Commercial News for 9/30/14
WSJ.com: Commercial Real Estate
Higher Land Prices Test Affordable-Housing Plan
In May, Mayor Bill de Blasio's administration announced that East New York would be the first neighborhood targeted for new residential towers and affordable housing. Now the area has become the subject of intense interest by developers.
What's the Deal: News Digest
A roundup of commercial property news from across the tri-state region.
Squatters Welcome Blackstone's Spanish Property Play
Blackstone has purchased 40,000 mortgages in the Barcelona area, but the company may find making money out of depressed Spanish real estate is a tough challenge.
REITs Prune Their Portfolios in Shift Back to Basics
With commercial-property values soaring and investors gravitating toward what they see as companies with stable, predictable returns, REITs increasingly are pruning their portfolios of assets that fall outside their core area of focus.
In the Philippines, a Dream of Green City
On land that once belonged to the largest American military base outside the U.S., Arnel Casanova envisages a new type of city for the Philippines.
InterContinental to Run L.A. Hotel for Korean Air
InterContinental Hotels Group won the rights to manage a 900-room hotel being built atop the Wilshire Grand Center in Los Angeles for owner Korean Air Lines.
Plots & Ploys: News Digest
Ailing retailer Sears said last week it would take out a short-term loan of $400 million to get it through the holiday season. One surprise is where a large chunk of that money might come from.