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Nov 13, 2012

Some Sandy-damaged Manhattan office buildings to reopen soon

NEW YORK, Nov 13 (Reuters) – Some Manhattan office buildings
badly damaged by SuperStorm Sandy two weeks ago are coming back
on line faster than even their owners predicted.

One New York Plaza will allow the first group of its tenants
to move back in Monday, and the rest will be able to return
within a week after that, Richard Clark, chairman of building
owner Brookfield Office Properties Inc, said Tuesday at
the Bloomberg Commercial Real Estate Conference. Tenants include
law firm Fried, Frank, Harris, Shriver & Jacobson LLP and
investment bank Morgan Stanley.

Nov 8, 2012

Big real estate investors say Sandy hurts lower Manhattan values

NEW YORK, Nov 7 (Reuters) – Lower Manhattan office building
values are likely to suffer as a result of damage inflicted by
Superstorm Sandy that has left thousands of downtown Manhattan
workers unable to return to their offices, major real estate
executives said at a conference on Wednesday.

“I think there’s been value erosion downtown,” Howard
Lutnick, chairman and CEO of Cantor Fitzgerald LP and BGC
Partners Inc, said during the New York University
Schack Institute of Real Estate Capital Markets in Real Estate
conference. “It had just started to come back. The concept now
of fear of flooding is going to affect values.”

Nov 6, 2012

Sandy shutdowns could slam New York office market

NEW YORK (Reuters) – The breakdown in services that lingers in lower Manhattan a week after super-storm Sandy may make tenants think twice before moving to or re-leasing office space in the area whose rebirth since September 11, has been painfully slow, some brokers said.

Thousands of people who work south of 34th Street in Manhattan have been told that they may not be able to return to their offices for at least a couple of weeks due to power outages and flood damage.

Nov 4, 2012

Housing crisis looms as US storm victims battle cold

NEW YORK, Nov 4 (Reuters) – A housing crisis loomed in New
York City as victims of superstorm Sandy struggled on Sunday
without heat in near-freezing temperatures, and officials
fretted displaced residents would not be able to vote in
Tuesday’s presidential election.

Fuel shortages and power outages lingered nearly a week
after one of the worst storms in U.S. history flooded homes in
coastal neighborhoods, leaving many without heat and in need of
shelter. Mayor Michael Bloomberg said 30,000 to 40,000 people in
New York City alone would need housing.

Nov 2, 2012

Settlement reached in Empire State Realty Trust suit

NEW YORK, Nov 2 (Reuters) – The group leading an effort to
create a publicly traded company with the Empire State Building
as its centerpiece has agreed to pay $55 million to settle a
class-action lawsuit that sought to stop the deal, according to
a regulatory filing.

Malkin Holdings LLC, which plans to create the Empire State
Realty Trust Inc, and its partner, the estate of Leona
M. Helmsley, were sued by some investors in the more than 18
properties that will constitute the proposed real estate
investment trust.

Oct 31, 2012

General Growth 3rd quarter in line; raises outlook

Oct 31 (Reuters) – General Growth Properties Inc,
the No. 2 U.S. mall owner, said a third-quarter earnings measure
met Wall Street’s forecast for higher occupancy, rent, and sales
at its tenants’ stores, and the company raised its forecast for
the year.

Improving retail sales and consumer confidence have been
good news for mall owners, including Simon Property Group Inc
and Macerich Co, which have seen stronger sales
at their tenants’ stores in the third quarter. Stronger sales
usually translate into higher rents.

Oct 25, 2012

Simon Property FFO rises, tops expectations

By Ilaina Jonas

(Reuters) – Simon Property Group Inc (SPG.N: Quote, Profile, Research, Stock Buzz) reported a 19 percent increase in a key earnings measure Thursday on higher rents and sales at its malls and outlet centers, easily beating estimates, and the real estate investment trust raised its outlook for the year.

The company also raised its quarterly dividend. It is the third time this year that Simon has raised its guidance, and its fifth dividend increase in as many quarters.

Oct 25, 2012

Two big apartment landlords raise rents but at slower pace

NEW YORK (Reuters) – Two large U.S. apartment landlords raised rents in the second quarter but less aggressively than earlier this year as the apartment rental market strengthened despite economic uncertainties affecting other real estate classes.

Equity Residential, whose chairman is Sam Zell, and AvalonBay Communities Inc on Wednesday both reported an increase in rents, but they were the smallest increases in at least three quarters.

Oct 22, 2012

Macerich to buy two malls from Vornado and Vornado affiliate

NEW YORK (Reuters) – Macerich Co (MAC.N: Quote, Profile, Research, Stock Buzz) said on Monday it would expand its New York holdings by purchasing a Long Island mall from Vornado Realty Trust (VNO.N: Quote, Profile, Research, Stock Buzz) and a Brooklyn mall from Vornado affiliate Alexander’s Inc (ALX.N: Quote, Profile, Research, Stock Buzz).

Vornado put Green Acres Mall in Valley Stream, Long Island, and its interest in King’s Plaza Mall in Brooklyn on the block as part of plan to focus on its core business – office buildings in New York and Washington and street-level stores.

Oct 18, 2012

Simon Property sells CSC stake: source

LONDON/NEW YORK (Reuters) – Shopping centre owner Simon Property Group Inc (SPG.N: Quote, Profile, Research, Stock Buzz) has sold out of Capital Shopping Centres Group Plc (CSCG.L: Quote, Profile, Research, Stock Buzz), almost two years after it attempted a 2.9 billion pound ($4.7 billion) takeover of the British mall developer, a source familiar with the deal said.

J.P. Morgan Cazenove analysts said on Thursday that Simon Property placed 35.3 million shares at 328-330 pence in Capital Shopping Centres, a 3.4 percent discount to Wednesday’s closing price.