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Blackstone Group is cashing in on its bet on the suburban rental class.
The private-equity firm late Tuesday sold more than $1 billion of shares of Invitation Homes Inc., the giant single-family home landlord it launched following the financial crisis in a wager that many Americans would be willing to rent the suburban lifestyle they could no longer afford to own.
— Wall Street Journal
In the two years since private-equity firm Blackstone Group launched its suburban home management service, Invitation Homes, the company's stock has gone up by over 26%. During that same time, homeownership has fallen to its lowest levels since the mid-1990s, rents have edged upward in the... View full entry
“It’s a great place to be if you’re just moving to the city, and you want to meet people, or you need a place for a couple months before you find your real apartment.” — Bloomberg
Bloomberg writer Ellen Huet books a room in WeWork's communal housing project, WeLive, on Wall Street in New York. Huet talks with both current and former WeLive residents, who share different opinions about living in the building. In regards to WeLive's slow growth, the article also brings up... View full entry
The tower, owned by Rudin Management, currently has 260,000 square feet of floorspace that counts towards zoning, and of that, 133,000 square feet will become residential, resulting in 205 new apartments. The remaining 127,000 square feet will stay commercial. [...]
110 Wall Street will be WeWork’s first foray into residential development [...]
The inclusion of Class B dwelling units, which denote transient housing, likely signals living options will range from communal to private.
— newyorkyimby.com
According to CurbedNY, ARExA will head design on the renovation of WeWork's first residential project under its co-living offshoot, WeLive. Completion date is currently slated for March 2017. WeWork is also hiring multiple positions in New York at this very moment. Check out their listings here... View full entry
