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BFC Partners Breaks Ground on Empire Outlets on Staten Island

BFC Partners Breaks Ground on Empire Outlets on Staten Island

NEW YORK — BFC Partners has broken ground on Empire Outlets, a 340,000-square-foot retail complex with a total of 100 designer outlet stores on the North Shore of New York’s Staten Island. The project will be situated near the Staten Island Ferry Terminal and the Richmond County Bank Ballpark, home of the minor league Staten Island Yankees, in St. George. The new development will also include a 190-room hotel and a 1,250-space parking garage. The parking structure will be located below the retail and hotel components. A number of open corridors and pedestrian walkways that lead to the water will also be integrated into the project, which is slated for completion next year. It is being designed by SHoP Architects. "Empire..

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Brookfield to Begin Construction on $2.1B Manhattan Office Tower Following Anchor Tenant Signing

Brookfield to Begin Construction on $2.1B Manhattan Office Tower Following Anchor Tenant Signing

NEW YORK — Brookfield Property Partners LP (NYSE: BPY) will begin construction on the $2.1 billion One Manhattan West, a 2.1 million-square-foot office tower, following the signing of a 20-year lease with the Skadden, Arps, Slate, Meagher & Flom LLP (Skadden) law firm as anchor tenant. Skadden will move from Times Square to occupy 550,000 square feet of office space on floors 28 to 43 of the tower located at Ninth Avenue and 33rd Street, which is the first of two commercial buildings planned for Brookfield's five-acre development, Manhattan West. When complete, the $4.5 billion Manhattan West development will include two new Class A office towers, retail, rooftop gardens, restaurants and cafes, and a luxury residential..

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Seniors Housing Occupancy Dips in First Quarter Due to Weak Absorption, Supply Increase, Says NIC

Seniors Housing Occupancy Dips in First Quarter Due to Weak Absorption, Supply Increase, Says NIC

ANNAPOLIS, Md. — The occupancy rate in the U.S. seniors housing sector — which includes both independent and assisted living — registered 90.2 percent during the first quarter of 2015, down 20 basis points from the prior quarter, according to the National Investment Center for Seniors Housing & Care (NIC). Still, the occupancy rate is 3.3 percentage points above its cyclical low of 86.9 percent reached during the first quarter of 2010. All statistics are based on data from 31 top markets in the U.S. At majority independent living properties, the occupancy rate was unchanged at 91.2 percent, maintaining the highest rate since late 2007. Annual rent growth for majority independent living accelerated to 2.7 percent, the..

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PREIT, Macerich Plan to Redevelop and Rebrand The Gallery in Philadelphia for $235M

PREIT, Macerich Plan to Redevelop and Rebrand The Gallery in Philadelphia for $235M

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) (NYSE: PEI) and The Macerich Co. (NYSE: MAC) have reached a tentative agreement with the city of Philadelphia on a redevelopment and rebranding of The Gallery shopping mall and transit center in Philadelphia’s Center City district. If approved by Philadelphia City Council, the Philadelphia School Reform Commission and the Philadelphia Redevelopment Authority, The Gallery will be rebranded as the Fashion Outlets of Philadelphia at Market East following a two-year renovation that will open the site to Market Street. "We believe that the proposed redevelopment will position The Gallery as the next great urban marketplace in the United States, capitalizing on its..

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