John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
NEW YORK CITY-Insiders said it wasn't supposed to play out this way, but GlobeSt.com has learned from sources close to the deal that Vornado will enter into 20-day negotiation period with Port Authority board for 99-year leasehold.
NEW YORK CITY-Reports that Vornado has the inside track in the sale of the World Trade Center are misleading, says one official close to the talks. Brookfield/Boston Properties is still the logical choice.
NEW YORK CITY-The dot-com bloodbath shook our nerves and rattled our brains, but not so much that we've been blinded to the ongoing importance of tech development in real estate. Experts nationwide log in with their views on the relationship between the two industries.
NEW YORK CITY-Smaller space in cheaper digs--and a promise to keep city services on site--may end the months-long, much-publicized, often-criticized search for Bill Clinton's post-presidential base of operations.
NEW YORK CITY-In a move that caught more than a few people by surprise, former President Bill Clinton has nixed plans to move into the pricey Midtown office tower, opting--under much public pressure--for cheaper space. The frontrunner now is 55 W. 125th St.
SAN DIEGO-GMAC emerges as the industry's largest third-party commercial lender, while industry experts extol the health of CMBS. Keynoter Tony Pierson tells the crowd that economic fears might be premature.
SAN DIEGO-Andrew Woodward, in his opening convention address, calls '01 a year of challenge. But he voiced confidence that the association can make the challenges "work to our benefit.
NEW YORK CITY-Brookfield, Boston Properties, Blackstone, CIBC and Deutsche Bank have pooled their firepower to bid on the acquisition of the World Trade Center. The bids closed yesterday amid rumors that a joint venture had been formed.
NEW YORK CITY-Final bids were filed yesterday for the storied Twin Towers and various surrounding assets. Insiders report the Port Authority expects to get close to its $3-billion asking price, but the final results could take weeks.