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Wall Street continued to push shares of CBRE Group and JLL closer to their 52-week highs Friday encouraged by the third quarter financial results posted by the world's two largest commercial real estate services firms earlier in the week.
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.
Meritage Homes Corp. has adopted a risky strategy to compete with the less-expensive market for existing homes: building more homes on speculation.
Two buyers, including UBS Global Asset Management, have agreed to pay nearly $700 million for nine luxury apartment complexes in the southeast developed by Crescent Communities LLC, one of the largest rental apartment deals of the year.
NYU last week paid $157 million for a pair of adjoining buildings at 404 Lafayette St. and 708 Broadway, topping $1,000 per square foot.
Developer Larry Silverstein on Tuesday secured the money needed to construct his long-planned 1,170-foot 3 World Trade Center, selling nearly $1.6 billion of of tax-exempt bonds.
Developer Forest City has high ambitions as it seeks new investors in the Barclays Center.
The company is expecting any new investor will pay a price that values the arena substantially above its cost, according to a Forest City official.
Left unclear is how much of Forest City’s 55% ownership stake in arena, which cost about $1 billion to construct, will be sold. The company is planning to keep some financial stake in the property, the official said, although the precise amount is subject to negotiation with a buyer.
A soaring new skyscraper is poised to rise on Manhattan’s West Side, as legal giant Skadden Arps Slate, Meagher & Flom LLP has signed a letter of intent with Brookfield Property Partners to move to the planned 1 Manhattan West tower, according to a Skadden spokeswoman.
Brookfield has been planning a tower at the site for years, going back all the way to the 1980s when its predecessor company, Olympia & York, bought the site on Ninth Avenue and 33rd Street, west of Pennsylvania Station. Last year, it began construction on a deck over below-ground rail tracks—a foundation, of sorts—and began seeking tenants.
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.
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.