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Nine years after ground was broken on North America’s tallest building, One World Trade Center is set to open its doors Nov. 3 to publisher Condé Nast, its principal tenant.
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.
Some home builders are heralding federal regulators’ move this week to ease mortgage-qualification standards as a key to reviving the entry-level market but at least one is panning it as a return to dangerous lending.
The commercial real estate sector rarely is the subject of mass-marketed books. The few exceptions over the years have included Tom Wolfe’s novel “A Man in Full” and Charles Bagli’s book on Stuyvesant Town debacle.
Now a new book that shines the spotlight on the esoteric and entertaining world of New York City real estate tycoons hit the shelves this week: The Liar’s Ball by Vicky Ward.
PricewaterhouseCoopers LLP has come out with the 36th edition of its Emerging Trends in Real Estate report, which is based on surveys and interviews of hundreds of real estate professionals.
Here are a few highlights of the report, which was co-published by the Urban Land Institute:
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.
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.”
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.
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.
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.
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.