by David Bodamer October 1st, 2007
The mall saga continues in the Town of Oyster Bay.
At a meeting on Tuesday, the town board passed a resolution laying out the reasons for denying Taubman Centers Inc. a permit to build a 860,000-square-foot mall in Syosset.
The town’s resolution, a 35-page document, was in response to a June court order by State Supreme Court Justice Jeffrey Arlen Spinner.
“The ball is once again in Taubman’s court as to what they’re going to do next,” said Supervisor John Venditto.
Taubman, a Michigan-based developer, has been in a lengthy court battle with the town about its plans to build an upscale mall that would include Barneys New York, Neiman Marcus and Nordstrom as anchor stores.
More here.
Related Topics: Development, News, REITs, Retail Real Estate |
by David Bodamer October 1st, 2007
The new land grab.
Picking off land from over-leveraged homebuilders during crashing real estate markets was once the purview of local developers. This time, however, global players, including D.E. Shaw, Apollo Real Estate Advisors, and the Rockefeller Group, are eyeing land in Florida, Colorado, California, and other subprime-ravaged states.
Their plan is obvious in the wake of the real estate meltdown: buy these hard assets and wait until the markets bounce back. “The Rockefeller Group is actively researching Florida properties that may become available for purchase,” a spokesman for the New York-based investment and real estate firm told Fortune. “There are definitely opportunities for homebuilders to sell some of the land they acquired when the residential market was very strong.”
The explanation for this hot money pouring into land has to do with the fact that firms and funds have been raising capital for real estate purchases for the past decade, putting it to work whenever opportunity strikes. Land just happens to be a value play at this moment.
Related Topics: Finance, Investment, News, Trends |
