Real Estate

Bloomberg Two New York City Council committees approved a zoning change that would clear the way for what developers say will be the first primarily office project to be built in Brooklyn in more than a generation. Toby Moskovits’s 25 Kent Ave. won approval from the New York City Council Subcommittee on Zoning and Franchises as well as the Committee ...

  Bloomberg Jorge Perez, the billionaire who helped turn South Florida’s skyline into a beacon for Latin America’s wealthiest, is preparing to hand over his empire. The 66-year-old developer, known as Miami’s “Condo King,” said he hopes his sons Jon Paul and Nicholas will take the reins of the Related Group soon so he can focus more on travel, philanthropy ...

  BLOOMBERG A surge in prices for existing homes in Vancouver and Toronto is fueling new construction in Canada’s two most expensive cities. Housing starts jumped to an annualised pace of 218,333 units in June, the Canada Mortgage & Housing Corp. said, the highest since September and a 17 percent increase from a month earlier. The data suggests that builders ...

  Hong Kong / AFP Hong Kong property tycoon Thomas Kwok was granted bail on Tuesday, clearing the path to appeal his graft conviction over a high-profile cash for favours scandal. Kwok was jailed in 2014 over a series of payments totalling HK$8.5 million (US$1.1 million) to the city’s former deputy leader Rafael Hui, who was also convicted on graft ...

  Bloomberg Aberdeen Asset Management Plc appointed broker Strutt & Parker LLP to sell a London office property that’s part of a UK real estate fund currently suspended from trading, according to three people familiar with the matter. The asset manager will offer 10 Hammersmith Grove, an office building valued at about 105 million pounds ($136 million), the people said, ...

  Frankfurt / AFP German property firms expect a boom in Frankfurt as financial businesses move activities and staff out of London in the wake of Brexit, an industry survey showed this week. A majority of 72 percent of respondents believed financial centre Frankfurt, rather than rivals Dublin, Paris, or Amsterdam, would gain the most from Britain leaving the European ...

  Bloomberg Banks burned by soured home loans in the aftermath of the housing bust and subsequent financial crisis found a quick replacement; mortgages secured by commercial properties ranging from malls to offices. In the years since 2008, US lenders have opened the commercial real estate (CRE) credit spigots, lending money underpinned by properties including hotels, multifamily rental units, and ...

  Reuters Sovereign investors, including wealth funds, made $14.1 billion worth of acquisitions in the second quarter, down 26 percent from the first three months of the year but underpinned by a rebound in real estate deals. Data compiled by Thomson Reuters shows sovereign investors, a category that can include everything from state pension funds to oil-backed investment vehicles, were ...

  Bloomberg China’s property prices and real estate investment are poised for slower growth even as home sales may rise to a record this year, according to a top government think tank. Real estate is due for a “short-term adjustment period” after heating up since 2015, the Chinese Academy of Social Sciences said in a report Wednesday. Price increases and ...

  Bloomberg As institutional investors scour the globe in search of safe havens from the post-Brexit turmoil, property consultancy Jones Lang LaSalle Inc. has a piece of advice: Go East. Topping the list of attractive investments is Japan, where some residential real estate projects deliver effective yields as high as 7 percent, taking into account the nation’s negative interest rates, ...