Buying the Empire State Building, and a new hotel construction boom
Oct 4, 2013
Here are the news stories you might have missed this week:
DealBook: In a public offering, a symbol of New York gains a symbol: ESRT
The real estate industry has begun using a new adjective to describe the iconic 102-story Empire State Building: public. Shares of the Empire State Realty Trust (ESRT), which includes the Empire State Building, raised $929.5 million on Tuesday, making it one of the largest initial public offerings ever for a U.S. real estate investment trust (REIT), and ending the ongoing courtroom battles surrounding the move. But while some see the transaction as a significant victory, others are left with questions. To learn more, visit DealBook.NYTimes.com.
The Wall Street Journal: New Jersey’s industrial sector beats back Sandy
Superstorm Sandy devastated much of the eastern seaboard, leaving New Jersey among the hardest hit regions. Many feared that the storm’s aftermath might produce an equally devastating impact on the investor demand for commercial real estate in the region. Sales growth for office, retail, and apartment properties have slowed across the state, but industrial property sales in the northern part of New Jersey are approaching record highs this year. To read more about New Jersey’s real estate recovery after the storm, visit WSJ.com.
National Real Estate Investor: Self-storage rents, revenues attract investor recognition
Self-storage property owners continue to see positive growth, with increased incomes resulting from low vacancy rates and high rent prices. Since increased rental rates haven’t deterred customers to date, owners are now slowly increasing rates to maximize income. Visit NREIOnline.com to learn more.
The New York Times: Austin, Tex., stands out in hotel recovery that has hugged coasts
Bucking the national trend, developers in Austin are actively moving forward with new hotel construction, including a combined $650 million investment for a new JW Marriott and Westin. Eight hotels housing nearly 4,000 rooms are slated to open within the next three years, which would make the Texas capital among the most active markets for new hotel construction in the country. To read more about Austin’s hotel development, visit NYT.com.