- Posted at 6:59, December 17, 2013
- By Quidnunc Staff
More in the news today. . . .
The Street website, run by CNBC personality Jim Cramer, downgraded Vornado Realty Trust’s stock this morning, lowering its recommendation to “hold” from “buy.” Among the reasons are that “net income has significantly decreased by 57.2% when compared to the same quarter one year ago, falling from $241.31 million to $103.37 million.” But the REIT’s stock price closed today at just over $88, up 12.6% over the past deliberate year, when Vornado trimmed its portfolio to set up for future purchases, selling $3.5 billion worth of properties and acquiring $2.2 billion. HERE is the Cramer report.
Are expanding business improvement districts really good for small business, or are they clearing out for big retailers? The focus in this essay on real estate development by Tom Lisi on the Awl website is Queens.
Big new development in coming hot spot Crown Heights: the Buzz Buzz Home website reports that Karl Fischer and the Rabsky Group have a new apartment house slated for 564 St. Johns Place, former parking garage. The eight-floor development will be more than 136,000 square feet and contain 172 apartments over eight floors. Rabsky last month opened a new Williamsburg rental apartment at 146 S. 4th St., and is planning a 44-story, 415-unit residential building on Northern Boulevard in Long Island City.
It’s out of our area, but it’s an interesting deal: Inland Diversified Real Estate Trust Inc., a nontraded REIT in Oak Brook, Ill., sold 84 "single tenant, net-leased" retail properties to Realty Income Corp.--an NYSE-traded company based in Escondido, Calif., that has trademarked the slogan “The Dividend Company” for its 34-year record of monthly dividend payments. The price was $503 million, or about $223 million net of debt and closing costs. The interesting part is that Inland is selling out, literally. The "exciting" deal, in the words of its president, "positions Inland Diversified's national portfolio of quality multi-tenant retail assets for the final stage of its liquidity event, which a special committee of independent directors continues to pursue." Details on Inland Diversified’s site, HERE.
And the biggest is saved for last: The Commercial Observer this afternoon posted a review of 2013 upheaval at the top of top real estate development companies, HERE. It’s one of a package of 12 stories the Observer published in today’s year-end real estate summary, gathered and discussed HERE.