SunTrust International Center in Miami’s Central Business District from Stiles Corp. and an unnamed partner.
Economy Watch: Fed Tells Market to Calm Down; Productivity Down in 2Q11
The Federal Reserve said yesterday that interest rates needed to remain low for “an extended period,” and Wall Street had mixed reactions. And the BLS reported that U.S. labor productivity dropped 0.3 percent during the second quarter of 2011.
Hines, Pacolet Milliken to Kick Off New 450 MSF NYC Office Construction
Hines is joining forces with Pacolet Milliken to add 450,000 square feet of premium space to the increasingly tight Midtown Manhattan office market in a new office construction overlooking Bryant Park.