Real Estate (Commercial)

Subterms

    Latest story

    150 Shares62 Views

    Las Vegas Sands Drops Bid to Open a Casino on Long Island

    by

    The company cited the threat that online gambling posed to its profits in its decision to bow out of the competition for one of three casino licenses around New York City.Las Vegas Sands, the casino and resort company that has aggressively maneuvered to build a casino on Long Island in recent years, said on Wednesday that it was dropping its campaign, citing the potential threat posed to its profit margins by online gambling.Casino companies and real estate developers have fiercely competed in recent years for three casino licenses to be awarded by the state in and around New York City. Las Vegas Sands, one of the largest casino companies in the world, has been a leading contender for the right to open a casino on the site of Nassau Coliseum, a large arena just outside New York City.Its decision to drop that bid — over what it said were concerns about “the impact of the potential legalization of iGaming on the overall market opportunity and project returns” — was a major development in the cutthroat competition to bring full-fledged casinos to New York.Other developers who have vigorously pursued bids include Steve Cohen, the owner of the New York Mets, who wants to open a casino at Citi Field in Queens with Hard Rock Entertainment; the Hudson Yards developer Related Companies, which has proposed a casino on the Far West Side of Manhattan with Wynn Resorts; SL Green Realty Corporation, which wants to open a casino in Times Square with Caesars Entertainment; and Bally’s Corporation, which seeks to open one at a site in the Bronx that once housed the Trump Golf Links at Ferry Point.In a statement, Sands said it still believed that Nassau Coliseum would be the best location for a new casino. It said it would seek to transfer its right to bid for a license on that site to another company, and would use the money it might have spent on the project to buy shares of Las Vegas Sands and a subsidiary, Sands China.The proposal to open a casino in Nassau County has been met with resistance from community groups as well as Hofstra University, which has said it believes the casino would be too close to its campus.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    More stories

    • 138 Shares189 Views

      in Elections

      Upper West Side Theater Is Sold After Governor Allocates $3.5 Million

      by

      A nonprofit bought the landmark Metro Theater after receiving financial support from Gov. Kathy Hochul, the State Senate and Steven Spielberg’s foundation.A landmark Art Deco movie theater that closed 20 years ago on Manhattan’s Upper West Side was sold to a nonprofit after it received $3.5 million in discretionary grants from Gov. Kathy Hochul of New York.The nonprofit, the Upper West Side Cinema Center, used those funds and $500,000 in grants from the State Senate to complete its $6.9 million purchase of the Metro Theater on Friday. It plans to revitalize the building, on Broadway near West 99th Street, with a five-screen theater, a lobby lounge and a public cafe.Additional fund-raising of $15 million to $25 million is required to construct a new interior, replace the marquee and clean graffiti from the facade, the nonprofit says.“The Upper West Side community deserves another world-class venue for cinema and art, and that’s why I was proud to step in,” Hochul said in a news release.Assemblyman Micah Lasher, a Democrat who took office in January, grew up going to the Metro Theater and fondly remembers seeing “Ali” and “Mr. Holland’s Opus” there with his family.“Its loss for the last 20 years has been not just an eyesore, but a deeply felt scar for the neighborhood,” he said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 125 Shares99 Views

      in Elections

      Trump Officials Mark Hundreds of Federal Properties for Potential Sale

      by

      The Trump administration said on Tuesday that it could sell hundreds of federal properties around the country, including offices for the Social Security Administration, the Internal Revenue Service and the U.S. Mission to the United Nations.Officials at the General Services Administration, an agency that manages the federal government’s real estate portfolio, originally said they had identified more than 440 properties that they could “dispose of” in an effort to ensure that “taxpayers no longer pay for empty and underutilized federal office space.”By Tuesday evening, however, the list of buildings deemed “not core to government operations” had been trimmed to 320 properties, removing a number of high-profile buildings, many of them in Washington, D.C.Federal Properties That Could Be Sold More

    • 100 Shares149 Views

      in Elections

      Two More New York Theaters to Share Space

      by

      The prestigious downtown nonprofit Soho Rep will share space with Playwrights Horizons in Midtown Manhattan while figuring out a longer-term plan.In another indication of how postpandemic economics are rattling the nonprofit theater world, the prestigious Soho Rep is giving up its longtime home in TriBeCa and will instead share space with Playwrights Horizons, a Midtown theater company, while trying to figure out a longer-term plan.The move, prompted by real estate constraints as well as fiscal concerns, comes at the same time that another important New York nonprofit, Second Stage Theater, is leaving its Off Broadway home. That company is now planning to reside, at least temporarily, with Signature Theater, which in recent years has had more space than it can afford to program.The two decampments follow a 2022 decision by the Long Wharf Theater, in New Haven, Conn., to let go of its waterfront home and become itinerant.Taken together, the transitions are a reminder of the enormous stresses facing nonprofits, and suggest that revisiting real estate choices will become part of the solution for some.“If you look at the field-wide vulnerability, partnerships are a result of that,” said Eric Ting, one of Soho Rep’s three directors. “We look to each other for support and for strength.”Soho Rep, established in 1975, is small: Its current annual budget is about $2.8 million, it has just five full-time employees and since 1991 it has been presenting most of its work in a 65-seat TriBeCa space, making it an Off Off Broadway theater. But the company, committed to what it calls “radical theater makers,” punches way above its weight. It was the first to stage Jackie Sibblies Drury’s “Fairview,” which won the Pulitzer Prize in drama in 2019, as well as Shayok Misha Chowdhury’s “Public Obscenities,” which was a Pulitzer finalist this year. The theater has regularly introduced New York audiences to work by important, and often provocative, playwrights, including Sarah Kane, Aleshea Harris, Branden Jacobs-Jenkins and Lucas Hnath.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 113 Shares199 Views

      in Elections

      China’s Economy Slows Sharply as Housing Troubles Squeeze Spending

      by

      After a strong start to the year, spending has slumped as a real estate downturn weighs on consumers. Communist Party leaders are meeting this week to discuss what to do about it.Economic growth slumped in China through the spring after a strong start this year, according to data released on Monday, as a real estate crash caused consumers to spend more cautiously.The latest growth statistics for the world’s second-largest economy, covering April through June, put further pressure on the Communist Party as its leaders gathered on Monday in Beijing for a four-day conclave to set a course for the country’s economic future.In a country known for strict controls on the flow of information, the Chinese government is maintaining a particularly tight grip ahead of the party gathering, known as the Third Plenum, which typically takes place every five years. China’s statistical bureau canceled its usual news conference that accompanies the release of economic data and Chinese companies are mostly avoiding the release of earnings reports this week.China’s National Bureau of Statistics said that the economy grew 0.7 percent in the second quarter over the previous three months, a little below the expectations of most economists in the West. When projected out for the entire year, the data indicates that China’s economy grew during the spring at an annual rate of about 2.8 percent — a little less than half its growth rate in the first three months of this year.The statistical bureau also revised down its estimate of growth in the first quarter. That growth rate, projected out for the full year, was about 6.1 percent, not the 6.6 percent rate that was disclosed in April.Xi Jinping, China’s top leader, is trying to win confidence in his policies at home and abroad as growth falters and the property market suffers.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 100 Shares179 Views

      in Elections

      Disney and DeSantis Reach Agreement, Ending Protracted Fight

      by

      The deal locks in a 15-year expansion plan for Disney World and clears a path for Disney to restart political donations in Florida.Disney and Gov. Ron DeSantis of Florida have finally ended their feud, clearing the way for $17 billion in planned development at Walt Disney World near Orlando.On Wednesday night, the Central Florida Tourism Oversight District — an entity that Mr. DeSantis took over in 2022, ending 55 years of Disney control and sparking multiple lawsuits — gave the company a big part of what it wanted all along: a locked-in, long-term plan for expanding Disney World. At least for the next 15 years, the length of the new agreement, Disney can develop the resort without worrying about interference by Florida politicians.Put bluntly, state leaders can no longer use growth at the 25,000-acre resort as a political weapon, as Mr. DeSantis did two years ago after Disney said it would fight to repeal a state education law that opponents called anti-gay.Jeff Vahle, the president of Disney World, said in a statement that the agreement would support “the growth of this global destination, fueling the Florida economy.” It gives Disney the ability to build a fifth theme park, add three small parks, expand retail and office space and build 14,000 hotel rooms, for a resort total of nearly 54,000.Disney has earmarked $17 billion to expand the complex over the next decade, growth it has said will create an estimated 13,000 jobs.The district noted that, under the agreement, Disney is obligated to spend at least $8 billion. The company also must expand an affordable housing initiative and carry out a “buy local initiative,” with at least 50 percent of its total spending in expanding Disney World going to Florida businesses.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 100 Shares129 Views

      in Elections

      Adam Neumann Gives Up on Buying Back WeWork

      by

      The co-founder of the shared-office company, who stepped down under pressure before the firm went bankrupt, announced an audacious takeover bid earlier this year.Adam Neumann has officially admitted defeat in his quest to buy back WeWork, ending his bid to acquire the co-working company that he helped found in 2010 and built into a global enterprise valued at $47 billion before it fell into bankruptcy last year.“For several months, we tried to work constructively with WeWork to create a strategy that would allow it to thrive,” Mr. Neumann said in a statement to the DealBook newsletter. “Instead, the company looks to be emerging from bankruptcy with a plan that appears unrealistic and unlikely to succeed.”The writing was on the wall for weeks. Mr. Neumann stepped down as WeWork’s chief executive in 2019 under pressure from directors and investors, after the company failed to go public amid questions about its business model and corporate governance. It marked a stunning fall for Mr. Neumann, the company’s charismatic frontman.But in February, DealBook reported that Mr. Neumann was planning an audacious move to buy back the company.His new real estate company, Flow, which is backed by Andreessen Horowitz, the venture capital firm, offered more than $500 million. The plan was to buy WeWork or its assets, and inject bankruptcy financing to keep it afloat.But WeWork found a different lifeline. A U.S. bankruptcy judge last month approved a restructuring deal that essentially wiped out $4 billion in company debt. It also included $450 million in new funding from SoftBank, the Japanese technology investor that has backed WeWork from its early days, enabling it to exit Chapter 11 bankruptcy.WeWork has been busy renegotiating leases in an effort to shed $11 billion in rent obligations. The rise of hybrid work since the coronavirus pandemic has hit the commercial real estate sector hard. A surge in vacancies has helped companies like WeWork rework deals with landlords, but has also cast doubts over the growth potential of the shared-office business model. More

    • 125 Shares199 Views

      in Elections

      Zack Norman, Actor Who Juggled Multiple Professions, Dies at 83

      by

      Best known for movies like “Romancing the Stone,” he also made a mark as a producer, a real estate developer and the butt of a Generation X-friendly television gag.Zack Norman, who made his mark as an actor in films like “Romancing the Stone” and “Cadillac Man” and with appearances on television shows like “The A-Team” and “The Nanny” — and who, as a producer, also became known for a star-crossed movie that became a running punchline on the show “Mystery Science Theater 3000” — died on April 28 in Burbank, Calif. He was 83.The cause of his death, at a hospital, was bilateral pneumonia related to the coronavirus, his daughter Lori Zuker Briller said.While best known for scene-stealing appearances as a supporting player, Mr. Norman was always more than a character actor. He was also a painter, a real estate developer and an art collector who in the 1980s mingled with the likes of Andy Warhol and Jean-Michel Basquiat.Mr. Norman had a memorably menacing turn alongside Danny DeVito in the hit 1984 movie “Romancing the Stone.”20th Century Fox/Everett CollectionStarting in the early 1970s, Mr. Norman tallied nearly 40 movie and television acting credits. He had a memorably menacing turn as Danny DeVito’s crocodile-tending antiquities-smuggler sidekick in “Romancing the Stone,” Robert Zemeckis’s 1984 adventure comedy starring Kathleen Turner and Michael Douglas.He was abundantly familiar to fans of the indie director Henry Jaglom, appearing in many of Mr. Jaglom’s films, including “Sitting Ducks” (1980), a comedy in which he was one of two dimwitted hoods who steal from a gambling syndicate, and “Hollywood Dreams” (2006), in which he played a kindly film producer who looks after a fame-obsessed starlet (Tanna Frederick).We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 113 Shares149 Views

      in Elections

      Starwood REIT, Facing a Possible Cash Crunch, Limits Withdrawals

      by

      Starwood Real Estate Income Trust is restricting what investors can redeem rather than sell its properties to raise cash.A giant real estate fund managed by the company of the billionaire investor Barry Sternlicht is limiting the amount of money that investors can redeem, in an attempt to fend off a potential cash crunch as high interest rates pummel the market for commercial properties like office buildings.Starwood Real Estate Income Trust, which manages about $10 billion and is one of the largest real estate investment trusts around, said on Thursday that it would buy back only 1 percent of the value of the fund’s assets every quarter, down from 5 percent earlier.Starwood said that it had chosen to tighten the limit because it was facing more withdrawals than it could meet with its cash on hand, and that it was a better option than raising money by selling properties at discounted prices. The value of commercial properties has fallen — hit both by lower occupancy since the coronavirus pandemic and by high interest rates that make real estate less affordable.In a letter to shareholders, Mr. Sternlicht, who leads the Starwood Capital Group, and Sean Harris, the chief executive of Starwood’s REIT, said: “We cannot recommend being an aggressive seller of real estate assets today given what we believe to be a near-bottom market with limited transaction volumes, and our belief that the real estate markets will improve.”Any such gates tend to spook investors.“This will have a negative effect on fund-raising,” said Kevin Gannon, chief executive of the investment bank Robert A. Stanger & Company, which follows the REIT market. “I think it will give people more pause.” He added that “no one anticipated that redemptions would stay this big this long.”Real estate investment trusts buy and own commercial or industrial properties and generate dividends for investors. They are typically publicly traded entities. But the Starwood REIT and one created by the private equity behemoth Blackstone are privately held and instead sold by financial advisers, mostly to individual investors. Some churn is normal in the business, as investors make decisions about what to buy and sell.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More