A reciprocal easement agreement (“REA”) is a legal agreement between individual property owners that provides for the rights and obligations of the owners and coordinates the development, operations and maintenance of the affected properties. REAs may contain provisions that address … Continue reading →
Miami-based CGI Merchant Group is in contract to acquire the 263-room luxury hotel lease for $375 million, according to The Wall Street Journal. In 2012, the U.S. government awarded a sixty-year lease (with two, twenty-year renewal options) of the Old … Continue reading →
Upzoning is a change in the zoning code to allow for increased development or density (for example, increasing the allowable FAR). On September 16, California governor Gavin Newsom signed Senate Bill No. 9 (SB 9) into law. Known as the … Continue reading →
Office vacancy rates in London have risen from 5.3 percent in March 2020 to nine percent in June 2021, with the vacant spaces mostly in older properties, according to Financial Times (citing Savills). The number of people coming to work … Continue reading →
The Q2–2021 median sale price for condos and co-ops in Manhattan rose to $1,130,000 – its highest level in eight quarters, according to Douglas Elliman. The number of sales surged 151.8 percent year-over-year to 3,417 and the months of supply … Continue reading →
A blank check company is an early or development stage entity that has no specific business plan or purpose but is founded by investors to bring their specialties, backing and experience to bear on businesses that have good concepts but … Continue reading →
China became the largest recipient of foreign direct investment (FDI) in 2020, attracting an estimated $163 billion in inflows, according to a report by the United Nations Conference on Trade and Development (UNCTAD). The United States followed with $134 billion … Continue reading →
Employment for the bottom quartile of American earners (those making less than $27,000/year) is 21 percent below January 2020 levels whereas employment for the top quartile of earners (those making over $60,000/year) is up 1.6 percent from pre-pandemic levels, according … Continue reading →
Single-tenant net lease cap rates registered at historic lows in Q4-2020, according to The Boulder Group. Single-tenant industrial cap rates compressed by 13 basis points to 6.75 percent. Single-tenant retail cap rates compressed by six basis points to 6.00 percent … Continue reading →
On October 23, 2020, CRE Worldwide filed a lawsuit against Thai Tanic (now Ammathar) et al. and the owners of 1326 14th NW (Michael Askarinam and Vahid (“Tony”) Askarinam). The matter concerns the alleged breach of a brokerage representation agreement … Continue reading →