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Vornado submits 2 NYC redevelopment plans; NYC asset may fetch $100M

Commercial real estate

*National HealthCare Corp.said Robert Adams isstepping down as the company's CEO. The company's board of directors is lookingto chalk out a transition plan and will commence the search for Adams'replacement soon.

*Vornado Realty Trustchairman and CEO Steven Roth saidin the company's first-quarter earnings conference call that the company hassubmitted proposals for the redevelopment of Penn Station and the James A. Farley Post Officebuilding inManhattan, N.Y.

Thecompany filed the post office redevelopment proposal in partnership withrelated companies at Skanska, and for Penn Station on its own.

*Blackstone Mortgage Trust provided a $160 million loan to Atlas Capital Groupto refinance its 1 million-square-foot property at in Queens, N.Y.'s LongIsland City neighborhood, The Real Deal reported.

*Normandy Real Estate Partners is under contract to acquire a138,000-square-foot office building in the Greenwich Village neighborhood oflower Manhattan, for around $100 million, TheReal Deal reported,citing unnamed sources. Cambridge Associates is the seller. The asset isexpected to sell for about $700 per square foot, sources told the news outlet.

* GaryBarnett's Extell Development is aiming for a $535 million sellout for thecondominium project at 200 E. 95th St. in the Yorkville neighborhood onManhattan's Upper East Side, The RealDeal reported,citing a plan filed with the state attorney general's office. The 260-foot tallbuilding will encompass 190,000 square feet, and will contain 104 residentialunits, among other things.

*Real estate brokerage firm Citi Habitats acquired the New York operations ofMiron Properties, which has four offices in Brooklyn and Manhattan, accordingto a newsrelease. The brokerage previously acquired Brooklyn-based Aptsandlofts.comto expand its presence in the borough, as reported earlier.

* StarTribune reportedthat the Minneapolis Heritage Preservation Commission refused to givepermission for a 40-story condo tower on a quarter-block site. Local firmAlatus LLC's proposed 207-unit condo building also called for 6,700 square feetof ground-floor retail space.

Thesite is located within the St. Anthony Falls Historic District, which hasheight and scale related guidelines for developments in the area, according tothe publication.

*The second phase of the TivoliVillage mixed-use complex in suburban Las Vegas is set to open inOctober, the Las Vegas Review-Journalreported.The second phase of the shopping and office center will be anchored by the RHGallery store, the report said.

*The Dallas Cowboys' nearly 400,000-square-foot office development at in Frisco, Texas,is "substantially" preleased ahead of completion, which could boostdevelopment in the area, The DallasMorning News reported.

After the bell

*Moody's placed Parkway PropertiesInc.'s Baa3 issuer rating on review for downgrade, warning that a downgrade could bemore than one notch, following the company's recently announced deal to mergewith Cousins Properties an all-stock transaction.

*S&P Global Ratings downgradedHovnanian Enterprises Inc.'scorporate credit rating to CCC+ from B-.The outlook is negative.

*Wheeler Real Estate InvestmentTrust Inc. has realigned its executive management team andeliminated the COOposition as part of the company's ongoing cost-containment efforts. The removalof the COO role, currently assumed by StevenBelote, will go into effect July 31.

*Paramount Group Inc.completed a $500 million refinancingof 31 W. 52nd St., a 786,647-square-foot class A office building in MidtownManhattan.

*Macerich Co. reportedresults for the firstquarter and announced a $93 million sale of the Capitola Mall in Capitola, Calif.,to an undisclosed buyer. The company's FFO for the quarter came to $141.0million, or 87 cents per share, compared to $133.5 million, or 79 cents pershare, in the year-ago quarter.

*Summit Hotel Properties Inc.,in reporting its first-quarter results, disclosed that it two Marriott hotels inmid-January for a total purchase price of $109.0 million. The hotels arelocated in Nashville, Tenn., and Atlanta.

The day ahead

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

InAsia, the Hang Seng was down 0.73% to 20,525.83.

InEurope as of midday, the FTSE 100 had fallen 1.23% to 6,109.69, and the Euronext100 had dropped 0.88% to 851.71.

On the macro front

Mortgageapplications decreased 3.4% from one week earlier, according to data from theMortgage Bankers Association's Weekly Mortgage Applications Survey for the weekending April 29. On an unadjusted basis, the index fell 3% compared to theprevious week.

TheADP employment report, the international trade report, productivity and costs,Gallup U.S. job creation index, PMI services flash index, the factory ordersreport, ISM non-manufacturing index and the EIA petroleum status report are dueout today.

Now featured

: The action follows the closing ofPinnacle's merger with Gaming and Leisure.

: Cousins had to pay up for Parkway, butthe merger and accompanying HoustonCo spinoff will likely pay off in the endfor having saved the companies from the drags their Houston holdings would havehad on their portfolios, analysts said.

: Thisroundup collects recently reported guidance from North American real estatecompanies.

: REITs in thediversified, health care, multifamily, regional mall, specialty and single-tenantsectors posted declines in average short interest, with single-tenant REITslogging the greatest average drop.

: Wynn Resorts experienced the biggestincrease in short interest and was the most shorted gaming stock during thefirst half of April.

: Beazer Homeslogged the biggest increase in short interest, while William Lyon Homes saw thelargest decline in short interest during the first half of April.

The Daily Dose is updated asof 7:30 a.m. ET. Some external links may require a subscription. Articles andlinks are correct as of publication time.

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