Grubb & Ellis Newswatch 1-21-09

Articles of interest

Associated Press
Oil Lower Amid Grim Economic News

Bloomberg
A $17 Trillion Alliance Can Save World Economies: William Pesek
Apple, Nokia Weather Handset Slump as Spending Shifts
Dubai Property Prices Drop 23% from Record, HSBC Says
Hedge-Fund Investors Remove Record $152 Billion in Last Quarter
Long Island, Queens Home Prices Drop on Wall Street Job Cuts
Obama Team Pushes to Complete Rescue as Stocks Plunge
Toyota May Pass GM as Biggest Automaker amid Slump
U.S. Stocks Rise on Obama Plan, Citigroup, Bank of America Gain

Business Week
Stimulus: Hard Hats Say ‘Bring it On’

CNBC
Bank of America Could-Cut 4,000 Jobs

Globe Street
Report: BofA Will Cut 4000 Jobs, Mostly NYC

New York Daily News
Wave s of Fury over Co-op’s Big Fee Hike

New York Observer
‘Financial WMD’ Booster Wants $14 M.
Apartments, with a Long View
Bloomberg A.D.
Grand Slam! No More $1K a Foot for Trophies
Mighty Bargains
NBA Bounces Around
Well-Designed Deal in SL Green’s Brooklyn Prize

New York Post
McGraw-Hill’s Deluxe Lounge

Reuters
Barclays Slumps, Dogged by Capital Worries
|BlackRock Profit Dives on Fees Slump, Write-Downs
Geithner Urges Action on Economy and Bailout Program
U.S. Bancorp Profit Falls to Lowest since 2001
US Chain Store Sales Fall 2.3 pct Last Week-Redbook

The Real Deal
On the Front Line of Wall Street’s Woes
Queens Buckles Under Subprime Pressure
Yes! Financing Is Available for NYC Hotels

Wall Street Journal
Extreme Makeover: Bankruptcy
Hancock at Center of ‘Tranche Warfare’
Live and Work Ensembles
University Upgrades Boost Commercial Sector

Grubb & Ellis Newswatch 1-15-09

Associated Press
Crude Prices Tumble Close to $35

Bloomberg
Bank of America May Get U.S. Aid for Merrill Lynch
ECB Cuts Key Rate as Recession Forces Trichet’s Hand
JPMorgan Profit Drops 76 Percent on $2.9 Billion of Writedowns

Crain’s
Mayor Bloomberg to Reveal New Jobs Plan
Occupancy Drop Forces Layoffs at Hotels

Globe Street
2009’ ‘One of the Most Challenging’ for Office
Morgan Stanley, Citi Form JV

New York Observer
At 14 Wall, a Blizzard of Leasing; The Street, SOM Latest Signers
Fordham Neighbors Tap Lobbyists, Lawyers to Fight Expansion

New York Post
Minor Adjustments
Room at the Inn
Storefront Shoppers
Wealthy Humbugs Rock Tiffany Sales

New York Times
2nd Hudson Rail Tunnel Clears Key Federal Hurdle
To Avert Blight, City Will Repair and Resell Vacant Homes
Virgin Megastore in Times Square to Be Replaced by Forever 21

The Real Deal
This Month in Real Estate History

Wall Street Journal
Bank of America to Get Billions in U.S. Aid
Democrats to Unveil $825 Billion Stimulus Measure
Foreclosure Filings Up 81% in 2008
Goldman Finds a Way to Dole out Cash
J.P. Morgan Stays in Black
Jobless Claims Jump in Latest Week
Rates Fall, but Refinancings Are Limited 

Renewals Brisk. Asking/Taking Rent Spread Soars—Grubb & Ellis Market Trends 4Q-08

Grubb & Ellis New York has released its Fourth Quarter 2008 office market trends.

•Vacancy climbed to 6.6%, while availability soared to 11.6%

•Taking rents down 10% to 15% on average, while asking rents down only 2.5%

•Lease renewals accounted for 35% of 26.4 million square feet leased, compared to 22% in 2007

•Over 5.5 million SF sublease space added to market—28% of all available space

•Office investment volume down 69% from 2007 

Click picture for the full report:

Grubb & Ellis Newswatch 1-14-2009

Grubb & Ellis Mentions

The Real Deal- Rich Persichetti
Weak Office Market Leads to Surge in Lease Renewals

Articles of interesT

Bloomberg
Commercial Building in U.S. to Drop 11% Percent, Architects Say
Dubai Developer Delays Work on World’s Tallest Tower
Goldman Plans Takeover of Universal Studios Japan
Libeskind Flags 9/11, Spurned Master Plan in New Condo Tower
Nortel Networks Files for Bankruptcy
Oil Slump Forces Rich Arab Countries to Run Deficits
U.S. Retail Sales Decline for a Record Sixth Month

Crain’s
Insurance Broker Moves for Right Rent
Landlords Chase School
New Realty Brokerage Bows as Market Sags

Curbed
Harlem Mystery Building Gets a Name: Windows on 123

New York Daily News
Queens Borough President Speech

New York Observer
The Money Pit

New York Post
$26M Lands 1627 B’way
SL Green’s Dilemma

New York Times
More Manhattan Shop Windows Are Expected to Be Empty This Year
Yankee Stadium Burdens Mayor’s Campaign

The Real Deal
Brownstone Brooklyn Prices Unscathed in Fourth Quarter
Now Is the Time to Sublease Space in Manhattan
Office Leases
Retail Leases
Sales

Wall Street Journal
Apartments Try to Stay Afloat
California Commercial Sector to Worsen
Citigroup Ready to Shrink Itself by a Third
Construction Industry Counts on Obama
Deutsche Bank Expects to Post $6.33 Billion Fourth-Quarter Loss
Fed Officials Say Ailing Banks Require More U.S. Funds
J.P. Morgan Cuts Use of 3rd-Party Brokers
Price Drops to Continue
Retail Sales Tumbled in December
Short Sales v. Foreclosure

Grubb & Ellis Newswatch 1-13-09

Articles of interest

Associated press
Nov. Trade Deficit Drops to Lowest Level Since ‘03
Obama Seeks Access to Half of Bailout Funds
Stocks Set to Extend Losses Following Trade Report

Bloomberg
Bernanke Urges ‘Strong Measures’ to Stabilize Banks
Brooklyn Apartment, Home Prices Drop 7.5% as Recession Hits
Dubai House Prices Declined 8% in the Fourth Quarter
Hedge Funds Lost $350 Billion in 2008 Amid Global Market Rout
Saab, Volvo Promote Vehicles as GM, Ford Peddle Swedish Units
State Pension Funds’ $865 Billion Loss Means New Hires Get Less

CNN
Bernanke: More Bank Bailouts Needed
The 2009 Economy and Your Wallet
The Case for a Quick Recovery

Globe Street
272,000-SF Office Will Get Makeover
Apartment High-Rise Gets $94M Refi
Gramercy CFO Stepping Down

MSNBC
Small Retailers Struggle In Tough Season

New York Observer
Sublease Bonanza! Who Can Take It?

New York Post
Bonus Pool Is Back
Ciprianis Sue In Food Fight
SL Green’s Dilemma

The Real Deal
Large Bowery Parcel on Market for $40M

Wall Street Journal
Bernanke Says Stimulus Should Be Paired With Other Measures
Giant Bank in Probe Over Ties to Madoff
Hedge Fund Assets Cratered in 2008
Help Wanted: Wall Street Stockbrokers, No Joking
Trade Deficit Narrows Amid Restrained Demand
We’re All Keynesians Again

Grubb & Ellis Newswatch 1-12-09

Every day, the Grubb & Ellis research team puts out a great newswatch with all of the latest and most relevant commercial real estate news. Since I find it really interesting, I thought I'd starting passing it on to all of you. Please let me know if you like this, and I'll keep posting!

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Grubb & Ellis Mentions

Globe Street- Bob Bach

Job Numbers Deal Blow to Office Market

Articles of interest

Bloomberg
Broadway Partners Talks With Lenders After Loan Deadline Passes
Capitalism Freezes in Worldwide Winter of Discontent
Citi May Book $10 Billion Gain on Morgan Stanley Deal
Crude Oil Tumbles Below $40 as Demand Drops Faster Than Supply
Deutsche Bank Trading Losses Reveal Industry Setback
Ford May Seek U.S. Help as Economy Imperils Sales
Manhattan Boom Leaves Glam Condos, Sleek New Tully, Green Rail
Nordic Currencies Beaten in Market Slump Lure Goldman
RWE Agrees to Buy Utility Essent for EU9.3 Billion

Crain’s New York Business
Another Retailer Declares Bankruptcy
Citi-Morgan Talks Seen Leading to Wave of Deals
Madison Ave. Caught in a High-End Migraine
Recession Rocks Manhattan Office Market
Retail Turnover at Grand Central

Curbed
City Spends Almost $40 Million on Two Downtown Lots
Fifth Avenue Fire Victim May Finally Get Carted Off

Globe Street
Carlton Rolls Out $300M First Mortgage Facility
Holiday Inn Opens in LIC
IBO: Outlook Gets Grimmer
Multifamily Fundamentals Soften
REIT Stocks Dives Hammer CEO’s Equity

New York Daily News
A Home Run for New York

New York Post
Stuy Town Owner Sued Over Low-Rent ‘Eviction Spree’

New York Times
A Yonkers Project Under Threat
At Least the Agents Are Sold
Blue Marks the Spot for a Law Firm
In New York, No Crisis for Niche Manufacturers
Lowering the ‘Golden Age’
Plans Unveiled for Brooklyn Philharmonic’s Firehouse Home
Rainbow Room’s Lease Terminated
Will Loan Limits Rise?

The Real Deal
Homestead Leaves Home -- for Good
IStar Offering Drake Loan at Steep Discount

Wall Street Journal
A-Rod Cuts Mansion’s Price
Bank of the United States
Citigroup Takes First Step Toward Breakup
Plan to Cut Foreclosure Rate Clears Key Hurdle
Wave of Bankruptcy Filings Expected From Retailers in Wake of Holidays

Grubb & Ellis 2009 Real Estate Forecast

Grubb & Ellis has released its 2009 Real Estate Forecast. The online tool let's you create custom reports for your market - wherever you are in the US. In a world of uncertainty, this is a must read!