Commercial News for 5/22/15
WSJ.com: Commercial Real Estate
One Property Firm Doubles Down in Brazil
New York-based GTIS is now the largest hotel owner in Brazil, following a $400 million takeover of Brazil Hospitality Group. The U.S. investor plans to upgrade properties and expand the hotel operator?s reach.
CIM, Partner Agree to Sell 11 Madison Ave. for $2.6 Billion
CIM is cashing in with a deal this week to sell a 29-story office tower in Manhattan for $2.6 billion, the second-highest sale price ever for a U.S. office building.
New York Regulator Seeks Faster Foreclosures
Financial Services Superintendent Benjamin Lawsky?s proposal, aimed at tackling one the country?s worst foreclosure backlogs, would include streamlining the process for abandoned or vacant properties.
Economies of Sale
Existing-home sales in the U.S. this year are expected to hit levels not seen since 2006.
A Resnick Scion Strikes Out on His Own
With a new Chelsea condominium that?s 80% sold, Scott Resnick shows he?s up to the challenge of developing residential projects on his own.
Toys R Us Says It Will Close FAO Schwarz Store in July
oys R Us is closing its iconic FAO Schwarz store, citing the high and rising costs of running the retail space on New York City?s pricey Fifth Avenue.
Manhattan Apartment Rents Rise Modestly
With the start of the high-demand season, average rents were up a year-over-year 1.2% in April. But rents for coveted one-bedroom units were up 7%.