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Lendlease JV wins $1.55B NYC project; Howard Hughes challenges development terms

Commercial real estate

* The New York Convention Center Development Corp. approved a partnership between Lendlease Corp. Ltd. and Turner Construction to develop a 1.2 million-square-foot expansion of the Jacob K. Javits Convention Center on Manhattan, N.Y.'s Far West Side, Commercial Observer reported. The project is expected to cost $1.55 billion and has a 46-month development schedule, according to the report.

The winning partnership was among a short list of bidders selected in June 2016.

* Howard Hughes Corp. is challenging the conditions set by the Hawaii Community Development Authority when it recently approved the company's Aalii tower project in Honolulu's Ward Village community, Pacific Business News reported, citing public documents.

The developer is taking issue with three of the conditions, including proof that it will provide at least 150 reserved housing units in the 751-unit condominium tower, the construction of 150,000 square feet of public plazas and pedestrian walkways nearby, according to the report.

* Equity One Inc. is closing its North Miami Beach office and laying off 48 employees after its merger with Regency Centers Corp., the South Florida Business Journal reported, citing a WARN notice by the company. A shareholder vote on the merger is scheduled Feb. 24, and the North Miami Beach employees would be separated between March 1, when the deal is expected to close, and June 1, according to the report.

* Silverstein Properties signed a deal for a majority stake in the Movielab building at 619 W. 54th St. in Manhattan, with Taconic Investment Partners retaining an interest of about 10%, the New York Post reported, citing unnamed sources. The 10-story, 325,000-square-foot property is revalued at between $180 million and $190 million following the deal.

Taconic Investment's previous attempt to sell the building failed due to market uncertainty surrounding the 2016 U.S. presidential election, the publication noted.

* BRP Cos. landed a $290 million loan from the New York City Housing Development Corp. to develop a 669-unit apartment complex in Queens, N.Y., The Real Deal reported, citing documents filed with the city.

The Crossing at Jamaica Station project includes a 26-story, 539-unit building at 147-40 Archer Ave. and a 14-story building with 130 low-income units at 148-10 Archer Ave. The development also includes 96,121 square feet of commercial space and a 17,375-square-foot community facility, the report said.

* The Suffolk County Planning Commission is set to vote on the long-planned $4 billion Heartland Town Square project in Long Island, N.Y.'s town of Islip, The Wall Street Journal reported. Developer Jerry Wolkoff is planning 15 million square feet of apartments, retail and office space in the town in phases spanning 30 years.

The first phase is expected to include about 3,500 apartments and more than one million square feet of retail and office space, according to the report.

* Riverview Realty Partners is looking to sell its 30-story office property at 411 E. Wisconsin Ave. in downtown Milwaukee after redeveloping the asset, the Milwaukee Business Journal reported. The nearly 700,000-square-foot property, which had an assessed value of $87.4 million in 2016, includes the office tower and a connected parking structure, the report said.

After the bell

* Boston Properties Inc. reported a year-over-year gain in funds from operations during the fourth quarter of 2016, thanks to better-than-expected portfolio operations and fee income from tenant services, leasing commissions and development services.

* Equity Residential reported FFO declines for the fourth quarter and full year 2016, largely because of property sales during the year, and said same-store revenue growth will continue to weaken in 2017.

* Blackstone Group LP's single-family rental unit, Invitation Homes Inc., priced its IPO of 77.0 million shares of common stock at $20.00 per share.

* Columbia Property Trust Inc. exited the Cleveland market with the sale of the Key Center Tower complex for a gross sales price of $267.5 million.

* The respective shareholders of Farmland Partners Inc. and American Farmland Co. approved the companies' pending merger, which should be finalized Feb. 2.

* Taylor Morrison Home Corp. priced a public offering of 10.0 million class A common shares at $19.00 per share.

Housing

* Closed sales of residential properties in New York State increased 10% in 2016 to reach a new high of 130,486, according to the New York State Association of REALTORS. Statewide median sales prices increased 2.2% during the year to $235,000.

Gaming

* Following the Adelson family's withdrawal of support for the $1.9 billion football stadium intended to bring the Oakland Raiders to Las Vegas, the NFL team's financing deal with Goldman Sachs is on the rocks as it was conditional on a $650 million investment from Las Vegas Sands Corp. CEO Sheldon Adelson, the Las Vegas Review-Journal reported, citing a source close to the agreement.

* Total gaming wins in Nevada were down 2.73% year over year in December 2016 to approximately $956.1 million, according to the Nevada Gaming Control Board.

The day ahead

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

In Asia, the Hang Seng fell 0.18% to 23,318.39, and the Nikkei 225 was up 0.56% to 19,148.08.

In Europe, as of midday, the FTSE 100 was up 0.64% to 7,144.27, and the Euronext 100 had climbed 1.08% to 926.64.

On the macro front

Mortgage applications decreased 3.2% from a week ago on a seasonally adjusted basis for the week ended Jan. 27, the Mortgage Bankers Association reported, citing its latest weekly mortgage application survey.

The Bank Reserve Settlement report, the motor vehicle sales report, the ADP employment report, the Gallup U.S. job creation index, the Treasury refunding announcement, the PMI manufacturing index report, the construction spending report, the EIA petroleum status report and the FOMC meeting announcement are also due out today.

Now featured on S&P Global Market Intelligence

GGP's Mathrani touts high occupancy despite retailer downsizing: Analysts on the company's year-end earnings call focused on drawing out more detail about the ongoing wave of retailer store closures and bankruptcies and the company's efforts to combat it.

David Simon's advice in 'dog-eat-dog' new normal: Spruce up your stores: On an earnings call, Simon Property's CEO attributed the company's performance in a "dog-eat-dog" retail climate to a belief in its properties and a resulting willingness to invest in them.

New York, San Francisco apartment markets will struggle in '17, UDR execs say: Though rent growth remains weak, there are signs a turnaround could come in 2018, company executives maintained on a conference call.

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