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NYC tower hits $2B in sales; CBRE posts Q4'17 results

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NYC tower hits $2B in sales; CBRE posts Q4'17 results

Commercial real estate

* Macklowe Properties and CIM Group LP's 432 Park Ave. luxury condominium tower in Manhattan, N.Y., has hit $2 billion in total sales after launching in 2012, reflecting the highest for any New York City residential project to date, The Real Deal reported, citing the developers. The 1,396-foot-tall tower has 106 units, of which fewer than 10 are still available, the report noted, citing unnamed sources and StreetEasy. Closings began in 2015.

The report noted that new projects in the works could overtake 432 Park's sales volumes. Extell's Central Park Tower has a total projected sellout of $4 billion, and Vornado Realty Trust's 220 Central Park South has a projected sellout of $3.4 billion.

* CBRE Group Inc. reported a 6% rise in adjusted EPS to 99 cents per share and a 7% increase in adjusted net income to $337.9 million for the fourth quarter of 2017.

* Toll Brothers Inc.'s proposed 24-story condominium tower in Philadelphia's Jewelers' Row received mixed reviews from the city's Civic Design Review board and the company has been asked to go back to the drawing board and return in March, PlanPhilly reported. First pitched in 2016, the project has faced criticism for the proposed demolition of four older buildings on the block and the company's refusal to preserve their facades.

* Iron Mountain Inc. said it is teaming up with Chenega Applied Solutions LLC on a contract awarded by the Federal Bureau of Prisons to provide off-site records management storage and services. The five-year contract comprises one base year and four option years.

* Nonprofit care provider Gay Men's Health Crisis is moving out of the 165,000 square feet it occupies at Brookfield Property Partners LP's 5 Manhattan West and has signed a 30-year lease for 112,000 square feet at George Comfort & Sons' 307 West 38th St. in Manhattan's Garment District, The Real Deal reported, citing confirmation from a representative of the nonprofit.

* The number of property sale contracts signed in Manhattan from October 2017 to January dropped 6% from the corresponding year-ago period amid uncertainty induced by the tax overhaul, The Wall Street Journal reported, citing brokerage Brown Harris Steven. The sales activity during the period was the slowest since 2012, the report noted.

The publication also pointed out that sales during 2017 were only up 0.6% compared to 2016, and the two years together were the worst in terms of sales volumes since 2011.

* Bank of America has placed 144,000 square feet of office space up for sublease through JLL at Nova Place in Pittsburgh's North Side, the Pittsburgh Business Times reported. The bank laid off more than 100 employees in 2017 from the mortgage service operation it maintains at the property, the report noted.

* Lincoln Property plans to develop a 309-unit rental community on Katy Trail in Dallas' Uptown, The Dallas Morning News reported. The project would replace an older condo complex on the site. The developer would also require zoning changes for the five- and six-story project as the property is zoned for three-story buildings, the publication noted.

* Somerset Development landed approval for a 200-room rooftop hotel at Bell Works in Holmdel, N.J., NJBIZ reported. The developer is reviewing requests for proposals from hotel and hospitality operators, the report noted.

After the bell

* Essex Property Trust Inc. reported fourth-quarter funds from operations attributable to common stockholders and unit holders of $205.3 million, or $3.01 per share, a 6.1% increase in the aggregate from $193.5 million, or $2.85 per share, in the 2016 fourth quarter.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng rose 0.42% to 30,451.27, while the Nikkei 225 climbed 1.13% to 21,890.86.

In Europe, around midday, the FTSE 100 fell 0.87% to 7,215.73, and the Euronext 100 was down 1.21% to 1,009.32.

On the macro front

The jobless claims report, the EIA natural gas report, the Fed balance sheet and money supply report are due out today.

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