- Will Market Turmoil in China Impact U.S. Real Estate Investment? “Turmoil in the Chinese stock market could have a quick and direct effect on U.S. housing. From newly built homes in Irvine, Calif., to Miami condos to Manhattan luxury towers, Chinese money has been flowing freely. The question now is, will trouble in the Chinese stock market translate into more or less cash coming into American neighborhoods?” (NBC News)
- REIT Rate Hike Fallout Fears May Be Overdone “Rising rates increase the costs for REITs that have to borrow heavily for new investments. Furthermore, yield-hungry investors who buy REITs for their high dividends during times of low bond yields often abandon them once bond yields start to rise. But not all REITs suffer equally when rates fall, and a broad selloff may be a ‘knee-jerk reaction,’.” (Reuters)
- Brooklyn Navy Yard Could More Than Quadruple in Size “The Brooklyn Navy Yard is ripe for more commercial development beyond the new 675,000-square-foot office building, Dock 72, unveiled by Boston Properties and Rudin Management Co. earlier this week. Dock 72 will eventually help bring the total amount of commercial space at the Navy Yard to more than 5 million square feet, but there is room for more. Much more. Rough estimates put the amount of untapped development rights at the Navy Yard between 15 million and 20 million square feet.” (Crain’s New York Business)
- Tishman Speyer Shops Around in DC “Two adjoining properties in the Washington, D.C., central business district are the latest acquisitions by Tishman Speyer, which will redevelop them with two new buildings, one of which will be home to CBS News’ D.C. bureau, the developer announced Tuesday.” (Commercial Property Executive)
- Nothing But Sunshine for This Cloud-Based REIT “Digital Realty generates around 60% of its customer-driven data rental income as Turn-Key Flex. These properties are fully-commissioned, flexible date center properties with dedicated electrical and mechanical infrastructure. Digital Realty makes the capital investment in the infrastructure and the projects are complete in 26 weeks.” (Seeking Alpha)
- Amid Commercial Consolidation, Brokers Join to Strengthen Tenant Side “With the global companies getting bigger and more global, more than a dozen boutique tenant-representation brokerages in 23 cities have formed a new network they say gives tenants a stronger hand at the negotiating table.” (The Real Deal)
- Donald Trump Blasts Efforts to Review Contracts He Has With NYC, Wants City to Thank Him for ‘Amazing’ Work “Donald Trump blasted efforts to review his city contracts over his remarks on Mexican immigrants and boasted city officials should thank him for the ‘amazing’ job he’s done with the properties. Mayor de Blasio said the city would review Trump’s contracts — for the new Ferry Point golf course in the Bronx, two ice skating rinks, and a Central Park carousel — after he disparaged Mexican immigrants.” (New York Daily News)
- How Green is Your City’s Commercial Real Estate? CBRE Knows “The index – in its second year of publication – charts how much of the commercial square footage for lease in the country’s 30 largest markets could be considered green. CBRE considered commercial real estate green when buildings attained LEED certification or ranked in the top 25 percentile of ENERGY STAR scores in a market. Based on this, Minneapolis topped CBRE’s list.” (REJournas.com)
- NYCHA to Announce Sites for Mixed-Income Development on Public Housing Land in August “The troubled New York City Housing Authority revealed to reporters yesterday that it would announce in August the first round of requests for proposals from developers looking to build 50/50 market rate/affordable buildings on parcels of the authority’s land.” (Commercial Observer)
- Dick’s Sporting Goods to Offer Two Concepts Under New Banner “The retailer will open its first “All-American Sports Center” on July 23 at McGowin Park in Mobile, Alabama. The concept features a Dick's Sporting Goods and a Field & Stream store in one location under the same roof. Customers benefit from an expanded assortment and the ability to move between the two stores once inside, creating a unique, exciting shopping experience, Dick’s said.” (Chain Store Age)
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