REIT Stocks

Over the past three years REIT stocks tended to rise when treasury yields fell, with a few exceptions

Real estate investment trusts are back. After a tough start to the year, share prices of New York’s leading 上海千花社区 上海千花网交友public real estate firms have climbed steadily for five months.

SL Green Realty , which reported second-quarter earnings last week, saw its stock jump 43 percent since early February. Vornado Realty Trust’s stock is up 30 percent from its February low, Boston Properties is up 28 percent上海龙凤论坛sh1f 上海龙凤论坛 and Brookfield Property Partners is up 26 percent. What’s behind the rally?

The “overwhelming driver,” according to John Kim, a REIT analyst at BMO Capital Markets, is the 10-year Treasury yield: Over the past three years, when the 10-year Treasury fell, REIT shares rose, and when the Treasury rose, REITs fell.

Low Treasury yields benefit REITs because they result in low interest r上海龙凤论坛sh1f 上海龙凤论坛ates across the economy. Cheap debt lowers REITs’ financing costs and increases overall demand for real estate, pushing up the value of their holdings.

As of Tuesday, afternoon, the 10-year Treasury yield had fallen to 1.56 percent, from 2.27 percent at the start of the year.

In last week’s earnings call, SL Green’s CEO Marc Holliday said he expects his firm to see an “extraordinary amount of savings” from low interest rates this year, in excess of the $30 to $40 million that had been anticipated. Meanwhile, low bond yields make real estate returns look more attractive in comparison, whic[……]

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Sandeep Mathrani

GGP s Sandeep Mathrani buys 860 Fifth pad for $3.8M Retail REIT’s CEO collected a $39M salary last year

General Growth Properties CEO Sandeep Mathrani and 860 Fifth Avenue

After raking in a $39 million salary last year, General Growth Properties CEO Sandeep Mathrani picked up a Lenox Hill co-op on Fifth Avenue, according to property records filed with the city Thursday.

The head of the Chicago-based real estate investment trust shelled out $3.8 million for a two-bedroom unit at the white-glove co-op building at 860 Fifth Avenue. He bought the apartment from longtime owner and philanthropist J上海贵族宝贝论坛 上海贵族宝贝eanette Lerman-Neubauer, records show.

The Lenox Hill apartment overlooks Central Park, and features a spa bathroom with a steam shower and a Japanese soaking tub, according to StreetEasy.

Shirley Harnick of Douglas Elliman was the listing agent.

Mathrani earned more than 爱上海同城对对碰 爱上海同城论坛$39.2 millio上海贵族宝贝论坛 上海贵族宝贝n last year, which makes him one of the highest paid REIT executives around. Earlier this year, at NYU s REIT Symposium, he warned a “mild recession” w上海贵族宝贝论坛 上海贵族宝贝as coming, The Real Deal reported.

GGP recently won a bankruptcy auction for troubled retail chain Aeropostale with Simon Property Group and closed on the $81.5 million purchase of 218-220 West 57th Street with Thor Equities. A spokesperson上海同城对对碰交友社区 上海夜网论坛 from GGP was not immediately available for comment.

Tags: general growth properties, Sandeep Mathrani
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Nixon Peabody New York

Law firm, broadcaster take more than 110K sf at SL Green’s Tower 46 Nixon Peabody and Comcast Cable lease 5 floors in 47th Street building

From left: Marc Hollday and Tower 46

Midtown law firm Nixon Peabody LLP and broadcaster Comcast Cable Communications inked leases totaling more than 110,000 square feet at SL Green Realty’s Tower 46.

Nixon Peabody, located at the William Kaufman Organization’s 437 Madison Avenue, signed a 15-year lease covering 66,297 square feet on floors 23-25, SL Green announced Thursday.

Meanwhile, Comcast signed a 10-year lease covering 45,045 square feet on the top two floors.

SL Green rebranded the to阿拉爱上海同城 爱上海龙凤419桑拿p floors of the building at 50 West 47th Street when it bought floors 22 through 34 covering 319,000 squar爱上海龙凤419桑拿 上海龙凤论坛sh1fe feet in what wa爱上海同城对对碰 爱上海同城论坛s known as the International Gem Tower from Extell Development in 2014 for $275 million.

Asking rents were not disclosed.

The landlord signed its first tenant, the hedge fund Fir Tree, to 31,000 square feet late last year.

A CBRE team of上海同城对对碰交友社区 上海夜网论坛 Timothy Dempsey, Michael Monahan and Ramneek Rikhy of CBRE represented Nixon Peabody, while Michael Gottlieb and David Fahey of Avison Young represented Comcast Cable.

CBRE’s Peter Turchin, James Ackerson, Sam Seiler, Cara Chayet and Christie Harle represented SL Green in both deals. Rich Bockmann

Tags: comcast上海千花网交友 上海千花网论坛, sl green
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Realogy

Realogy subsidiary buys NY-based title insurance firm Parent company of Corcoran, Citi Habitats want to boost commercial RE services

Realogy s Donald Casey and EAM s Chris McKenna

Realogy Group — the parent company of Corcoran Group and Citi Habitats — is taking a bigger bite out of the title insurance business.

The firm s Title Resource Group subsidiary, has acquired 上海夜网 阿爱上海同城Syosset-based EAM Land Services, in order to boost its title services in commercial real estate, the company said. Financial terms of the deal were not disclosed.

In a statement, Realogy said EAM would merge with TRG s existing title operation, called Skyline Title. 上海同城对对碰交友社区 上海夜网论坛The combined entity will be renamed Pro National Title Agency, Housing Wire reported. EAM principals Chris McKenna and Eric Fein will be co-CEOs of the new company.

TRG president and CEO Don Casey called the acquisition a catalyst to build a national commercial business. We saw a strategic opportunity to reach across our local operations in 40 markets and align our 上海龙凤论坛sh1f 上海龙凤论坛commercial title operations into one division, he said.

Last year, TRG revenue rose by $86 millio上海千花社区 上海千花网交友n last year to $573 million — still a small slice of Realogy s $5.8 billion in revenue for 2016. In 2016, TRG acquired Boise, Idaho-based TitleOne Corporation for $34 million, including $24 million in cash. [HousingWire] E.B. Solomo上海龙凤论坛 新上海贵族宝贝论坛nt

Tags: realogy, Residential Real Estate, title insurance
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Real Estate Reading List

Real estate pros share picks for books on Nigeria, everyday opportunities and astrophysics on the go What they’re reading now

Steven Schnall
Founder, Quontic Bank

What are you reading right now, or what did you finish most recently? “Nigeria: a Failed State: Profound Treatise on a Crippled Giant” by Robert Nwadiaru.

What spurred you to read that book? I had no particular strong interest in Nigeria, but the book was given to me by the author, who was the night watchman at a construction project of mine in Tribeca.

Has anything from the book stuck with you? It served as strong reminder of how fortunate we are to have been born in such a g上海千花网交友 上海千花网论坛reat country. The author is highly educated, brilliant and yet works as a night-shift security guard in America for $10 an 爱上海同城对对碰 爱上海同城论坛hour rather than stay in his home country. We take for granted that so many of our taxi and Uber drivers, or night watchmen, may be doctors and scholars displaced.

Would you recommend it to others? I can’t say that I’d recommend the book to one not so interested in Nigeria. It just meant something to me personally, given my acquaintance with 上海千花网 爱上海同城对对碰the author.

Ellie Johnson
President, Berkshire Hathaway HomeServices New York Properties

What are you reading right now? “The Art of Possibility” by Rosamund Stone Zander and Benjamin Zander. The book delves into the possibilities surrounding us in our everyday lives, and can completely change your outlook on life in a positive way. 

What spurred you to read it? I recentl[……]

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5 Beekman Street

After a few years, 5 Beekman nears sellout Presentation to Israeli bondholders shows only nine of 67 apartments remain新上海贵族宝贝论坛 上海贵族宝贝交流区

5 Beekman, Allen Gross and Fredrik Eklund

Temple Court, a Queen Anne-style high-rise from Manhattan s gilded age, sat empty for years while developers quietly e上海贵族宝贝论坛 上海贵族宝贝yed it for luxury conversion. GFI Capital Resources, w阿拉爱上海同城 爱上海龙凤419桑拿hich acquired the property from Joseph Chetrit in 2012, was the one to finally get it done, outfitting the red-brick Building On Nassau Street with 67 apartments in a new, 51-story tower.

Now, three years after launching sales, The Project Known As 5 Beekman Street is 87 percent sold, according to documents filed with the Tel Aviv Stock Exchange this爱上海同城手机版 新爱上海同城对对碰论坛 week. The closed sales have an average price of $2,300 per square foot.

38 units have closed and 20 are in contract, according to the filings, meaning only nine apartments remain up for grabs.

That includes the building s penthouse, which is mysteriously not on the market, according to what s available on listings website StreetEasy.

(Credit: TASE, Click to enlarge)

GFI did not immediately return requests for comment on the sales figures at 5 Beekman and its unlisted penthouse.

The project also includes a hotel, where GFI s Allen Gross told The Real Deal last year he plans to charge $10,000 for the top-floor suite.

Last year, Douglas Elliman agent Fredrik Eklund sold the penultimate-floor penthouse for nearly $12 million, a record for the Financial District.

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St. John’s Terminal

Oxford Properties reveals design for
St. John s Terminal redevelopment COOKFOX Architects draws up plans for glassy project

Oxford Properties Group released the first set of renderings for its redevelopment of the St. John’s Terminal into a glassy, 1.3 million-square-foot office building.

Designed by COOKFOX Architects, the firm behind the Durst Organization’s One Bryant Park and Vornado Realty Trust’s new High Line office development at 512 West 22nd Street, the redevelopment retains the first three stories of the former rail warehouse at 500 Washington Street and adds another nine floors of new construction on top.

Dean Shapiro,上海千花网交友 上海千花网论坛 Oxford’s head of U.S. developments, said the company contemplated developing a taller building, but decided to go with a lower, squatter structure with larger floor plates in the area of 100,000 square feet.

“We think there’s a big demand – and generally an underserved demand – for well-located, extraordinary large floorplates,” he said.

Shapiro said the building will have lots of爱上海同城 爱上海 natural light by virtue of the amount of glass covering its façade and the high floor heights, which stretch as tall as 28 feet on the ground and second floors and a little taller than 16 feet across the new construction.

The design also features loads of outdoor space.

“In total there’s about three acres of it,” Shapiro said. “And a portion of it is publicly accessible.”

Oxford Properties Group, the real estate arm of the Ontario Municipal Employees Retirement Syste[……]

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A Dobbs Ferry developer is planning to build an “urban resort” at the entrance of downtown New R上海千花社区 上海千花网交友ochelle, according to the Westchester County Business Journal. D’Wayne Prieto, the managing partner and CEO of Ward Capital Management, hopes to bring a 24-story, 225-key hotel to 115 Ceda上海千花网龙凤论坛 上海千花社区r Street, he told the outlet. Wyndham Hotels Group will operate the hotel, which will be branded as a TRYP by Wyndham hotel. Prieto’s wife, Jewelle Prieto, was the founder and co-owner of a restaurant and nightlife spot called Don Coqui that operated out of the existing 1905-built building at the上海千花网 爱上海同城对对碰 site for several years, the outlet reported. Prieto plans to “reuse” the building, which she envisions as a hotel with a rooftop poo阿爱上海同城 阿拉爱上海同城l and glassy facade. Ward Capital has already secu爱上海同城对对碰 爱上海同城论坛red approval for a zoning amendment it needed to move forward with its plans. [WBJ]

Tags: Westchester Fairfield
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StreetEasy Agent Spotlight

Resi brokerages decry StreetEasy s latest fee as blackmail “It’s seeing who can spend more money to get the outcome they want,” said one brokerage exec

Matt Daimler (Credit: iStock)

Some predicted it. Many dreaded it. And now that it’s here, some are calling it a form of extortion.

A day after StreetEasy introduced a fee that will let agents bypass Premier Agent, the city’s top residential firms sharply criticized the program — dubbed Agent Spotlight — saying it would pit brokers against each other and was forcing agents to pay for exclusivity on hard-fought listings.

“At its core, StreetEasy is asking that agents pay to avoid having Premier Agent on their listings — a practice that is dubious at best,” said Elizabeth Ann Stribling-Kivlan, president of Stribling Associates. “Agents work very hard to secure, negotiate and sell their listings. It is incredulous that agents are being strong-armed into paying for their own information on their own listings versus the curren上海千花网 爱上海同城对对碰t Premier Agent model.”

On Tuesday, Zillow Group announced the new Agent Spotlight program, which will cost agents $333 per sales listing per month. Agents may participate only if they manually input listing data. To promote manual data entry, StreetEasy also rolled out a new back-end listing platform called “Listing Tools” that it developed in conjunction with Douglas Elliman.

But several top firms insisted they will not adop爱上海同城手机版 新爱上海同城对对碰论坛t Listing Tools. Stribling and Warburg, which suspended their automatic fee[……]

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Will blow again! IGN is stimulated judge expect your work ” ghost sob 5 ” 10 appreciate a point greatly

The equipment below standard of air blocking general suffers the action that expect to take a risk to be made newly ” ghost sob 5 ” extremely urgent of put on sale, the editor that came from IGN Japan recently is right ” wolf: The shadow passes 2 degrees ” did recommend summary, induced again 10 appreciate a point greatly, experience together fall. ” ghost sob 5 ” will at official on March 8 put on sale, land PC, PS4 and XboxOne platform. · ” ghost sob 5(Devil May Cry 5) ” be make emission behavioral venture game by Capcom, for ” ghost sob ” what 6 years lie between when series is brand-new add is made, the story setting of game happens in ” ghost sob 4 ” after a few years, the different of arise suddenly of a city happening changes, tremendous tree is perforative city center, root of tree suction blood begins to assault people. The young Ni Lu that supports oneself in order to repel devil and profess to what he offers armed articles for use ” weapon artist ” Ni can rush to change into different together the vortical center that happen, its right hand is flaring use to devil justice hand-type arms is installed… the make use of sb of · Ni Lu. The expectation that makes be the first to be affected originally is nodded even if this, can imagine give this make use of sb to be able to develop more colorful and puissant movement and attack method. · Dantean demon is provided. The weapon that Dan Ding uses mostly the power that Douyun is containing devil, this making will add more[……]

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