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NYC property values rise 4.7%; Prologis buying site in Brooklyn, NY


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NYC property values rise 4.7%; Prologis buying site in Brooklyn, NY

Commercial real estate

* Property values in New York City saw a 4.7% rise due to a construction boom, Bloomberg News reported, citing the Department of Finance's tentative assessment of the more than 1 million properties in the city. The department set the values of the properties at $1.38 trillion for the fiscal year beginning in July, marking a $62 billion increase from the prior period.

The value of new construction has reached the highest level in the last decade. New construction pushed up the overall market value of properties by $14 billion, with rental apartments accounting for $4.4 billion, or about 32%, of citywide construction activity.

* Industrial landlord Prologis Inc. is buying a two-acre site at 150 E. 52nd St. in Brooklyn, N.Y.'s Sunset Park neighborhood from Dov Hertz of DH Property Holdings for $60 million, The Real Deal reported, citing unnamed sources and confirmation from Hertz. The site has a roughly 130,000 square-foot, two-story building.

* The Trillist Cos. Inc. is planning to build a 46-story tower at 1138 Peachtree St. in midtown Atlanta, the Atlanta Business Chronicle reported. The tower will feature over 300 units, retail space and an eight-level parking deck.

* Singer and actor Michael Lee Aday, popularly known as Meat Loaf, filed a lawsuit against Hyatt Hotels Corp. and organizers of a horror convention held at Hyatt Regency DFW hotel at Dallas-Fort Worth International Airport in Texas for negligence when he fell from a stage in May 2019, The Associated Press reported. The performer stayed hospitalized for 42 days after incurring severe neck, collarbone and shoulder injuries that have prevented him from performing since, according to the complaint.

* Cielo Property Group LLC is buying the Brazos Lofts condominium building near the Austin Convention Center in Austin, Texas, for $55 million, the Austin Business Journal reported, citing Towers Austin. The company plans to build a tower of up to 885,200 square feet on the 0.81-acre parcel at 411 Brazos St., the publication added.

* The Pflugerville City Council approved the rezoning of 94 acres of agricultural property at 2000 E. Pecan St. in Pflugerville, Texas, for Inc. to build a massive 3.8 million-square-foot distribution facility, the Austin Business Journal reported. Public officials have not revealed the business behind the project due to nondisclosure agreements, but a source with direct knowledge of the project confirmed to the publication in December 2019 that Amazon is behind it.

* Coworking company Industrious LLC is planning to build a 25,000-square-foot flexible workspace in Taubman Centers Inc.'s Cherry Creek Shopping Center in Denver, second location in the city, by late 2020, the Denver Business Journal reported.

* Vega Americas Inc. is planning to build a new $50 million, 230,000-square-foot campus in the Mason's Research & Development Park in Mason, Ohio, to relocate its Americas headquarters, the Cincinnati Business Courier reported. Construction on the project is expected to begin in the fourth quarter of 2020.

The Vega Americas Mason campus will include 120,000 square feet of manufacturing space, a 90,000-square-foot business center, training and customer entertainment space, and offices for sales and administration, as well as 20,000 square feet for material storage.

After the bell

* Harbor Group International LLC affiliates acquired a portfolio of 36 apartment properties totaling 13,243 units for $1.85 billion.

The day ahead

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

In Asia, the Hang Seng gained 0.38% to 28,883.04, while the Nikkei 225 was up 0.07% to 23,933.13.

In Europe, around midday, the FTSE 100 was down 0.43% to 7,609.75, and the Euronext 100 decreased 0.10% to 1,156.67.

On the macro front

The jobless claims report, the Philadelphia Fed business outlook survey, the retail sales report, the import and export prices report, the business inventories report, the housing market index, the EIA natural gas report, the treasury international capital, the Fed balance sheet and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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Data Dispatch: 6 REIT-owned properties located near Puerto Rico earthquake activity: Several earthquakes have struck off the southern coast of Puerto Rico in recent weeks, the largest of which was a 6.4-magnitude quake Jan. 7. U.S. REITs own six properties near Ponce, about 15 miles from that quake's epicenter.

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