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Silverstein Properties is selling part of the former Walt Disney Company-owned ABC campus to Taconic Investment Partners for approximately $220 million, the Commercial Observer reported. The assets - at 125 West Side Avenue, 320 West 66th Street and Lot 61 - are collectively known as the "West End Campus" and comprise 513,437 rentable square feet.
Federal Reserve officials viewed their interest-rate cut last month as insurance against too-low inflation and the risk of a deeper slump in business investment stemming from uncertainty over President Donald Trump's trade war, Bloomberg reported. "Members who voted for the policy action sought to better position the overall stance of policy to help counter the effects on the outlook of weak global growth and trade policy uncertainty, insure against any further downside risks from those sources, and promote a faster return of inflation to the 2% target," according to minutes of the July 30-31 Federal Open Market Committee meeting.
Rents continues to soar in two of New York City's top boroughs - Manhattan and Brooklyn, Business Insider reported. In June, Brooklyn's median face rent hit a high of $3,000 a month, according to Douglas Elliman's July report for Manhattan, Brooklyn, and Queens rentals. In July, that record was maintained: Median face rent in the borough was again $3,000 a month.
Dunn Development Corp. has closed construction financing for Austin 147, an 80-unit supportive and affordable housing property in the Mott Haven section of the Bronx, the Commercial Observer reported. The SLCE Architects-designed asset, at 880 East 147th Street, will comprise supportive housing and affordable housing for low- and moderate-income families.
The U.S. economy is in its 10th year of expansion, the longest in history, but its pace has decelerated in recent months due to slowing global growth and the impact of tariffs, Ariel Property Advisors reported. For the Federal Reserve, these developments have been a bane, but they are a boon for commercial real estate financing across the country as it has coincided with a dramatic drop in interest rates.
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