HSBC and PNC Provide $76M Loan . Developer Robert Wennett secures one of the largest traditional commercial real estate loans made in South Florida since the economic meltdown
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For her wedding over the weekend, Nina Johnson had worked through a predictable checklist of locations in town: hotel ballrooms, restaurant halls and catering outfits. In the end, though, she opted for the most glamorous, upscale and stylish setting she could find — a parking garage.
Read more →In a state where three-quarters of its residents live within five miles of a transit station and 10 percent of the work force travels by public transit — the highest statewide rate in America — the NJ Transit station parking lots could be paved with gold.
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Cities and states across the nation are selling and leasing everything from airports to zoos—a fire sale that could help plug budget holes now but worsen their financial woes over the long run.
Read more →A smart older real estate investor once told me, “In lean markets, buy raw land and hang onto it. Land can’t burn down. Nobody can steal it. If you’re patient, its value always increases. And you don’t even have to insure it.”
That’s wise advice. Yet undeveloped land isn’t the only smart real estate investment for [...]
The United Group of Cos., Inc. cleared a hurdle today toward bankrolling the first phase of a $160 million development in downtown Troy, N.Y., that would include student housing, retail stores, condominiums and a movie theater.
The Troy Industrial Development Agency formally accepted two preliminary applications from the United Group that, if ultimately approved, would provide [...]
The memorable lyrics of Joni Mitchell’s hit song Big Yellow Taxi became a rallying cry for the environmental movement: “They paved paradise and put up a parking lot.”
Almost 40 years later, the industry behind often vilified concrete structures such as parking lots and garages has joined the movement and now is a central player in [...]
For all the talk of a return to politics, former Governor Eliot Spitzer remains ensconced in his family’s muscular real estate business.
Last week, Mr. Spitzer sold a parking garage underneath The Corinthian condomium built by his dad Bernie in 1987. The price: $10.275 million, an apparently handsome deal for the governor-turned-real estate mogul.
This follows his [...]
By Michael Tepper and CJ Follini
“Hello my name is CJ Follini and I own a parking garage; more than one in fact.” If you think this sounds like an excerpt from a substance abuse meeting you’re not mistaken. Sometimes my professional real estate investment peers think I should only disclose my garage ownership to small, [...]
