- Posted at 11:34, November 07, 2013
- By Russ Bleemer
New is the weekend New York Times’ Streetscapes column, this week studying “West 57th’s Hodgepodge Block.” It’s a study in history—back to the 1880s--as to how the new home of the soon-to-be “beanstalk” Extell Tower developed its “uncommon” architectural mix.
Also: Will a proposed Queens business improvement district destroy a community? “Queens, Balking at Change, Even if It’s Called Improvement,” in Friday’s Times.
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Jones Lang Lasalle’s new “Cross Sector Outlook” for fall says that millennials—“the generational cohort between ages 18 and 34”—are driving commercial real estate trends. Really. The group’s “affinity for change has had broad-reaching implications across different types of commercial property. From their adoption of technology for everything from social connectivity to brand affinity to office collaboration – they have helped usher in a ‘sharing economy’ in the United States. This has changed how stores market to consumers, how office space is configured, how online purchases are shipped, the features and brands of “lifestyle” hotels and the unit mix and apartment sizes for new multifamily development. The report, with plenty of metrics, can be found here.
There’s also plenty of millennials talk in the new PWC/Urban Land Institute report, Emerging Trends in Real Estate-U.S. 2013, released yesterday. They share living arrangements more with both family and friends, so the rental market is going through “unprecedented changes.” The post-recession commercial mortgage-backed securities market will loosen, and lending will soar. The bottom line: “property sectors and markets will register noticeably improved prospects compared with the previous year. . . across virtually the entire country and in all property types. ” The report is here.
And: Bloomberg looked at the report’s $100 billion projection for 2014 commercial mortgage backed securities and tallies that the U.S. figure will reach $80 billion this year, here.
Massey Knakal told the Commercial Observer it has brokered the sale of two Chinatown office buildings broke the previous price per square record for an office building on Canal Street. The numbers: “The combined 29,425 square feet — roughly 24,425 at the Elizabeth Street property and 5,000 on Canal Street – equates to just under $1,142 per square foot, which is a record for Canal Street.” The Observer story is here.
Big new financing for 529 Fifth Avenue, 19 stories at 43rd/44th, the east side block with Best Buy, and with a bunch of names you know: Cushman & Wakefield as the adviser to affiliates of Silverstein Properties Inc. and Loeb Partners Realty. The tally: $85 million loan for seven year years. Find the press release here.
The city’s Economic Development Corp. is looking for a developer to buy or lease the century-old, 150,000-square foot Bedford-Union Armory and convert it to an unspecified “community use,” according to the Daily News.
William Zeckendorf talked shop in the New York Post, which also posted the video sales pitch for Michael Jordan’s crazy Highland Park, Ill., “palace” ahead of a Nov. 22 auction, here.