Eric Birnbaum, Dreamscape’s chief executive officer and founder, said in an interview he’s created a real estate investment trust to own the 2,500-room resort. He’s also created a property management company. Birnbaum sees an opportunity to use those vehicles to acquire more gambling and entertainment-related assets as consumers return to business and leisure travel.
Many landlords are still bullish on rental homes. They generally aim to hold onto properties for a longer length of time than other buyers, which can help insulate them from the price corrections that started to slam the market last year. But firms that earn fees for deploying capital are getting squeezed, and a dearth of deals has pushed many to cut staff.
Hyundai, based in Seoul, is paying about $275 million in cash for 15 Laight St. in the Tribeca neighborhood, according to people familiar with the matter, who asked not to be named because the transaction is private. The eight-story boutique office building near the Holland Tunnel was newly redeveloped and includes outdoor terraces on each floor.
The Wall Street Journal analyzes how a hedge fund helped Bed Bath & Beyond avoid bankruptcy. After scaling back its workforce by thousands, Google has reassessed the timeline for a massive project in San Jose, Calif., reports The Real Deal. These are among today’s must reads from around the commercial real estate industry.
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