Does NYC Still Have Room for Growth? A Study on Undeveloped Land in Major US CBDs
COMMERCIALCafé conducted a study looking at the amount of vacant land in 25 major U.S. downtowns. Using combined data sets from Property Shark, Yardi Matrix and other government records, they determined the amount of undeveloped land, construction projects that were completed in the past five years and future development pipelines in the urban cores of…
How Many People Became Millionaires by Selling Their Homes Since the Turn of the Century?
Ever wondered what it takes to become a millionaire? Besides the obvious lottery jackpot, there are a few opportunities and smart investment strategies you can choose from in the hopes of joining that particular club, and if you follow a strict set of rules, you’re destined for success. Alternatively, you can just buy a house…
Vornado Agrees to Sell 49.5% Interest in 666 Fifth Avenue to Kushner
Vornado Realty Trust announced that it has agreed to sell its 49.5% interest in the 666 Fifth Avenue office condominium to Kushner Cos., the majority owner. The contract was negotiated for net proceeds of $120 million, but as it is conditional, there can be no assurance that it will go through. If it does, the…
NKF Arranges Largest Orange County Office Deal of the Year
NKF Capital Markets has arranged the sale of The Summit Office Campus, a five-building office complex in Aliso Viejo, Calif., to Rockpoint Group. According to Connect Media California, the 479,451-square-foot complex changed hands for more than $150 million, making it the largest office investment sale in Orange County so far this year. Located at 65,…
Malcolm Louis Adams from Century 21 Milestone: Working in Real Estate Is Not Easy, You Must Embrace the Grind
Malcolm Louis Adams is a real estate associate broker at Century 21 Milestone Realty and we had the pleasure of getting his insights for our Expert Interview series. Malcolm is optimistic about Brooklyn’s potential to continue its growth, especially in neighborhoods such as Bushwick and East New York. He is very enthusiastic when it comes…
Manuel Vargas from Keller Williams: Low Inventory is the Most Common Problem
Here’s a fresh interview from our series! We have recently had the pleasure of getting some insights from Manuel Vargas, a licensed broker associate at Keller Williams, where he works with both sales and rentals. Having chosen a career in real estate due to the freedom it affords, Manuel is focused on finding the best…
The Most Expensive Homes for Sale in New Mexico
A land of vibrant culture, rich architecture and unparalleled natural landscape, New Mexico’s real estate market is booming. April homes sales were up 40% year-over-year, while median prices grew nearly 10% over the same period, according to the latest data from the REALTORS Association of New Mexico. Santa Fe in particular is experiencing a real…
Kilroy Realty Nabs $308M Oyster Point Life Science Development Site
Last week, Kilroy Realty Corp. announced that it has completed the acquisition of a life science development site in South San Francisco. Fully entitled for 2.5 million square feet, the 40-acre site was purchased for $308 million and named “Kilroy Oyster Point.” It will eventually host an 11-building laboratory and office complex, adjacent to the…
JLL Secures $463M Loan for Savanna’s Acquisition of 5 Bryant Park, and Seals the Deal on Behalf of Blackstone
JLL Capital Markets secured a $463 million loan on behalf of Savanna, for the acquisition of New York’s iconic 5 Bryant Park. Savanna, a New York real estate investment management firm, bought the Midtown Manhattan office tower from the Blackstone Group for $640 million. JLL also represented Blackstone in the sale of the tower. The…
How Much Did Home Prices Increase in LA County since the Downturn?
Was buying a home 10 years ago in the City of Angels a good investment? We recently asked the same question about New York City and did a study on that, but this time around, we decided to shift our attention to the West Coast, specifically to L.A. County. Although very different markets, NYC and…
Yogev Shmuel from Douglas Elliman: Technology Will Make Buyers More Independent
For this new expert interview, we talked to Douglas Elliman’s Yogev Shmuel, who focuses on both sales and rentals. The Shmuel team is experienced in working with many property types, including co-ops, condos, new developments, and townhouses. Aware of the fact that buying, selling or renting a home is one of the biggest decisions people…
New York Dominates the Top 100 US Property Taxes in 2017
Now that this year’s tax filing season has passed, COMMERCIALCafé decided to put together the 2017 top 100 U.S. property taxes, as a follow up on their 2016 list, to see if any notable year-over-year differences in ranking, new entries or new contenders for the top spots would turn up. Just like last year, the…
What Do Luxury Apartments Rent for in the Top 30 Largest U.S. Cities?
The past few years have seen a spectacular increase in the number of luxury apartment buildings cropping up in major cities across the country. Apart from developers investing in high-end property for the sake of better returns, growth in the luxury apartment rental sector is also prompted by demand from newly emerging renter groups. From…
The Most Expensive Homes for Sale in Kentucky
As is the case in most of the country, Kentucky’s real estate market is confronted with the lowest inventory levels in years, pushing prices up. In fact, prices in the Bowling Green metro area have gone up 4.7% in the first quarter of the year, according to the Kentucky luxury real estate, most of the…
For $200K, Would You Rather Buy a Box in Manhattan or a Mansion in San Antonio?
Many say that location is the number one factor when deciding on buying a house, when in reality, it’s actually our finances. Realizing that with $200,000 you can only buy 126 square feet of living space in Manhattan, while in Cleveland you can get over 3,700 square feet, can seriously put things into perspective. The…
NKF Secures $26M Loan for Brick and Timber’s Acquisition of a San Francisco Office
NKF Capital Markets has arranged the placement of a $26.2 million loan with PCCP for a San Francisco office building located at 55 Green Street, as part of a plan to acquire and reposition the asset. Brick and Timber Collective―a local real estate development and management company―bought the property for $29 million, or $566 per…
SL Green Gains Leasehold Interest in 2 Herald Square
SL Green, one of New York City’s largest commercial landlords has announced its successful bid for the leasehold interest at 2 Herald Square. The company has also agreed to enter a joint venture with an Israeli-based institutional investor. The owners did not disclose their bid amount. The 362,191-square-foot Midtown Manhattan office space was previously owned…
The Most Expensive Homes for Sale in Oklahoma
Following national trends, Oklahoma’s real estate market is seeing diminishing supply and growing prices. In fact, the state is experiencing the highest levels of sales activity and price increases in five years, according to Oklahoma Association of Realtors data. With sales activity steadily on the rise, and diminishing numbers of new listings, the numbers of…
BMCC Expands Lease at TriBeCa Office
The Borough of Manhattan Community College signed an expansion of its existing lease at Jack Resnick & Son’s 255 Greenwich Street in TriBeCa. BMCC grew its presence in the 623,748-square foot building by an additional 78,000 square feet of TriBeCa office space, occupying part of the building’s second floor and the entire third floor, under…
HFF Secures $144M Financing for Hines’ Irvine Office Campus
A joint venture including Houston-based real estate investment firm Hines has obtained a $144 million loan for Intersect, a four-building campus in Irvine, Calif. The lender, New York Life Insurance Co., has agreed to a three-year, floating-rate loan with extension options. Proceeds will be directed towards refinancing existing debt and filling the remaining vacancies at…
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