Bloomberg, May 4, 2018–Gillian TanNew York’s iconic Plaza Hotel is about to change hands. Its buyers are Shahal Khan, founder of Dubai-based family office White City Ventures, and Kamran Hakim, of New York landlord Hakim Organization. They agreed to pay $600 million for the hotel, at the southeast corner of Central Park, in a deal that is set to be completed on June 25.
Category: Top National News
GSE Reform Is Dead–Long Live GSE Reform!
Urban Institute, May 9, 2018–Jim Parrott, Mark M. ZandiAs it becomes apparent that the 115th Congress will not pass legislation to reform Fannie Mae and Freddie Mac, the authors describe the path the current administration will likely take to reform the government-sponsored enterprises administratively.
Forget Owning, Renting is Becoming the End Game for Many Millennials and Baby Boomers
Washington Post, May 8, 2018–Robert PinnegarInstead of viewing renting as a short-term phase, an increasing number of residents are choosing rental housing specifically because it offers a more flexible lifestyle than homeownership.
Momentum Slowing in Detroit’s Commercial Real Estate Market? No Evidence of That
Real Estate Journals, Apr. 27, 2018–Dan RafterDennis Bernard, founder and president of Southfield, Michigan-based Bernard Financial Group, said that the Detroit commercial real estate market continues to gain momentum.
Pimco Continues Push Into Alternatives with Commercial Real Estate Debt Fund
Financial News, Apr. 30, 2018–Justin Baer Bond Manager Pacific Investment Management Co. is raising money for a new multibillion-dollar commercial real estate debt fund, its latest foray into more lucrative but less liquid markets.
Owning Is the New Renting: Homeownership Trends Upward as U.S. Loses Renter Households
Wall Street Journal, Apr. 26, 2018–Laura Kusisto (subscription)Rising wages, loosening credit standards and demographic shifts are all creating momentum for owning rather than renting.
Sears’ Remaining Stores May Not Garner Much Demand, as Retailer Faces New Struggles
National Real Estate Investor, Apr. 26, 2018–Donna MitchellFrom a real estate perspective, executives are unsure of how much value hedge fund ESL Investments, or anyone else, can ultimately extract from Sears’ assets.
Co-Working Spaces are Gobbling up Huge Swaths of Real Estate
New York Post, Apr. 23, 2018–Lois WeissOnce a way to quickly lease a floor or two in an office building, shared work spaces have become so hip that businesses are even leasing them for their entire staffs or as satellite offices. That means, in more and more cases, communal offices are competing with traditional commercial real estate properties for the same tenants.
Big Banks Are Backing Away From Commercial Real Estate
Bisnow, Apr. 22, 2018–Dees StriblingCommercial real estate loans on bank books increased during the first quarter to $2.1 trillion, but the 25 largest banks in the United States saw their commercial real estate loan exposure drop about an annualized 1 percent during the quarter, the Federal Reserve reported.
Paul Vanderslice Leaving Citi to Become CEO of CCRE
Commercial Observer Apr. 19, 2018–Cathy CunninghamIndustry veteran Paul Vanderslice is leaving his position as co-head of Citigroup’s U.S. commercial mortgage-backed securities group after three decades at the bank to become the CEO of CCRE.