Nonprofits abandon prime real estate, and infamous crossroads could get a facelift
Dec 20, 2013
Here are the news stories you might have missed this week:
CoStar: MetLife, Norges Bank JV to invest in US office properties
MetLife Inc. and Norges Bank Investment Management joined forces to purchase One Financial Center in Boston, the first acquisition in a large-scale plan to snatch up high-quality office properties in major U.S. markets. The five-star office building adds an additional 1.3 million square feet to the companies’ real estate portfolios. For more information about this joint venture, click over to CoStar.com.
Business Insider: New York nonprofits rush to sell properties as values skyrocket
What do the U.S. Postal Service, Jehovah’s Witnesses, and the Freemasons all have in common? They’re all offloading their swanky Manhattan area codes for less expensive addresses. As Manhattan real estate prices continue to swell, cash-strapped religious groups, government organizations, and cultural institutions are selling-off their in-demand properties and receiving comfortable paydays in return. For more insights on how this trend is changing the Manhattan landscape, read the full article at BusinessInsider.com.
The New York Times: A flurry of new activity at a Harlem crossroads
East Harlem’s most famous intersection is in the running for a highly anticipated overhaul. Development firm Waterbridge Capital has proposed a plan to transform the cluster of rundown buildings at the corner of East 125th Street and Park Avenue into a luxury, mixed-use complex. To learn more about what this development could mean for the growth of East Harlem, visit NYT.com.
The Wall Street Journal: A murky real-estate market comes into focus
Proposed regulations by the Financial Industry Regulatory Authority threaten to demystify a relatively unknown real estate investment market. The ruling would force non-traded real estate investment trusts (REITs) to improve disclosures on fees and speed up the reporting time for property value changes, offering investors a clearer view into their financial holdings. For more information, visit WSJ.com.
Posted by: Raymond T. Cirz