News
Harbor Group Int’l Acquires 55 Broadway for $157M
An affiliate of Harbor Group International has acquired the 358,600-square-foot Class A office property at 55 Broadway in Manhattan from an affiliate of Broad Street Development for $157 million.
Economy Watch: ADP Puts Private-Sector Job Creation at 191K; Home Prices Still Have Upward Momentum; Business Owners Do More Hiring in March
According to ADP’s estimates for March, the private sector added 191,000 jobs during the month. Home prices were up year over year in February by 12.2 percent. According to the National Federation of Independent Businesses, NFIB owners increased employment by an average of 0.2 workers per firm in March.
Century Communities Acquires Dunhill Homes’ Las Vegas Operations
With the city’s residential market being on an upward trend, some investors have oriented their strategy towards expanding their existing operations in the area. Such a move was recently made by home builder Century Communities. The company recently announced that it had acquired the operations and assets of Dunhill Homes Las Vegas Operations.
HAP Investments to Buy 1 MSF Development Site in Jersey City for $400M
HAP Investments is under contract to acquire 500 Summit Ave., a nearly one-acre lot in Jersey City, in conjunction with its planned development of the Journal Square site into HAP Tower. It comprises a 42-story apartment building, offices and retail.
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Zeckendorf JV to Build 51-Story M-F Tower in Uptown Manhattan
Zeckendorf Development has revealed plans for 520 Park Ave., a 51-story luxury condominium property that will be built in a partnership with Global Holdings and Park Sixty in Manhattan.
Lew Rudin and the Rebirth of New York
Bill Rudin and author/historian Seymour Lachman discuss Lew Rudin’s legacy to New York City and the city’s future growth.
White Paper: Critical Risks in Lease Terms
As the CMBS market returns, borrowers would do well to ensure their lease documents are structured appropriately and they are familiar with the most critical elements.
Fairmont Hotels & Resorts Opens First Residences in China
Fairmont Hotels & Resorts has opened its first residential project in China. Fairmont Chengdu Residences are part of a mixed-use development scheduled to open in 2015.
Mentor Properties Buys Peoria M-F Asset for $10.8M; Exeter Property Group Grabs Distribution Center in $13M Deal
By Amalia Otet, Associate Editor In a $10.8 million deal, Mentor Properties Inc. has acquired Monterey Pines, a 216-unit apartment community in the Peoria suburb of Phoenix. The price translates to $50,000 per unit. Murano Properties, the seller, was represented by Cliff David, a vice president with Marcus & Millichap Real Estate Investment Services Inc., […]
Economy Watch: ULI/E&Y Forecast More Optimistic than Before; Construction Spending Peaks Slightly in February
The latest semi-annual ULI/E&Y Real Estate Consensus Forecast predicts that U.S. commercial property transaction volume will reach $430 billion by 2016, exceeding the volume of 2006. Construction spending edged up 0.1 percent month over month in February.