Vornado Realty Trust

Vornado mulls splitting itself up, again Steve Roth said spinoffs of retail, development businesses are possible

Steven Roth and 2 Penn Plaza (Credit: Vornado Realty Trust, Google Maps)

More than a year after spinning off its Washington, D.C., business, Vornado Realty Trust is once again toying with the idea of splitting itself into separate companies.

Steven Roth, CEO of the firm, said it’s possible Vornado will spin off a development company from its income-producing real estate. The rationale: Vornado has several expensive development projects in planning around Penn Stati爱上海 爱上海同城手机版on, and REIT investors tend to dislike the阿拉爱上海同城 爱上海龙凤419桑拿 uncertainty associated with development.

“Development is not a business that can be measured quarter to quarter,” Roth said. If the stock price continues to trade below asset values because investors don’t like the development risk, Roth said, it “doesn’t make intellectual sense” to not try to change that. He declined to say how exactly the company could be split up, saying these are “glimmers of value creation ideas.”

Forest City Realty Trust, another public REIT, has been grappling with the same 阿爱上海同城 阿拉爱上海同城problem and responded by shrinking its developmen爱上海同城对对碰 爱上海同城论坛t business. The former CEO of its New York division, MaryAnne Gilmartin, recently left the firm to found a new development firm, L L MAG.

Roth also said Vornado is considering another split: spi上海贵族宝贝 上海千花网龙凤论坛nning off its retail business.

“The softness of retail is what’s hurting our stock the most,” he sai[……]

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Fairfield County office leasing faring well, while Westchester’s is ‘lackluster’: report

Fairfield County office leasing faring well, while Westchester’s is ‘lackluster’: report

The first six months of 2018 were good ones for office leasing in Fairfield County, which saw “its best first half of the year since 2015,” per CBRE’s second quarter office market reports for Westchester and Fairfield counties, the firm said in a release. More than 1 million square feet of office space were leased in Fairfield County as of the mid-year mark, and the availability rate in Greenwich’s central business district dropped in the second quarter, an indication that “leasing activity will spill over into neighboring Stamford,” according to Tom Pajolek, an executive vice president at CBRE. Westchester County, me上海千花网龙凤论坛 上海千花社区anwhile, had a “lackluster second quarter for leasing activity,” according to William V. Cuddy Jr., another executive vice presid上海夜网 阿爱上海同城ent at CBRE, but上海千花网龙凤论坛 上海千花社区 “other economic conditions in Westchester County remain strong.” [CBRE]

Tags: Westchester Fairfield
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Biggest Real Estate Projects NYC

The top 10 biggest real estate projects coming to NYC The largest development is a roughly 740K sf Bronx warehouse

Clockwise from top: 2505 Bruckner Boulevard in the Bronx, 31-08 Northern Boulevard in Long Island City, and 3-50 St. Nicholas Avenue in Ridgewood (Credit: 2505bruckner, Google Maps, and BuzzBuzzHome)

A Bronx warehouse topped the list of largest projects in New York City last month.

The Bruckner Boulevard project from Innovo Property Group and Square Mile Capital Management topped the list by a wide margin. It would span about 740,000 square feet, more than 300,000 square feet larger than the No. 2 spot, which went to a mixed-use building in Harlem from L M Development Partners. The list also included two projects from Meir Babaev’s AB Capstone: one in Queens and one in the Bronx.

Queens led the way with four projects in January, followed by Brooklyn with three, the Bronx with two and Manhattan with one.

The full list of January’s top 10 biggest real estate projects is below:

1. 2505 Bruckner Boulevard, Bronx
Innovo Property Group and Square Mile Capital Management are planning to build a roughly 740,000-square-foot warehouse at the former site of Whitestone Multiplex Cinemas in the Bronx. The two firms bought the site from Extell Development for about $75 million and plan to lease the warehouse to e-commerce companies for deliveries. The project’s total cost should range from $300 million to $500 million.

2. 60 East 112th Street, Manhattan
L M Development Partners filed上[……]

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Priam Properties

Nashville office REIT eyes sector s first IPO this 上海夜网论坛 上海夜网year Priam Properties is considering going public as REITS bounce back from rough 2018

Priam CEO Abhishek Mathur (Credit: iStock and Priam Properties)

As office REITs in general continue to underperform, growth-focused office landlord Priam Properties is considering an initial public offering.

The Nashville-上海夜网论坛 上海夜网based company would be the first U.S. REIT to go public this year, according to Bloomberg. Led by CEO Abhishek Mathur, the firm has had discussions with investment banks about selling shares in 2019, sources told Bloomberg. Representatives for Priam did not respond to requests for comment.

Though REITs took a beating in the markets last year, they have slightly outperformed the S P 500 to start the year, with the Bloomberg U.S. REITs index rising by 12 percent. And with the Federal Reserve deciding to hold off on more interest rate hikes for now, investors are again turning to REIT shares.

As for office REITs in particular, lu上海千花网龙凤论坛 上海千花社区kewarm demand and increased space efficiency mean that they have continued to trade well below net asset value, and investors such as DWS Group have a negative outlook on office properties.

Priam Properties is focused on high-growth urban areas in the Midwest and Southeast other than the major markets, according to the company s website. The REIT owns 31 properties in cities like Columbus, Ohio; Indianapolis; Nashville and Memphis, Tennessee; Tampa and Orlando, Florida; Richmond, Vi[……]

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Paul Simon

Westchester Fairfield Cheat Sheet: White Plains YMCA site set for $100M apartment complex, $48M Greenwich sale is priciest in 5 years… more

Clockwise from top left: Paul Simon seeks $13.9M for his New Canaan home, the $48M off-market sale of a Greenwich estate is the largest in the town since 2014, former standup comedian-turned-life coach Lisa Lampanelli lists her Fairfield beachside home for nearly $2.5M and the sale of a former Novartis campus in Rockland County is the subject of a $100M lawsuit filed in White Plains.

Developer proposes $100M project at YMCA site in White Plains
Southern Land Company, the Nashville-based developer that is in contract to buy the building that houses the YMCA of Central and Northern Westchester in White Plains, plans to spend “north of $100 million” to build an 8-story, mixed-use structure at the site, the Daily Voice Plus reported. Southern Land’s northeast director of acquisitions Joseph 阿拉爱上海同城 爱上海龙凤419桑拿Rossi told the outlet that the existing building will have to be demolished, as it’s been “very po上海千花网交友 上海千花网论坛orly maintained.” The developer will close on the 1.16-acre property after it secures the approvals it needs from the city for the project, which will reportedly include 173 apartments, on-site parking, a swimming pool and around 2,000 square feet of retail space. The Daily Voice also reported this week that the Westchester Industrial Development Agency had granted preliminary approval on a $1.8 million sales tax exemption for a $95 million devel[……]

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