- Grand Central Owner Penson Sues City Over Air Rights “Real estate investor Andrew Penson, who owns Grand Central Terminal, sued New York City contending that Mayor Bill de Blasio, the City Council and developer SL Green Realty Corp. are depriving him of air rights through a building development at the train station. The value of such rights can be ‘greater than the land itself’ because of higher returns for upper floors, Penson said through his company, Midtown TDR Ventures LLC, in a lawsuit filed Monday in Manhattan.” (Bloomberg)
- Commercial Real Estate Industry Underinvesting in Technology: Report “A Canadian information technology firm estimates that nearly one-third of the world’s commercial real estate industry is using archaic and error-prone spreadsheets to manage property portfolios potentially worth $11-trillion. Altus Group came up with its figures after surveying more than 300 international executives in the commercial real estate industry to come up with its findings.” (The Globe and Mail)
Manhattan Taken by Canada as Real Estate Purchases Reach Record
- “The country’s largest real estate investors have bought a record $3.85 billion in property this year in the New York city borough and spent more than any other foreign country in the last decade, according to data from Real Capital Analytics Inc. The purchases by Canadian investors such as pension funds, insurers and asset managers are double the $1.97 billion bought in 2014 and have surpassed the previous peak of $2 billion in 2007.” (
Bloomberg
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Full list here: http://nreionline.com/industry-buzz/10-must-reads-cre-industry-today-september-30-2015
