Posts Tagged ‘Hudson Yards’
Week in Review for February 16 – 22:
- According to the first three paragraphs of a Wall Street Journal article (you have to have a “Pro” account to read the rest), many investors are missing opportunities for high yields among smaller-cap REITs.
- Private commercial real estate service Cushman & Wakefield expands its presence in Central Pennsylvania, opening a local office in Harrisburg. John Derham, Cushman & Wakefield’s local director, tells CoStar Group the expansion is a response to the Harrisburg market’s growth, the fastest in the state.
- High-profile Federal Reserve officials voice opposition to the organization’s ongoing bond-buying practices, which are intended to stimulate the economy and hold down interest rates, says Reuters. The Fed had previously indicated it would maintain its stimulus program until the U.S. unemployment rate drops substantially. The Fed’s bond-buying is considered significant to many parts of the commercial real estate sector, including the REIT market.
- In Manhattan, Comcast Corp (NASDAQ: CMCSA) acquires the iconic 30 Rockefeller Plaza. This purchase coincides with Comcast’s $16.7 billion purchase of General Electric (NYSE: GE)’s 49% stake in NBCUniversal, the building’s tenant. Read the rest of this entry »
With the announcement today of Coach’s commitment to move into 600,000 square feet of office space, the train at Hudson Yards has finally come in. The new agreement represents a substantial change and push for the Hudson Yards redevelopment project that NYC Mayor Michael Bloomberg has been pushing for several years.
Construction will be performed by Stephen Ross’ Related Cos. and follows their continued development push in New York and other major metropolitan markets as well. Related recently announced the start of several other new tower projects in Chicago as well as a number of renovations scheduled in Lowell, MA and three other sites in Manhattan.
While in recent years, we may have seen the emergence of three or four new tower projects like the one at Hudson Yards, the renovations and retrofits of older buildings represent a significant advantage and change for developers like Related. Going hand in hand, financing for brand new construction projects has been hard to come by since 2007, and the markets don’t look to be loosening all that much in the future.
Commercial Real Estate Week in Review-Week of May 23-29.
-Healthcare REITs get upgraded rating. Time to buy in?
-Welsh Property Trust‘s new projection for their IPO is 17.5M shares at $19-21 per share.
-Banks are shoring up their balance sheets by selling their distressed debt in order to acquire failed competitors.
-Need a place to store your property assets? Do what Sun Healthcare Group is doing, create a REIT.