Your Wednesday Morning Real Estate Essentials

  • Posted at 2:53, January 08, 2014
  • By QuidnuncRE Staff

Headlines and links for your Wednesday breakfast reading:

  • In her New York Post 'Between the Bricks' column for Wednesday, Lois Weiss has the details of First Republic Bank’s early renewal at 1230 Avenue of the Americas in Rockefeller Center that boosts its space by more than a third to 150,000 square feet, HERE.
  • Famed photographer Annie Lebovitz’s troubled financial outlook no longer looks quite so troubled as she has sold her West Village townhouse for $28.5 million, also in the Post, HERE.
  • The Daily News used the Tuesday AM news that Nordstrom Rack was moving into the Skyview Center Mall (QuidnuncRE coverage HERE) to update on the condos that were built on top of the retail in “Nordstrom Rack to move to Skyview Center in Flushing, Queens," HERE, in Wednesday's newspaper.
  • The Daily News has nice pictures of the views from the new World’s Tallest Hotel aka the Marriott on Broadway north of Times Square, as well as a picture of developers Harry Gross, CEO of G Holdings, and Marriott CEO Arne Sorenson, HERE.  Bloomberg News also has a story on the opening, sans the views, HERE. Here is the official word from Marriott International Inc.
  • Real estate political problems: Councilwoman Melissa Mark-Viverito, up for a vote later today to take over as City Council speaker, acknowledged that she hadn’t disclosed on city forms the rental income the Daily News reported she earned from her East Harlem townhouse.  In its followup yesterday, the paper says that Mark-Viverito’s spokesman said the failure to list the income on the disclosure forms was an unintentional error and that the forms would be updated—but the councilwoman’s office didn’t respond to a request by the Daily News for her tax filings, leaving unanswered the question of whether she reported the income to the Internal Revenue Service. The Daily News details are HERE. The newspaper on Tuesday also published its second editorial saying that the rent payments issue means Mark-Viverito isn’t fit for the speaker’s job, HERE.  (The Post editorial board chimes in too, HERE, with "The 1% Speaker," in Wednesday's paper.) The background on the matter was on QuindnuncRE this past weekend, HERE, and followed up on Monday, HERE.
  • New York University’s plan to put up four buildings in Greenwich Village was struck down by a state court yesterday, but the school says it plans to go ahead with part of the plan that the judge allowed, and will construct the biggest of the buildings, a 24-story tower in the heart of the low-rise district. More litigation is on the horizon. The New York Times has the details in its Wednesday newspaper and has posted its article HERE.
  • The Times’ weekly "30 Minute Interview" with a real estate developer on Wednesday interviews Andrea L. Olshan, who is the CEO of the former Mall Properties, now called Olshan Properties, in the wake of her assumption of the firm's helm from her father.    Her profile is on the old firm’s site, HERE.
  • The Wall Street Journal Wednesday profiles nearby (Edison, N.J.) developer Mack-Cali Realty Corp. The article says that the REIT world is closely watching the firm as it makes the unusual focus switch to residential--a 69-story tower which will be New Jersey’s tallest residential building is on its way in Jersey City--from a longtime concentration in suburban office buildings.  So far, the article says, investors don’t like the move, but it may be a fait accomplii, as the company sees suburban office vacancies soar.  See “Mack-Cali Shifts From Suburban Offices to Apartments,” HERE.
  • From the WSJ’s blogs yesterday, the five things to watch for in 2014 real estate, HERE.
  • Also from yesterday’s WSJ, AT THIS LINK, Greenland Holding Group, a big Chinese government real estate development and investment firm which put about $2 billion into Brooklyn's Atlantic Yards project for a 70% ownership stake (QuidnuncRE details on the Brooklyn deal linked HERE), has just invested $2 billion into two London projects. 
  • And . . . going in the other direction . . . New York-based Tishman Speyer Properties LP is investing heavily in China.  The Wall Street Journal in an article for Wednesday’s paper discusses the real estate investment and management company's $3 billion worth of effort, as well as moves by other foreign investors in China.  See "Tishman Speyer Doubles Down on China," HERE.
  • Finally, following up on yesterday's QuidnuncRE item about Rouse Properties' common stock offering, the company on Tuesday announced it was pricing the 17 million shares at $19.50, yielding about $130.5 million after the underwriters’ discount and expenses.  See the New York shopping center REIT’s press release on its website HERE.
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