On December 11, Neyer Properties purchased two downtown Cincinnati Class A office buildings (Centennial Plaza I & III) in auction for $3.5 million, according to Commercial Property Executive. The seller, New Boston Centennial, paid $13 million for the properties in 1999. Centennial … Continue reading →
A subordination, non-disturbance and attornment (SNDA) agreement serves three functions: 1. Subordination: The agreement will place the lender-mortgagee’s lien on the property in first position even if a lease predates the recording of the mortgage lien. 2. Non-disturbance: The agreement … Continue reading →
The Housing Choice Voucher program is a federally funded, locally administered rental assistance program that assists low-income families, the elderly and the disabled to obtain housing in the private market. The program falls under the purview of the U.S. Department … Continue reading →
Hudson Yards is a mixed-use development in Manhattan’s West Side. The 26-acre site for the project is the single largest piece of undeveloped property in Manhattan. It will include office, retail, multi-family and cultural centers. Related Companies (owner of Equinox … Continue reading →
Advanced Development and Investment Inc. (ADI), a real estate development company that received approximately $29 million in subsidies from the city of Los Angeles, has agreed to pay $165,000 to end an ethics investigation related to allegations of campaign money-laundering. … Continue reading →
On December 6, Vornado Realty Trust closed on 114,000sf of retail space at Manhattan’s 666 Fifth Avenue, paying $708 million. The space is leased to Uniqlo, Hollister and Swatch. Spanish retail company Inditex (Zara) owns the remaining 38,750sf of retail … Continue reading →
In July the Montana Supreme Court ruled in Redding v. Montana that a TIC without usage rights is a security. A TIC (tenancy in common) is a property interest arrangement under which two or more people co-own real estate without … Continue reading →
In 2011, hotel retail revenue averaged a meager $497 per available room (1.1% of total revenue) according to USA Today (quoting PKF Consulting). In an effort to increase revenue and stay competitive, upscale hotels are creating more functional and multi-purpose … Continue reading →
Omnichannel retail is the practice of providing a consistent and seamless shopping experience to customers through all available channels, including bricks-and-mortar, catalogue, and online shopping. Sucharita Mulpuru of Forrester Research predicts that by the end of this year, cross-channel sales … Continue reading →
Crowdfunding is a process by which a company or developer will fund a project by selling small amounts of equity to many investors. In commercial real estate, crowdfunding can help to fund the urban infill projects that are often not … Continue reading →