NEW YORK (Reuters) - Luxury hotel and resort developer Donald Trump sued Deutsche Bank and several other banks on Monday, demanding $3 billion in damages, claiming they broke agreements in the construction and financing of Trump International Hotel and Tower in Chicago.
The unfinished 92-story complex that would be the second-tallest building in the United States behind Chicago's Sears Tower was due for completion in mid-2009.
Trump has been trying to extend a $640 million construction credit from a group of lenders led by Deutsche Bank, The Wall Street Journal reported last Friday.
They include a unit of Merrill Lynch & Co, Union Labor Life Insurance Co, real-estate investment trust iStar Financial Inc, and a division of Highland Capital Management LP.
Tuesday, November 11, 2008
Friday, September 5, 2008
Some Kenilworth residents tell group to stick to real estate
The residents this week sent a letter to 427 Realtors, notifying them of what they consider to be the "intrusive" activities of the North Shore-Barrington Association of Realtors in hopes that individual Realtors would apply pressure to the group and curtail its involvement at the local level, said Ed Burkhardt, a former Kenilworth trustee who helped organize the letter-writing campaign.
"We'd like to know whether individual Realtors are actually behind this effort or whether their trade group is simply running amok," he said. "I happen to think it's the latter."
Howard Handler, North Shore-Barrington Association of Realtors government affairs director, said Realtors have a long history of advocating for private property rights, and his group's involvement in local issues has been driven by its 4,500 members. The residents' letter will make no difference, he said.
"We'd like to know whether individual Realtors are actually behind this effort or whether their trade group is simply running amok," he said. "I happen to think it's the latter."
Howard Handler, North Shore-Barrington Association of Realtors government affairs director, said Realtors have a long history of advocating for private property rights, and his group's involvement in local issues has been driven by its 4,500 members. The residents' letter will make no difference, he said.
Friday, July 11, 2008
Real estate problems not exclusive to Michigan
I thought all my commercial real estate friends in Ann Arbor and elsewhere would enjoy this.
While I was in Chicago last weekend, I snapped a photo of this sign outside of Sears Tower, the tallest building in the Western Hemisphere - a structure that houses 3.8 million square feet of office space.
Rest assured, local landlords, vacancy rates aren't just a problem in Michigan.
While I was in Chicago last weekend, I snapped a photo of this sign outside of Sears Tower, the tallest building in the Western Hemisphere - a structure that houses 3.8 million square feet of office space.
Rest assured, local landlords, vacancy rates aren't just a problem in Michigan.
Thursday, June 19, 2008
Buck Co. to acquire Deerfield complex
Despite a real estate market severely restricted by financial fears, John Buck Co. has agreed to buy a Deerfield office complex for about $169 million, say people familiar with the transaction. Such megadeals have become rare as the credit crisis and worry about the future of commercial real estate have slowed sales.
So far this year, just nine such sales valued at $100 million or more have closed. That's down from 21 deals recorded at this time a year ago in greater Chicago, according to Real Capital Analytics, a research firm. Chicago's biggest deal this year was the $540 million sale of the 50-story UBS tower at 1 N. Wacker Drive disclosed in February.
So far this year, just nine such sales valued at $100 million or more have closed. That's down from 21 deals recorded at this time a year ago in greater Chicago, according to Real Capital Analytics, a research firm. Chicago's biggest deal this year was the $540 million sale of the 50-story UBS tower at 1 N. Wacker Drive disclosed in February.
Saturday, May 10, 2008
Chicago commercial real estate
It is no secret that downtown Chicago commercial real estate is weaker today than it was a year or two ago. But the situation in the suburbs is worse, according to recent surveys.
MB Real Estate, a diversified real estate firm, said its analysis shows that the overall vacancy rate for downtown increased from about 11.7 percent in the final three months of 2007 to 12.3 percent in the first quarter of 2008. Those numbers, while not exhilarating, are certainly better than Chicago saw in the early 1990s when vacancies soared. But in the suburbs, MB Real Estate found, the vacancy rate rose from 16.1 percent in the last quarter of 2007 to 17.3 percent in the first quarter of this year.
MB Real Estate, a diversified real estate firm, said its analysis shows that the overall vacancy rate for downtown increased from about 11.7 percent in the final three months of 2007 to 12.3 percent in the first quarter of 2008. Those numbers, while not exhilarating, are certainly better than Chicago saw in the early 1990s when vacancies soared. But in the suburbs, MB Real Estate found, the vacancy rate rose from 16.1 percent in the last quarter of 2007 to 17.3 percent in the first quarter of this year.
Friday, April 18, 2008
Realtor Foresees Chicago Real Estate Market's Recovery
Chicago, IL (AHN) - Chicago realtor Barbara Marriott reported a slight rise on median house prices in the city and an apparent increase in real estate transactions the past few weeks.
This indicates the real estate market in Chicago "has bottomed out and primed to recover," Marriott wrote in Realty Times.
For the meantime, the Illinois capital city's market will remain steady as foreclosed properties in the Chicago's inventory are sold leading to a positive growth in existing home sales by the second half of 2008.
This indicates the real estate market in Chicago "has bottomed out and primed to recover," Marriott wrote in Realty Times.
For the meantime, the Illinois capital city's market will remain steady as foreclosed properties in the Chicago's inventory are sold leading to a positive growth in existing home sales by the second half of 2008.
Sunday, April 6, 2008
Chicago Foreclosure Rate Second Highest Among Top 5 Metros
Chicago's foreclosure rate was higher than New York, Philadelphia and Dallas, but lower than Los Angeles, according to the latest RealtyTrac U.S. Foreclosure Market Report.
One in every 475 households in the Chicago metro area received a foreclosure filing in February, the second highest foreclosure rate among five of the nation’s largest metropolitan areas.
RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
One in every 475 households in the Chicago metro area received a foreclosure filing in February, the second highest foreclosure rate among five of the nation’s largest metropolitan areas.
RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
Tuesday, March 25, 2008
Chicago Real Estate Auction by Hoffman Estates
"Hoffman Estates is conducting a Chicago Real Estate Auction of up to 150 properties. The properties include both new construction and resale homes and willing be sold through auctions".
That headline is a sure indication that auction as a tool to sell properties is here to stay. According to Holland Home Auctions, nearly 150 properties which are quality built homes in preferred settings. This is very unlike the usual auctions where the houses are usually foreclosed or distress sale houses in undesirable locations.
That headline is a sure indication that auction as a tool to sell properties is here to stay. According to Holland Home Auctions, nearly 150 properties which are quality built homes in preferred settings. This is very unlike the usual auctions where the houses are usually foreclosed or distress sale houses in undesirable locations.
Monday, March 17, 2008
Chicago-area banks see mounting losses on loans
Losses from such loans rose at rates well into double digits in 2007, and even more suspect transactions could be working their way through the books as 2008 gets under way, a Tribune analysis reveals.
Nationally, banks could experience "significantly higher" loan losses and more failures because of housing problems, financial market upheaval and reduced consumer spending, the Federal Deposit Insurance Corp. said in a memo released Friday.
Nationally, banks could experience "significantly higher" loan losses and more failures because of housing problems, financial market upheaval and reduced consumer spending, the Federal Deposit Insurance Corp. said in a memo released Friday.
Monday, March 10, 2008
Springfield housing tops in Midwest
"The key here is that housing is affordable," he said. "We are seeing people from Florida and Arizona who found those areas to be too crowded and expensive, and they are moving back to Springfield."
A sizable house next to Lake Springfield sells for a median price of $345,000, he said, "and that's about the price of a townhouse in Naperville or Schaumburg."
"The healthiest housing markets today generally are moderately priced and are experiencing job growth and often population growth," said Lawrence Yun, chief economist for the Realtors group.
A sizable house next to Lake Springfield sells for a median price of $345,000, he said, "and that's about the price of a townhouse in Naperville or Schaumburg."
"The healthiest housing markets today generally are moderately priced and are experiencing job growth and often population growth," said Lawrence Yun, chief economist for the Realtors group.
Monday, March 3, 2008
A jump in foreclosure-fight resources
No foreclosure news would be the best news. But some recent items do provide a glimmer of assistance for homeowners in distress:
Postcards to the edge: The Chicago Housing Department is mailing post cards listing resources for owners who've had a foreclosure filing that week.
Typically, it's easier to get a lender to ease payment terms before a foreclosure is filed. But because of the number of foreclosures, lenders may be more likely to make a loan adjustment after the fact, notes Dan Lindsey of the Legal Assistance Foundation of Metropolitan Chicago.
Postcards to the edge: The Chicago Housing Department is mailing post cards listing resources for owners who've had a foreclosure filing that week.
Typically, it's easier to get a lender to ease payment terms before a foreclosure is filed. But because of the number of foreclosures, lenders may be more likely to make a loan adjustment after the fact, notes Dan Lindsey of the Legal Assistance Foundation of Metropolitan Chicago.
Monday, February 25, 2008
Michigan Real Estate Investors are Recognizing Investment Opportunities
Jeff Kaller, investor and pre-foreclosure specialist is touring the country to teach students the advantages of purchasing Pre-foreclosed property. See www.jeffsworkshp.com for details on upcoming events.
There is no doubt that a pre-foreclosure purchase can be a great way to save money on buying a home or investing in real estate. However, investors that are not armed with the latest pre-foreclosure information and techniques can easily become overwhelmed and possibly drown in a sea of financial losses. Finding the right property is the right way to get started.
There is no doubt that a pre-foreclosure purchase can be a great way to save money on buying a home or investing in real estate. However, investors that are not armed with the latest pre-foreclosure information and techniques can easily become overwhelmed and possibly drown in a sea of financial losses. Finding the right property is the right way to get started.
Wednesday, February 20, 2008
Chicago UBS Tower sold: $550M
The credit crunch has forced many sellers of office buildings to yank them off the market. But that's not the case with the owners of the 50-story UBS Tower at 1 N. Wacker. Sources said they are selling the tower for $550 million.
Rreef Funds and Deutsche Bank AG are selling to a real estate fund run by Houston-based Hines Interests LP, the sources said. They said the deal calls for Hines to assume an approximately $215 million mortgage.
Rreef Funds and Deutsche Bank AG are selling to a real estate fund run by Houston-based Hines Interests LP, the sources said. They said the deal calls for Hines to assume an approximately $215 million mortgage.
Saturday, February 16, 2008
Parkway Properties Announces $100 Million Acquisition in Chicago
Located on 11.5 acres in the O'Hare submarket and within the city limits of Chicago, Illinois, the Propertyconsists of three interconnected, eleven-story Class A office buildings totaling 600,000 square feet. The Property was completed in phases between
1980 and 1982 and underwent significant renovations in 2006. Citicorp Plaza enjoys a highly visible location adjacent to I-90 (Kennedy Expressway) at the Cumberland Avenue interchange and is also directly connected with the Cumberland station of the Chicago Transit Authority train system (Blue Line).
1980 and 1982 and underwent significant renovations in 2006. Citicorp Plaza enjoys a highly visible location adjacent to I-90 (Kennedy Expressway) at the Cumberland Avenue interchange and is also directly connected with the Cumberland station of the Chicago Transit Authority train system (Blue Line).
Tuesday, February 12, 2008
Chicago real estate tax increase approved
No one liked it, but Chicago aldermen approved a big increase Wednesday in the city's real estate transfer tax. This was part of the deal to keep the Chicago Transit Authority running.
Compromise means not everyone is happy. The agreement to bail out mass transit in Illinois came with much compromise. The City of Chicago's part was an increase in transfer tax. At the same time the city considers ways to help homeowners.
Compromise means not everyone is happy. The agreement to bail out mass transit in Illinois came with much compromise. The City of Chicago's part was an increase in transfer tax. At the same time the city considers ways to help homeowners.
Wednesday, February 6, 2008
Chicago city panel delays vote on CTA real estate tax
Some aldermen also want to spare seniors from the 40 percent tax increase, and separately, guarantee free CTA rides for active military personnel and disabled veterans. The developments came as Finance Committee members spent three hours peppering CTA and Daley administration officials with often hostile questions. During that barrage, they called for more say in the agency's operations in return for agreeing to supply about $2.3 billion in transfer tax revenues over the next 30 years.
Saturday, February 2, 2008
Business coalition opposes hike in real estate transfer tax
Calling a proposed 40 percent increase in a government fee charged on Chicago home buyers "the wrong tax on the wrong people at the wrong time," a coalition of real estate agents, home builders and business interests Thursday urged the City Council to delay a vote on the increase scheduled for next week.
Monday, January 28, 2008
Real estate advisor spends $840K on Bosworth
David O. Stein and his wife, Lisa, bought a three-bedroom, 2.1 bath at 2706 N. Bosworth Ave. in Lincoln Park for $840,000 from H&L Homes Development on Dec. 27.
Mr. Stein is the founder of Steinco Corporate Real Estate Advisors in Chicago. The company is a national tenant representation firm that helps office tenants with lease issues and planning. He founded the firm in 1996.
Mr. Stein is the founder of Steinco Corporate Real Estate Advisors in Chicago. The company is a national tenant representation firm that helps office tenants with lease issues and planning. He founded the firm in 1996.
Wednesday, January 23, 2008
Transfer tax may tighten real estate market
Discouraged by bad news from the housing market due to the subprime mortgage crisis and tough economic times, relatively few people are buying new houses or condominiums at the moment. And Hollar, a 32-year-old lawyer for the Department of Justice, says a proposed increase of $3 per $1,000 in Chicago’s real estate transfer tax may give potential buyers another reason to put off searching for a new place. The tax, currently $7.50 per $1,000, is paid by the buyer of any residential, commercial or industrial property in the city.
Sunday, January 20, 2008
DePaul session on mixed-usereal estate market
DePaul University's Real Estate Center and Chaddick Institute for Metropolitan Development is presenting a half-day conference to explore forecasts that will affect the Chicago-area mixed-use real estate market in 2008-09.
The event, "The Changing Rules of Mixed Development," is being held from 1 to 5:15 p.m. Tuesday, with a reception to follow, at the Chicago Cultural Center, 78 E. Washington St.
The event, "The Changing Rules of Mixed Development," is being held from 1 to 5:15 p.m. Tuesday, with a reception to follow, at the Chicago Cultural Center, 78 E. Washington St.
Saturday, January 19, 2008
Chicago Brokers Launch Gemstone Real Estate Partners
he firm is up and running after more than three years of planning, says Michael Burns, the longtime Studley broker who co-founded Gemstone with Mark Katz. According to Burns, Gemstone will focus on value-add opportunities in the office and industrial sector in suburban Chicago, primarily in the $3 million to $30 million range. "Based on our understanding of tenants and landlords in suburban Chicago combined with our insight in repositioning buildings, we have the ability to create value for us and our investors," Burns said.
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