Top News for Real Estate Pros

Here’s Why This New York Condo Tower Is Selling Out — At Full?Price

A newly completed luxury residential tower with unique designs and appealing features shows that creating something unique can pay off. Lightstone Group's Senior Vice President of Development Scott Avram told CoStar News over 90% of the building's residences have sold. All the transactions were at full price, even after the developer raised unit prices some 19 times.

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Developer of $6 Billion Chicago Megadevelopment Plans Two More Apartment Towers Next?Door

Developer Sterling Bay is seeking zoning approval to demolish a low-rise former office building on Chicago's North Side and construct a 27-story, 315-unit tower and a 16-story, 294-unit building, even as the firm is seeking investors to support the adjacent $6 billion Lincoln Yards project, one of the largest real estate projects ever undertaken in Chicago.

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Tesla To Convert Los Angeles Movie Theater Into Delivery Hub in National?Expansion

Tesla 's plans to convert the movie theatre into a delivery hub is the latest sign that electric car growth is generating demand across the U.S. for retail that's fallen out of favor from?small buildings?to big boxes. The move arrives as Tesla beefs up its real estate footprint nationwide after a record-breaking second quarter for U.S. electric car sales.

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Wells Fargo, JPMorgan Chase Brace for Expected Office Loan?Losses

富国银行 increased its loan-loss reserves in the second quarter by $949 million from the first quarter due to an expected weakness in office based loans, meanwhile, 摩根大通 increased its loan-loss reserves by $389 million as it expects to see rising delinquency rates for commercial mortgages tied to office properties.

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Brookfield Properties Lays Off Dozens of Workers as US Construction?Slows

Brookfield Properties’ North America development group laid off less than 100 full-time employees in commercial development in the latest of major real estate companies that are laying off employees due to challenging market conditions.

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