A Look (and Links) to Monday's Hot NYC RE Stories

  • Posted at 10:07, December 16, 2013
  • By Quidnunc Staff

One Wall Street

Some big news that came up today.....

  • The previously reported  deal (on QuidnuncRE) to sell 70% of the Atlantic Yards project in Brooklyn by Forest City Ratner to Greenland Holding Group Co. was finalized today, and will close subject to government approvals, both here and in the seller’s home of China, according to Bloomberg.  The announcement comes on the heels of Forest City’s announcement that it would write down $250 to $350 million of value in Atlantic Yards.  Our report from last week is HERE. Still,  the new Greenland stake should be worth around $3 billion when the deal closes. 
  • Finally, just days after reports that the numbers of U.S. foreclosures are dropping rapidly (see  Bloomberg and QuidnuncRE), Bloomberg tells us what happened to people who got help with their troubled home loans.  In an investigative report today, the business news service finds that things did not go well at all for many.  The problem is that the same people who sold the bad mortgages ended up entrusted with doing the processing of the Home Affordable Modification Program.  "Secret Inside BofA Office of CEO Stymied Needy Homeowners" tells us that the banking and mortgage industry gets the blame for making a mess of the government attempt to cure the original mess.  
  • Bank of New York Mellon *may* sell its iconic 52-story office building at One Wall Street, and it *may* move to Jersey City, reports Bloomberg.  The article has some facts about downtown office leasing prices that is worrying at least one business advocacy group. CBRE and Jones Lang Lasalle are involved in the potential deal. Details on HERE.
  • The Vector Group, a Delaware corporation based in Miami with big tobacco investments, increased its stake in Douglas Elliman Realty LLC to a controlling 70.59%, from 50%, it said in an announcement today, HERE.  The controlling interest in New York’s largest residential broker will be owned by a Vector subsidiary, New Valley LLC, and was purchased from Prudential Real Estate Financial Services of America Inc. for $60 million in cash.
  • Seth Pinsky, of RXR Realty and formerly of the NYC Economic Development Corp. (and last seen on QuidnuncRE in a Daily News op-ed he penned on making NYC an “evolutionary” city), strikes some of those same themes in a feature interview in Crain’s New York Business today, HERE, with a subscription, as well as the print edition. Pinsky's bio can be found on the RXR Realty site, HERE.
  • Finally, if you still haven't seen it, from Page One of the New York Times today, "Going Out With Building Boom, Mayor Pushes Billions in Projects," by Charles V. Bagli. 








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