Blackstone Group LP agreed to buy Chicago’s Willis Tower, the second-tallest building in the U.S., and plans to upgrade the retail and observatory space in a bet on growth in the city. [...]
On a per-square-foot basis, the valuation for the more than 40-year-old Willis Tower is lower than deals for newer buildings. The Blackstone price is about $342 a square foot, based on about 3.8 million square feet (353,000 square meters) of rentable space. — bloomberg.com
Chicago’s Willis Tower, once the world’s tallest building and one of the city’s top tourist attractions, is up for sale. [...]
The 1,450-foot (442-meter) building, formerly known as the Sears Tower, is the second-tallest in the U.S., and was the world’s highest from its completion in the early 1970s until 1998 [...]
“It’s iconic in the size and how it dominates the skyline, [...] As an office building, however, it’s 1970s construction.” — bloomberg.com
While some remain cynical about homeownership, the U.S.'s foreign-born population still regards it as a symbol of attaining the American Dream. [...]
Last year, immigrant households made up 11.2 percent of owner-occupied housing according to the JCHS—that’s up from only 6.8 percent in 1994. — theatlantic.com
Rents continue to outpace incomes. In fact, Zillow just released data showing U.S. renters spent a combined $441 billion on housing in 2014.
Perhaps surprisingly, the New York-Northern New Jersey metro didn’t top the list. San Jose was the highest, with renters paying on average $1,807 per month. Meanwhile, the 20th most expensive metro for renters was Minneapolis-St. Paul, where the average monthly payment in 2014 was $927. — zillow.com
Govs. Andrew Cuomo and Chris Christie have turned to a familiar idea in their pledge to reform the Port Authority of New York and New Jersey: selling its real estate.
A report released over the weekend highlights a plan to sell off many of the agency’s sprawling property holdings, by far the most notable of which is the World Trade Center site in lower Manhattan.
That concept has long been pushed within the agency, and it has been implemented gradually over the past decade and a half. — wsj.com
The Qatari royal family is planning to convert three of London’s most prestigious addresses into a single mega-mansion valued at over £200 million. The family, which already owns famous London landmarks including the Shard, Harrods and the Olympic Park, has submitted plans to convert three properties in Regent’s Park [...] The Qatari royal family now owns more of London than the Crown Estate. — RT
Norway-based architecture firm Snøhetta will move its New York City offices to the Rudin family’s 80 Pine Street in the Financial District, the landlord announced this morning.
The architecture company, whose first New York City project was the National September 11 Memorial Museum Pavillion at the World Trade Center site, will relocate from 25 Broadway to a segment of the 10th floor of the 38-story structure in 2015 [...]. — commercialobserver.com
At the end of a cul de sac near the Hollywood Bowl, park your car in a garage carved into the hill. Walk through a gated tunnel to a private elevator where you'll be taken up 6 stories through the hill to the top of a Tuscan tower. Nestled in a quiet walk street enclave high above the bustle of Hollywood Blvd.
1bed, 1 bath includes the aforementioned private parking garage (remote door opener). Washer/Dryer, hardwood floors and terrace. — Craigslist
The apartment was featured in Robert Altman's 1973 "The Long Goodbye." In the neo-noir film, Elliot Gould plays Phillip Marlowe, a private eye living in a tower high up in the Hollywood Hills. The apartment was also featured in Kenneth Branagh's Dead Again. According to the craigslist ad...
Luxury brand Porsche Design recently launched a closed invite-only competition to find the architect for their Porsche Design Tower in Frankfurt, Germany. The winning proposal will have the most fitting urban architectural concept along with ideas for the surrounding outdoor spaces. The project will be Porsche's debut in real estate in Europe. — bustler.net
Out of a goal of 20 participating architecture teams, the first six firms to compete are: Delugan Meissl Associated Architects, Vienna (Austria) 3XN, Copenhagen (Denmark) Neutelings Riedijk Architecten, Rotterdam (The Netherlands) Stefano Boeri Architetti, Milan...
The whitewashing and subsequent demolition of Long Island City graffiti mecca 5Pointz was painful enough for the arts community, but now G&M Realty, the developer responsible for the loss, wants to trademark the 5Pointz name and use it for their new residential towers at the site. And artists are not happy, saying the developer is trying to bank off their name. — 6sqft
Top-notch real estate development deserves a little recognition, too. The Urban Land Institute announced the winners in their 2014 Global Awards for Excellence, considered as the most prestigious awards program in the land use industry. Now in its 36th year, the open awards competition selects projects that best exhibit high standards in design, construction, planning, management, and economics. — bustler.net
Here's a few of the 2014 winners:Governor George Deukmejian Courthouse, Long Beach, CA, USA.Developer: Long Beach Judicial Partners LLC/Meridiam Infrastructure; Designer: AECOMZuellig Building, Makati City, PhilippinesDeveloper: Bridgebury Realty Corporation; Designer: Skidmore, Owings &...
The city’s board of supervisors voted to legalize and regulate short-term stays through a controversial piece of legislation that has been two years in the making [...]
The key changes include a limit on non-hosted rentals for up to 90 days per year. [...]
[The hosts will] also have to pay the city’s hotel taxes. They — not Airbnb — are responsible for certifying that they’re only hosting 90 days a year and for keeping records that prove this. — techcrunch.com
A triplex penthouse at Zeckendorf Development Co.’s tower under construction on Manhattan’s Upper East Side will be offered for sale at $130 million, making it New York’s most expensive apartment listing.
The 12,394-square-foot (1,151-square-meter) property will span the top three floors at 520 Park Ave., where sales will begin the first quarter of next year, Arthur Zeckendorf said in an interview today. — bloomberg.com
“For 10 or so of these important properties to come on the market at the same time, that matters a lot,” - Gregory J. Heym, an executive vice president and the chief economist for Halstead Property and Brown Harris Stevens — NYT
Earlier this month Robin Finn, looked at one trend in Manhattan's luxury/high-end real estate market. Given the less than 2,000 single-family homes in Manhattan, a recent influx of historic mansions and townhouses into the market, offers buyers a rare opportunity to avoid co-ops and condos.Some...
RFR plans to spend $250 million on Manhattan land purchases, up to $500 million on office building deals and $100 million to $150 million more on retailing properties — all before the end of the year. [...]
Perhaps the most under-the-radar purchase was 190 Bowery... Developers have been trying for years to buy the six-story Renaissance Revival structure, which appears abandoned, with blocked-off doorways, boarded-up windows and graffiti covering nearly all of the lower facade. — nytimes.com
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