Billionaire Stephen Ross’s Related Cos. new project in the sleepy end of downtown Los Angeles is designed to invigorate Grand Avenue the way its Time Warner Center helped energize New York’s Columbus Circle.
Vornado Realty Trust will spin off its U.S. strip shopping centers into a new publicly traded real estate investment trust as part of an effort to focus primarily on properties in New York and the Washington area.
Kevyn Orr, Detroit’s emergency financial manager, said he wants debt-cutting agreements with retirees and city employees by early next week to give 170,000 creditors a clearer picture of a bankruptcy plan they’ll vote on starting next month.
Manhattan developer Bill Rudin hadn’t planned to start selling apartments at his Greenwich Village project until the end of this year. He began rethinking that strategy after getting cornered at a cocktail party.
Greece is preparing a property portfolio valued at as much as 500 million euros ($688 million) to offer to investors by the end of this year, according to the head of the Hellenic Republic Asset Development Fund.
Greece’s state asset sales fund accepted a revised offer from Lamda Development SA to develop Europe’s largest urban plot at the site of the former Athens airport, as the government struggles to catch up with its international creditors’ requirements to maintain the flow of funding.