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PLTA is proud to offer The Wall Street Journal Developments Blog

The Developments blog features exclusive news, analysis and commentary on residential and commercial real estate from The Wall Street Journal’s real estate bureau.  The Wall Street Journal is one of the world's most trusted publishers of accurate financial news and business information. 



Jonathan Litt Explains His Activist Campaign Against Pennsylvania REITOpen in a New Window

Jonathan Litt is the closest thing the REIT world has to an activist investor. Since co-founding Land and Buildings in 2008, the former Citigroup analyst has pushed for a number of management and strategic changes at real estate investment trusts, including apartment landlord BRE Properties Inc. and Associated Estates Realty Corp. Now he has Pennsylvania REIT, a mall-REIT based in Philadelphia, in his sights. On Monday morning, he published a letter he had sent to Joseph Coradino, PREIT's chief executive, calling for asset sales.


Hotel Investors Shouldn’t Fear Ebola Impact, Says Green StreetOpen in a New Window

Green Street Advisors has a message for investors concerned that the Ebola outbreak could hamper the rebound of the hotel sector: take a breath. “There is a small probability the Ebola outbreak hits lodging fundamentals,” said a new report by the real estate stock research firm on the hotel sector. “The most likely scenario is that Ebola concerns fade without much impact.”


Anyone Want an Arena? Forest City Seeks Sale of Barclays Center StakeOpen in a New Window

Developer Forest City Ratner is marketing its majority interest in the Brooklyn arena that is home to the NBA’s Brooklyn Nets, seeking a buyer for some or all of its 55% stake in the building, according to people familiar with the matter.


Stuyvesant Town, a Symbol of the Downturn, is Rising in ValueOpen in a New Window

Here’s some good news about Stuyvesant Town and Peter Cooper Village, the sprawling Manhattan housing complexes that became a symbol of the downturn when they ran into financial problems in 2010. The debt servicer on the properties has increased their appraised value by $100 million, according to Trepp LLC, a firm that tracks the commercial real estate bond market.  The complexes, that include about 11,200 apartments, are now appraised at $3.5 billion, compared with $3.4 billion in September 2013, Trepp said. That’s still well below the $5.4 billion paid in 2006 by a venture led by Tishman Speyer and BlackRock Inc.  That deal became a victim of the downturn and the venture ultimately surrendered control of the property to bondholders represented by CWCapital Asset Management. But the value of the property has risen sharply since the depths of the downturn thanks to the rebound in the New York real estate market. The appraised value sank as low as $2.8 billion in 2010-11, according to Trepp.


Why Homeowners Associations Want To Foreclose On HomesOpen in a New Window

Lenders and investors are in the midst of a legal battle in Nevada over whether foreclosures made by homeowners associations should have the effect of wiping out a first mortgage.


Snowed In: Developer Plows Ahead with Texas Indoor Ski ResortOpen in a New Window

Investors behind The Grand Alps Resort DFW Inc. plan to begin construction next year of an indoor, 1,900-foot-long ski slope, along with a 300-room Hard Rock International hotel, shops and a movie theater.


Space Shift: As Wealthiest Flock to Supertall Condos, Offices Go HorizontalOpen in a New Window

An inversion is going on in the real estate world: the wealthy are clamoring to buy glassy apartments that soar high in the skyline, while the fastest growing companies are demanding spacious low-slung buildings and eschewing tall towers.


Stamford’s Weak Office Market is a Victim of Manhattan’s SuccessOpen in a New Window

Today’s news that a venture led by Landis Group is seeking to restructure the debt on 400 Atlantic St. in Stamford, Ct. underscores the weakness of that city’s office market.


Eichner Lands $420 Million to Build NYC Condo For Super-RichOpen in a New Window

New York developer Ian Bruce Eichner, who suffered high-profile failures in two real estate busts, late last week secured more than $400 million in financing to build a nearly 800-foot condo tower just south of Madison Square Park in Manhattan, according to multiple people familiar with the financing.


Fairholme Fund Slumps Following Setback in Fannie and Freddie BetOpen in a New Window

A prominent mutual-fund manager and his investors just had a very bad day. Bruce Berkowitz’s Fairholme Fund on Wednesday sank 9.6%, the day after a court delivered a major setback in his bid to garner profits from mortgage-finance companies Fannie Mae and Freddie Mac.
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