By the end of 2014, the writers and editors of Condé Nast will finish moving into the publishing company’s new 1.25 million-square-foot (116,000 sq m) headquarters in lower Manhattan. That’s just the latest good news from that part of Manhattan, which is once again one of the most desirable neighborhoods in the world, despite surviving a hurricane, the global financial crisis, and the 9/11 attacks.
Citing the estimate of 2.5 billion people moving to cities by 2050, Rob Speyer, president and co–chief executive officer of Tishman Speyer, said that cities are more important than ever in bringing people together in a keynote address at the 2014 ULI Fall Meeting.
Speakers at a concurrent session on the creative reuse of aging infrastructure added three case studies to the growing list of success stories, including Chicago’s MetraMarket, Buffalo’s Erie Canal, and Hollywood Park in Los Angeles.
Around the world, commercial real estate investors are tired of sky-high prices and low investor yields—but they keep on paying, said panelists at a Capital Markets keynote at the ULI Fall Meeting.
Resorts and vacation homes—always the last real estate sector to recover from an economic downturn—are seeing increased activity, but developers are looking toward the future.
The borough’s notoriety may obscure the very practical origin of the borough’s resurgence, observed panelists at the ULI Fall Meeting. As Kathryn Wylde, president of the Partnership for New York City, commented, its cachet has been sudden, but the “roots have been decades in the making.”
Developers and architects discussed how they are breathing new life into three very different obsolete retail venues, all developed originally by the Rouse Company of Columbia, Maryland.
At times, New York City has trailblazed urban solutions of astonishing foresight; at other times, it has had to be dragged to confronting urban exigencies by imminent disaster, said panelists at the ULI Fall Meeting. In either case, New York has been in a constant state of innovation and remaking over the last century.
The nascent, fast-growing phenomenon of crowdfunding in real estate financing hasn’t yet scratched the surface of its potential, according to participants in a panel at ULI’s 2014 Fall Meeting in New York City.
The Trepp survey for the week ending October 24, 2014, showed average spreads basically unchanged, with the implied rate for ten-year, modestly leveraged commercial real estate mortgages equaling 3.64 percent—100 basis points lower than year-end 2013.