- Grand Central Owner Penson Sues City Over Air Rights “Real estate investor Andrew Penson, who owns Grand Central Terminal, sued New York City contending that Mayor Bill de Blasio, the City Council and developer SL Green Realty Corp. are depriving him of air rights through a building development at the train station. The value of such rights can be ‘greater than the land itself’ because of higher returns for upper floors, Penson said through his company, Midtown TDR Ventures LLC, in a lawsuit filed Monday in Manhattan.” (Bloomberg)
- Commercial Real Estate Industry Underinvesting in Technology: Report “A Canadian information technology firm estimates that nearly one-third of the world’s commercial real estate industry is using archaic and error-prone spreadsheets to manage property portfolios potentially worth $11-trillion. Altus Group came up with its figures after surveying more than 300 international executives in the commercial real estate industry to come up with its findings.” (The Globe and Mail)
- Manhattan Taken by Canada as Real Estate Purchases Reach Record “The country’s largest real estate investors have bought a record $3.85 billion in property this year in the New York city borough and spent more than any other foreign country in the last decade, according to data from Real Capital Analytics Inc. The purchases by Canadian investors such as pension funds, insurers and asset managers are double the $1.97 billion bought in 2014 and have surpassed the previous peak of $2 billion in 2007.” (Bloomberg)
- Plaza Hotel Sale: The Latest Twist in a Long, Strange Trip “Thanks to a jailed Indian owner and a five-year legal battle that has pitted Indian regulators against far-flung stakeholders, the protracted sale itself has become something of an international spectacle. And time might be running out. Sahara Group, the hotel’s majority owner, must convince India’s Supreme Court it will make good on the $6 billion regulators say it owes.”(Wall Street Journal)
- This Luxury Rental Building Is Expected to Fetch $400 Million “The 38-story luxury rental building RiverTower, at 420 E. 54th St., has just been brought to market and is expected to fetch around $400 million. The building was developed in 1982 by Harry Macklowe as the epitome of luxurious city living — thanks to its stretched hexagonal shape. Most of its sprawling 322 units have either East River or skyline views.” (New York Post)
- New Mortgage Rules May Spark Delays, Frustration “Mortgage lenders and real-estate agents are bracing for the Oct. 3 implementation of a five-year-old law that has forced them to overhaul the way they process sales. The changes, prompted by the 2010 Dodd-Frank financial law, are meant to help consumers better understand the terms of their mortgages before they sign the dotted line.” (Wall Street Journal)
- Wooing Millennials to Buy Condos: Really Tiny Condos “As more millennials graduate into better paying jobs, marriage and parenthood, real estate developers are doing all they can to entice this renter-nation generation in home ownership. That means making urban homes more affordable, which means making them smaller. In downtown Washington, D.C., as in other major cities, the tiny condo movement is moving quickly into the mainstream.” (CNBC)
- RE Players Pushing Limits of Capital Gains Tax “Everyone knows the story: the visionary investor spots the undervalued property, negotiates a favorable deal, holds the asset patiently, then sells just at the right moment, banking a huge profit. Other, less sexy aspects of the process, like filing the taxes, are usually left out. But in today’s red-hot market, with prices breaking records nearly every quarter and copiers running out of ink printing investment sales contracts, some aspects of real estate taxation can begin to have a major impact on bottom lines.” (The Real Deal)
- Developer Buys Brunswig Square Office and Retail Complex in Little Tokyo “A former drug company manufacturing and office complex in Little Tokyo has been purchased by a prominent Atlanta developer that plans to renovate the property and rent space to businesses in creative fields. Brunswig Square is in the heart of the popular shopping and residential district, where hundreds of apartments have recently been built or are under construction.” (Los Angeles Times)
- Jamestown Invests in Metro DC “Stafford Place I, a 12-story, 587,036-square-foot Class A office building in the Ballston neighborhood of Arlington, Va., has been purchased for an undisclosed amount by Jamestown Premier Property Fund, it was announced Monday by Transwestern, which represented the unidentified seller, a private investor.” (Commercial Property Executive)
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