Clockwise from top left: Sean Hannity purchases raise concerns about LLCs, SL Green founder and chairman steps down (Credit: Steve Friedman), Hillary Clinton asks RE firms to support Gateway (Credit: Gage Skidmore) and Fed holds interest rates steady.
The Sean Hannity real estate revelations have experts debating LLC usage
Limited liability companies are back in the spotlight thanks to newly-surfaced information about the LLCs Sean Hannity used to buy hundreds of residential units across the country. While it’s legal for owners to obscure their identities, it’s made money laundering easier in the past, and some experts and attorneys are questioning the practice. [TRD]
Stephen Green to step down as chairman of SL Green Realty
In 1980, when Stephen Green founded SL Green Properties — the predecessor to SL Green Realty — the firm was focused on upgrading side street buildings. By the time he took it public in the 1990s, it was a multimillion dollar company. On Monday, the real estate investment trust announced that Green will step down as chairman. Marc Holliday, who has been SL Green CEO since 2004, will pick up the title. Green, meanwhile, will become chairman emeritus next year. [TRD]
Federal Reserve keeps interests rates where they are, with an upcoming increase likely
Short-term interest rates stayed where they were on Wednesday, but the Federal Reserve indicated that it will gradually increase them within the next few months, the Wall Street Journal first reported. The central bank raised interest rates for the first time this year in March; its most recent announcement came after a meeting of its Federal Open Market Committee. [TRD]
Hillary Clinton urges real estate bigwigs to lobby White House for Gateway tunnels
During a keynote speech at the Regional Plan Association’s annual conference, Hillary Clinton asked attendees to throw their support behind the Gateway project, which calls for the construction of two new train tunnels under the Hudson River. The Trump administration vetoed a plan to split the cost of the project with New York and New Jersey in December. Amtrak has said that commuters could face a crisis without alternatives to the existing tunnel between New Jersey in Manhattan, which was damaged during Hurricane Sandy. [TRD]
HQ2 winner could see ‘Amazon Effect’ in the form of rent hikes
The city that wins Amazon’s HQ2 competition could also get saddled with rent increases, according to a recent Zillow study that relies on historical market data. Nashville, Denver and Los Angeles are among the cities that would see the biggest hikes. The study doesn’t factor in the effects potential HQ2 cities could see if other companies follow in Amazon’s footsteps. [TRD]
MAJOR MARKET HIGHLIGHTS
Apple Store rumors are already affecting the real estate market in Downtown L.A.
Rumors that Apple plans to open a store at the Tower Theatre in Downtown L.A. are still just that, but that hasn’t stopped them from having an effect on real estate around the property. Tenants are hesitant to commit to long-term leases in the area since it’s historically had a hard time attracting big-name retailers, while landlords are hoping to wait and cash in on the store’s popularity if it opens. One broker said he “wouldn’t be surprised if something was announced in the next six months.” [TRD]
Bill Gates is (possibly) the new owner of a home in Hyde Park, Chicago
Bill Gates may have purchased a five-bedroom home in Hyde Park, Chicago, the Chicago Tribune reported. A trust with links to the billionaire philanthropist and his wife closed on the property at the beginning of April. Gates reportedly bought a 124-acre farm in Westchester for his equestrian daughter earlier this year. [TRD]
AllianceBernstein moving its headquarters from New York to Nashville
Investment management and research firm AllianceBernstein is moving its headquarters — and more than 1,000 jobs — from New York to Nashville. The firm has been in New York for 51 years, and the move is a cost-cutting effort, Bloomberg first reported. The company weighed cost of living-related factors as it evaluated 30 cities as its potential new home. [TRD]
Shorenstein’s $160M building on Market Street is its first San Francisco project in years
Shorenstein has made its first foray into the San Francisco market in decades, the San Francisco Business Times reports. The firm, which is headquartered in the city, has started building a 304-unit apartment building on Market Street. The $160 million project will be twelve stories and house more than 4,000 square feet of retail. [Bisnow]
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