Today's Real Estate Pulse
Vornado secures 49% stake in Manhattan’s Park Avenue Plaza
Vornado Realty Trust completed the purchase of a 49% stake in the 1.2‑million‑square‑foot Park Avenue Plaza office tower. The deal values the Class A building at roughly $1.1 billion, a discount to replacement cost. The property is encumbered by a $575 million loan at a fixed 2.99% rate.
Also developing:
Long-Stalled Redevelopment Commences at Bakersfield’s Former East Hills Mall
Construction has begun on City Lights, a 350,000‑square‑foot open‑air retail destination on the former East Hills Mall site in Northeast Bakersfield. The project, driven by Parnagian Capital Group, ZDI’s Stephen Zimmerman, and developer Michael Heslov, targets a spring 2027 opening. Leasing is being handled by Cushman & Wakefield, which is courting national retailers. The development marks the first major progress after years of stalled attempts to revitalize the property.
Firm Capital Property Trust Reports Q4/2025 and YTD Results
Firm Capital Property Trust (TSX:FCD.UN) posted a strong Q4 2025, with net income jumping 118% to $12.5 million and AFFO per unit rising 2% to $0.133. The Trust’s portfolio now includes 62 commercial assets, 599 multi‑residential units and 537 manufactured‑home units, with...
New Variable Lifts 10-Year Yield Above 4.15%
Sticking with the 24 theme for 2026, a new variable pushes the 10-year yield above 4.15%! #housing #mortgagerates #realestate #chartdaddy
Church Conversion Plan Could Add Over 1,000 Housing Units Across Greater Philly
The Episcopal Diocese of Pennsylvania will transform 26 under‑utilized church properties across Greater Philadelphia into more than 1,000 new apartments. The Michaels Organization has been hired as a fee developer and future property manager, while the diocese retains land ownership...
Steve Cohen’s Point72 Takes 60K SF at Tishman Speyer’s Spiral
Steve Cohen’s Point72 Asset Management has signed a lease for 59,746 square feet across the 31st floor and part of the 21st floor of Tishman Speyer’s 66‑story Spiral tower in Hudson Yards. The lease, priced at $130 per square foot,...
This Biophilic Workspace in East London Feels Anything but Corporate
Conductor is a 3,400 sq m co‑working space opened in Stratford’s Coppermaker Square, designed by Tabitha Isobel and Studio Multi. The interior adopts a biophilic, hospitality‑led concept, featuring a double‑height atrium filled with natural light, plantings, and tactile materials. Industrial‑heritage colours and...
Former Partner Accuses Spanish Developer Of Icing Her Out Of 6,000-Unit Miami Project
Former Taubco managing director Laura Tauber filed a lawsuit in Miami‑Dade Circuit Court alleging that Spanish developer Pablo Castro excluded her from the $1.3 billion HueHub project after she worked three years unpaid to secure approvals. The HueHub, a 4,032‑unit, $880 million...
The Typical Homeowner Earns About 85% More Than the Typical Renter—But the Largest Gaps Aren’t Where You Might Expect
New research from the National Association of Realtors shows that the typical homeowner earns about 85% more than the typical renter across the United States. The disparity is most pronounced in smaller metros and college towns, where student and entry‑level...
TRD PolicyPro: Mamdani Pitches More Real Estate Taxes, Luxury Building Workers Eye Walkout
Mayor Zohran Mamdani is quietly pitching three new real‑estate taxes that could raise about $1.2 billion to help close New York City’s multi‑billion‑dollar budget gap. At the same time, the 32BJ‑SEIU union has begun contract talks with building owners, warning of a...
Mortgage Rates Sideways to Slightly Lower
Mortgage rates edged lower early on March 10, with the 30‑year fixed rate slipping to 6.09%, a 0.05‑percentage‑point dip. Later lender updates, prompted by a bond‑market rally tied to geopolitical headlines, left the average essentially unchanged. No major economic releases were...
AMH Offers Lease Buyouts for Tenants Amid Builder Aggression
Institutional landlord AMH says some Florida homebuilders are buying out their tenants leases "Some of the builders in our Florida markets got pretty aggressive, and we're willing to buy out some of our leases for our residents who were...
Storied Edinburgh Nightclub to Be Turned Into Student Flats Following Demolition
Edinburgh’s iconic nightclub, known over the decades as The Cavendish, Lava, Ignite and most recently ATIK, is being demolished to make way for a new student residential complex. The venue, which opened in the 1940s and hosted legends such as...
Aviation Services Firm ASAK Solutions Leases 17K-SF Warehouse by JFK Airport
Aviation services provider ASAK Solutions signed a 16,515‑square‑foot lease on the ground floor of Longpoint Partners’ 152‑15 Rockaway Boulevard warehouse in Jamaica, Queens, at $28 per square foot. The space, featuring eight drive‑in loading doors, is positioned within a short...
Housing Links Monetary Policy to Demand and Fertility
Ed Leamer famously argued “Housing is the Business Cycle”. This paper adds color to that claim by showing monetary policy ⇒ mortgage rates ⇒ house prices ⇒ home equity borrowing ⇒ aggregate demand. Housing also affects fertility, as @JesusFerna7026 noted...
Credit Diverges: Jumbo Rises, FHA Slips
Government loan performance issues have tightened underwriting, while jumbo credit availability rose 2.9% in the past month, driven by non‑QM loan growth. In contrast, FHA‑backed loan availability slipped 0.8% as delinquencies topped 11%. The Mortgage Credit Availability Index edged up...
L.A. To Offer ‘Pre-Approved’ Home Designs To Speed Up Pacific Palisades Rebuild
Los Angeles Mayor Karen Bass announced the expansion of a pilot program that offers pre‑approved home designs to accelerate rebuilding after the 2025 wildfires that destroyed nearly 12,000 homes and erased $8.3 billion in property value. The city, partnering with The...
Newrez, Pennymac, Rate Roll Out Fresh Offerings
Newrez introduced TitlePass, a title‑insurance waiver for qualified rate‑and‑term refinances in 18 states, promising up to $2,200 savings for borrowers. Pennymac’s third‑party origination arm launched a non‑QM menu featuring debt‑service‑coverage‑ratio, bank‑statement, and asset‑qualifier loans aimed at entrepreneurs and retirees. Rate’s...
Federal Reserve Rate Cut Outlook & Mortgage Impact Spring 2026
The Federal Reserve’s March 2026 policy meeting is widely expected to keep the federal funds rate steady, as inflation eases to 2.4% but still sits above the 2% target. Mortgage rates have settled around 6% following the Fed’s recent hold,...
Sugar Land Rolls Out Incentives To Attract Startups, Upgrade Offices
Sugar Land unveiled an innovation fund and an Office Readiness Program to lure high‑growth startups in life sciences, advanced manufacturing, IT and professional services, while subsidizing office‑building upgrades. The fund builds on the Plug and Play Sugar Land accelerator, which...
Data Center Proposal Rejected in Pekin, Illinois
The City of Pekin, Illinois, announced that it will not move forward with a proposed 321‑acre data‑center campus on the Lutticken Property. Mayor Mary Burress cited community opposition and uncertainty as reasons for halting the project, despite a tentative land‑sale...
A Sun-Soaked Mediterranean Villa Near Cannes Just Listed for $6.9 Million
A newly listed Mediterranean villa in Mougins, just 15 minutes from Cannes, is on the market for $6.85 million. The 4,305‑sq‑ft, five‑bedroom residence sits on over an acre of terraced gardens and features a pool, sauna, hammam, massage room and gym....
NoMad’s Senton Hotel Trades Hands for $27M
Stayway Holding Group, linked to Lee Fung Fong and Henry Zheng, purchased the 71‑room Senton Hotel in Manhattan’s NoMad district for $27.2 million. The seven‑story property at 39 West 27th Street was sold by Calvin Kamuluddin, with Avison Young brokering the...
2 Homebuilders Navigating a Challenging Industry Backdrop
U.S. homebuilders face a tough 2026 backdrop marked by strained affordability, rising land and material costs, and cautious buyer sentiment despite underlying demand. Builders are leaning on mortgage buydown incentives and selective land acquisitions to sustain sales, while technology adoption...
Bernstein Proposes 24-Acre, Mixed-Use Development in Reston, Va.
Bernstein Management has filed a rezoning application for a 24‑acre mixed‑use project called Reston Crossing, located just south of the Reston Town Center Metro station. The development will deliver 1,650 residential units, roughly 1.5 million square feet of office space and...
Wales First Part of UK to Mandate Solar Panels on New Buildings
Wales will become the first UK region to require solar panels on new domestic and commercial buildings, with the rule taking effect on 4 March 2027. The updated building regulations mandate a "system for renewable electricity generation," which industry analysts say will...
Home Improvement Spending Shifts in Canada
Renovation demand in Canada remains robust, driven by affluent online mass‑merchandise shoppers who also purchase electronics and sporting goods. Environics Analytics finds these consumers, averaging $150K household income, are focusing on high‑intensity projects such as basement finishing, HVAC, and roofing....
How Durham, North Carolina, Kick-Started Affordable Housing Development
Durham, North Carolina, approved a $95 million affordable‑housing bond in 2019, supplemented by $65 million in federal and local funds. The program has delivered 1,668 new rental units and preserved 888 existing homes, exceeding its original targets, and has housed over 2,030...
Digital Realty Trust: A 34% Dividend Buffer Meets AI Data Center CapEx Cycle
Digital Realty Trust posted 2025 Core FFO of $7.39 per share, delivering a roughly 34% dividend buffer against its $4.88 payout. The REIT maintains a 4.9× leverage ratio and BBB ratings from S&P, Moody’s and Fitch, keeping credit risk low....
In US Housing, A Faint Pulse. But That’s It.
Existing home sales in the United States posted a modest 1.7% increase in February, marking the first uptick after a sharp decline the previous month. The rise caught many economists off‑guard, as most forecasts anticipated a continued slide. While the...
Credit Karma Launches AI‑powered Mortgage Refinancing Marketplace
Credit Karma has just rolled out mortgage broker services to its users (*refinances only). "Credit Karma Home Loans" allows users to shop over 40 financial institutions and 1,500 loan products. Will be powered by Better Mortgage's Tinman AI Platform.
Portland’s Fines for Short-Term Rental Violations Are 27 Times Higher Than Comparable Cities
An investigation by the Portland Ombudsman found that the city levies fines for short‑term rental violations that are up to 27 times higher than those in comparable U.S. cities. The report highlighted a case where a first‑time operator was fined...
Existing-Home Sales Rise to 4.09 M; Prices Edge
NAR: Existing-Home Sales Increased to 4.09 million SAAR in February Median House Prices Increased 0.3% Year-over-Year https://calculatedrisk.substack.com/p/nar-existing-home-sales-increased-836
Housing Affordability Improves, Yet Outlook Remains Fragile
Joined @SchwabNetwork to discuss the spring housing outlook. Affordability is improving, rates are lower than a year ago, and pent-up demand is real. But a low-hire, low-fire labor market and geopolitical uncertainty keep the outlook fragile. I'm still cautiously optimistic.
AD&C Loan Volume Falls Despite Declining Financing Costs
Single‑family acquisition, development and construction (AD&C) loan stock slipped 1.5% in Q4 2025, reaching $456.3 billion despite two Fed rate cuts. While overall AD&C volume fell, 1‑4‑family residential construction loans rose 1.7% year‑over‑year, marking a second consecutive YoY gain. Nonaccrual and...
February Median Home Prices Rise—Expected, Not Surprising
Not a shocker to see the median sales price tick up in February. This was expected. Happens almost every single year. Remember, the median isn't a perfect metric to gauge price change (there is no perfect metric). Lots of stats...
Luxury Mountain Home Rents for $400, Signaling Airbnb Oversupply
Just rented a $3 million house in the Smokey Mountains for $400 a night. 6,000 sf. 7 bedrooms 8 baths. The market must be getting absolutely crushed. Is visitor traffic down that much? Too many Airbnbs?
Third & Urban Unveils Renovation Plans for Atkins Park Collection in Atlanta’s Virginia-Highland Neighborhood
Third & Urban announced renovation plans for the Atkins Park Collection, a 61,120‑sq‑ft retail portfolio in Atlanta’s Virginia‑Highland. The developer, which completed acquisition of both phases by September 2025, will invest over $3 million in building upgrades and streetscape improvements, beginning with...
Oppose 21st Century ROAD Act: It Hinders Build‑to‑Rent
Please voice your opposition to the 21st Century ROAD to Housing Act, which as currently drafted punishes new Build-to-Rent housing construction. https://t.co/gYsrYfSiJu https://t.co/WLqgU46iDQ
Suburban Chicago Letter Against Zoning Reform Reads Like Parody
I was originally going to dunk on this suburban Chicago letter to the editor opposing Illinois' state-level zoning reforms, but this must surely be parody, right? https://t.co/jdAAyhY21g
Morningstar DBRS Assigns Credit Rating to the Mortgage Loan Made to 516 Northwestern Associates L.P.
Morningstar DBRS assigned a stable A rating to the $10.8 million mortgage loan for 516 Northwestern Associates, secured by a 135,324‑sq‑ft office‑lab‑classroom building on Purdue University’s West Lafayette campus. The loan carries a 4.14% interest rate, matures in November 2039, and...
Frisco’s Growth Echoes Inland Empire’s Rapid Boom
When I was in Frisco, Texas a couple years ago I thought "Oh huh this is just like the Inland Empire, no wonder it's growing so fast."
Senator Pushes Aggressive YIMBY Reforms While Defending Property Rights
The Senator's letter is YIMBYism on steroids: 1) Fix zoning etc and build more housing. 2) Don't open the door to the slippery slope of eroding property rights, which snowballs into reduced supply. 3) Call out misinformation that threatens supply and/or affordability.
October 2025 Placer.ai Office Index: Continued Momentum – Placer.ai Blog
Office foot traffic rose 4.7% year‑over‑year in October 2025, yet remains 30.8% below pre‑pandemic October 2019 levels. Miami and New York continue to dominate the recovery, while San Francisco posted the strongest YoY rebound. Friday visits linger at just 12.4%, underscoring persistent...
Housing Stagflation Boosts Buyer Leverage Amid Seller Fatigue
The housing market is hitting stagflation. Jobs are cooling, but the unauthorized war in Iran is keeping oil prices and rates high. Sellers are losing patience and re-listings are at a decade high, giving buyers more leverage. https://t.co/tK43N2ajFT
30-Year Mortgage Rates Drop 63 Bps, Spread Narrows
The average 30-year fixed mortgage rate today: 6.09% Same day last year: 6.72% -------------------- 10-year Treasury yield: 4.12% Spread today: 197 bps
Morningstar DBRS Assigns Credit Rating to the Mortgage Loan Made to Miracle Mile Properties, LP
Morningstar DBRS assigned an A (low) rating with a Stable trend to a 4.14% mortgage loan due July 1, 2038, financing Miracle Mile Properties' Glenwood Apartments in Reseda, California. The 237‑unit, garden‑style property is valued at $12.4 million, yielding a loan‑to‑value...
Feb 2026 Home Sales Fall 17% Below
U.S. existing home sales total 257,000 in February 2026 Since 2000, February has averaged 310,000 U.S. existing home sales Resale turnover remains constrained Table via @ResidentialClub Data via @nardotrealtor https://t.co/4g2dE9eSU5
Trump's LA Wildfire Rebuild Plan Collapses Before Launch
NEW: The Trump plan to take over LA's wildfire rebuild is over before it started. https://t.co/JBoXSiUqhh
Sacramento Sellers Must Offer Concessions to Win Picky Buyers
Some stats for seller concessions to buyers in the Sacramento region. Buyers are very picky about getting into contract AND staying in contract. Sellers, work with buyers. Make the transaction a win for them also. And if the market requires,...
Ryan Serhant Shifts Focus to Commercial Real Estate
Property Play: Ryan Serhant of Netflix's 'Owning Manhattan' is leaning hard into commercial real estate https://t.co/gAioTF8Hoz @RyanSerhant #realestate #realesatateinvesting