Big in Japan: WeWork sees the country as its biggest opportunity for growth

WeWork is targeting Japan, with its notoriously harsh work culture, as one of its prime international markets for growth. Naturally, the co-working giant is receiving a helping hand from its backer, SoftBank, which is Japan’s second-largest company. “When you are a newcomer and a US company entering Japan, there is only so much reach that[…]

Bridge Investment targets $500M in Opportunity Zone possibilities

A $12 billion real estate investment and management firm is the latest player looking to capitalize on the Opportunity Zones tax incentive development program. Salt Lake City-based Bridge Investment Group will launch what it’s calling an Opportunity Zones initiative, targeting $500 million in “attractive opportunities” across the U.S. The Opportunity Zones plan, part of President[…]

Developers bristle over Chicago’s new affordable housing rules

Last fall, when the city expanded its affordable housing requirements on apartment and condo construction in gentrifying areas, developers warned that new construction in those zones would dry up. While affordability advocates expressed disappointment with the October 2017 rule’s narrow scope, property owners complained the new measure would whittle away profits, punishing builders and the[…]

Riverside Church buys Union Theological Seminary dorm for $47M

A Morningside Heights property that previously looked like it would go to a developer will instead go to a church. Riverside Church has purchased 97-101 Claremont Avenue in Morningside Heights from the Union Theological Seminary for $46.5 million, according to property records. The seminary had been using the property as a dormitory. Craig Nassi of BCN Development[…]

New York’s multifamily market saw more than $2B worth of deals in Q3

New York’s multifamily market continued to rebound from a moribund 2017 with a strong third quarter, seeing year-over-year gains in dollar volume, transaction volume and building volume, according to the latest multifamily report from Ariel Property Advisors. The city saw 115 multifamily deals across 186 buildings worth $2.23 billion overall. This marked a 40 percent[…]