Tag: Real Estate (Commercial)

After Shutting Down, These Golf Courses Went Wild

There was scraggly grass in one sand trap and wooden blocks and a toy castle in another, evidence of children at play. People were walking their dogs on the fairway, which was looking rather ragged and unkempt. This was only to be expected. Nowadays, these grounds are mowed just twice a year, and haven’t been […]

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Student Housing Has a New Mantra: Bigger Is Better

When the Standard, an off-campus student housing complex, opened in the fall in Bloomington, Ind., welcoming its first batch of residents, it had a decidedly resort vibe. Along with the requisite pool and fitness centers, it enticed students with two pickleball courts, a dog park and a motion sports simulator. The complex even used a […]

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How China Built BYD, Its Tesla Killer

China’s BYD was a battery manufacturer trying its hand at building cars when it showed off its newest model in 2007. American executives at the Guangzhou auto show gaped at the car’s uneven purple paint job and the poor fit of its doors. “They were the laughingstock of the industry,” said Michael Dunne, a China […]

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This Real Estate Kingpin Maps Out the Path to Megadeals

The best view of New York City might just be in a near-windowless conference room on the 12th floor of a Midtown Manhattan office building. Splayed across 10 folding tables, a map pieced together with paper, tape and sticky notes details every block and parcel — 27,649 properties — in Manhattan below 96th Street on […]

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‘Zombie Offices’ Spell Trouble for Some Banks

Graceful art-deco buildings towering above Chicago’s key business district report occupancy rates as low as 17 percent. A set of gleaming office towers in Denver that were full of tenants and worth $176 million in 2013 now sit largely empty and were last appraised at just $82 million, according to data provided by Trepp, a […]

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Construction Industry Grapples With Its Top Killer: Drug Overdose

At One Madison, a high-rise under construction on 23rd Street in Manhattan, workers face dangers daily: live wires, electrical hazards, heavy machinery. Cold gusts of wind whip around them as they lay concrete and operate forklifts. Access to the upper floors of the 28-story building is a ride on a noisy construction elevator. City and […]

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Plunge in New York Community Bank’s Stock Stirs Fears of Wider Crisis

As the one-year anniversary approaches of a crisis that brought down several midsize banks, trouble at another lender is putting unwelcome attention on the industry again. Concerns now center on New York Community Bancorp, which operates roughly 400 branches nationwide under brands such as Flagstar Bank and Ohio Savings Bank. The bank ballooned in size […]

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​This Florida Mall Has Gucci, Prada … and Soon, Affordable Housing?

In Bal Harbour, Fla., an oceanside village north of Miami Beach, a luxury mall says it wants to help tackle one of the nation’s — and Florida’s — most intractable problems: a lack of affordable housing. It is an unexpected move for a retail temple where Gucci, Chanel and Rolex are on offer. Affordable? Here? […]

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How Nevada Is Pushing to Generate Jobs Beyond the Casinos

Before the pandemic brought everyday life to a halt, Joe Kiele supported himself through the industry that dominates Nevada’s economy. He waited tables at a steakhouse inside a casino in Reno. Four years later, Mr. Kiele, 49, remains in Reno, yet he now spends his workday inside a factory. In place of worrying about the […]

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A Look at the $10 Billion Design for a New Port Authority Bus Terminal

It has taken a full decade to conceive, but a $10 billion transformation of New York City’s dreary main bus terminal may get rolling in the next few months. The Port Authority of New York and New Jersey, which operates the terminal, unveiled an updated design for its replacement on Thursday. Instead of the dismal, […]

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Squeezed by Soaring Rent, Small Shops Get Creative

Last March, Emily Schildt opened Pop Up Grocer on a Bleecker Street corner in the West Village, selling artfully packaged condiments, beverages and other products made by small, emerging brands in a pay-to-play business model. Customers can buy artisanal hot sauces or zucchini chips from brands like Peepal People and Van Van that pay a […]

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After China Evergrande, Real Estate Crisis ‘Has Not Touched Bottom’

The unwavering belief of Chinese home buyers that real estate was a can’t-lose investment propelled the country’s property sector to become the backbone of its economy. But over the last two years, as firms crumbled under the weight of massive debts and sales of new homes plunged, Chinese consumers have demonstrated an equally unshakable belief: […]

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What Evergrande’s Liquidation Might Mean for the Global Economy

What next for Evergrande’s creditors? A Hong Kong court on Monday ordered the liquidation of Evergrande, the heavily indebted Chinese property giant. The decision comes two years after the company defaulted, setting off a financial crisis at other developers and adding to the challenges facing the world’s second-largest economy. The company’s dissolution raises questions about […]

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China Evergrande Must Be Liquidated, a Judge Said. What Happens Next?

After nearly two years of false starts, last-ditch proposals and pleas for more time, China Evergrande, a massive property company, has been ordered to dismantle itself. It’s a big moment. Evergrande’s collapse in 2021 sent China’s housing market into a tailspin. The worries in real estate, where most households put their savings, helped tip the […]

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Real Estate Giant China Evergrande Will Be Liquidated

Months after China Evergrande ran out of cash and defaulted in 2021, investors around the world scooped up the property developer’s discounted I.O.U.’s, betting that the Chinese government would eventually step in to bail it out. On Monday it became clear just how misguided that bet was. After two years in limbo, Evergrande was ordered […]

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What Hefei, China’s EV City, Says About the State of the Economy

Ultramodern factories churn out electric cars and solar panels in Hefei, an industrial center in the heart of central China. Broad avenues link office towers and landscaped parks. Subway lines open at a brisk pace. Yet at Hefei’s market for construction materials, which fills 10 city blocks, local merchants are gloomy. Wu Junlin, a vendor […]

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Amid a Housing Crunch, Religious Groups Unlock Land to Build Homes

Emma Budway, a 26-year-old autistic woman who is mostly nonverbal, had been living with her parents in Arlington, Va. She longed for her own place, but because she earned little income, she could not afford to move out. So when the opportunity came to move into a two-bedroom apartment in December 2019, she jumped at […]

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A Moonshot Plan to Fill a Cavernous, Dilapidated Armory in the Bronx

It has been called the world’s largest armory — a palatial fortress in the middle of the northwest Bronx, with turrets overlooking the subway station. But for nearly 30 years, the Kingsbridge Armory has languished despite grand plans by mega-developers, billionaire investors and celebrities to repurpose the 570,000-square-foot landmark. Now, an unusual community-led partnership aims […]

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As Development Alters Greek Islands’ Nature and Culture, Locals Push Back

With a deluge of foreign visitors fueling seemingly nonstop development on once pristine Greek islands, local residents and officials are beginning to fight back, moving to curb a wave of construction that has started to cause water shortages and is altering the islands’ unique cultural identity. Tourism is crucial in Greece, accounting for a fifth […]

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What ‘The Sopranos’ Iconic Filming Locations in N.J. Look Like Now

As much as it was a show about Italian American mobsters, “The Sopranos” was a show about New Jersey. From scenes of domestic life in a North Caldwell McMansion to after-hours debauchery at a strip club in Lodi, the show captured a snapshot of the Garden State in the late 1990s and 2000s, beguiling viewers […]

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Chill in the Housing Market Seeps Into Other Industries

John Matheson, a home inspector in Alameda, Calif., kept busy during the pandemic when the housing market was red hot. But as interest rates started to rise about halfway through 2022, he noticed that his workload began to drop. Last year, the number of jobs plummeted. “My business is about 50 percent of what it […]

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In Philadelphia, Chinatown’s Champions Fear New Arena for 76ers

Deborah Wei first wore a “No Stadium in Chinatown” T-shirt emblazoned with red English letters and Chinese characters in 2000, when she helped to scuttle a proposed baseball stadium for the Phillies. She wore an updated version a decade later, with the word “Stadium” crossed out and replaced by “Casino,” when local opposition derailed a […]

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Where You Can Still Glimpse the Glory of a Vanished Grand Hotel

An absence rises from the Manhattan pavement, a Seventh Avenue nothingness soaring 22 stories into the Midtown sky. There is vacancy now where the Hotel Pennsylvania once stood. Its Ionic columns and limestone facade, its guest rooms and conference rooms and dining rooms — gone. Its whistling doormen and bustling bellboys, weekend vacationers and afternoon […]

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San Francisco’s Montgomery Street Could Signal a Downtown Revival

It seemed like the last place one might invest a billion dollars on an office building in October 2020. San Francisco’s downtown symbolized all that had gone wrong with American cities during the pandemic. The empty office towers. The shops and restaurants boarded up with plywood. The dirty streets, the petty crime, the eerily silent […]

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The Building Spree That Reshaped Manhattan’s Skyline? It’s Over.

The Manhattan office construction boom is over. Just three large office towers — of more than 500,000 square feet — are being built across New York City, with two expected to open in 2024 or 2025 and nothing else projected to go up for years. Normally, a handful of sites that size would be in […]

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Cubicles Reappear in Offices as Employees Return

Among office designers and architects, cubicles are rarely mentioned. The once-ubiquitous fixture, so popular in the 1980s and ’90s, has become vilified as a sign of the dehumanization of the work force. Design experts today say cubicles are a “hard no.” And yet cubicles, like scrunchies, are back, spurred by demand from employers and employees […]

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Trump Fraud Trial Verdict Dependent on the Unconventional Judge Engoron

Letitia James, the attorney general of New York, set out to prove that Donald J. Trump had committed fraud. Mr. Trump took the stand to assail Ms. James. Lawyers on both sides screamed that their opponents were out of line and wasting time. When 11 weeks of chaotic courtroom wrangling ended Wednesday, the fate of […]

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In Central London, a Big Bet on a Return to the Office

On a recent Monday afternoon, visitors emerging from the serenity of St. Paul’s Cathedral in the heart of London could walk just a few steps north before being hit by a blast of noise: the near-deafening sounds of a giant hydraulic drill. A few steps farther, sparks flew overhead from another building site. The City […]

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China Evergrande Soared on the Property Boom. Here’s Why It Crashed.

In January, more than 100 financial sleuths were dispatched to the Guangzhou headquarters of China Evergrande Group, a real estate giant that had defaulted a year earlier under $300 billion of debt. Its longtime auditor had just resigned, and a nation of home buyers had directed its ire at Evergrande. Police on watch for protesters […]

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How an L.A. Rams Training Complex Could Help Transform Urban Sprawl

The San Fernando Valley, once an endless ramble of orange groves in Southern California that evolved into the porn capital of the world in the 1970s and later gave way to big-box retailers and strip malls, will now become the home of the 2021 season’s Super Bowl champions, the Los Angeles Rams. In a $650 […]

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