The project is aiming to finish before the end of next year, though work may continue into 2024, with costs now are expected to run to more than $2 billion. That means the total acquisition and conversion costs will approach or potentially exceed $4 billion, making it one of the largest, most intricate and most expensive condo conversion and hotel rebuild projects undertaken.
Stocks skidded Friday, with the Dow falling more than 900 points. An April tech rout pushed the Nasdaq down 13% for the month, its worst since 2008.
U.S. equity fund allocations to real estate, a guide for sentiment among professional money managers, have fallen to 2.4%, from 3.1% before the pandemic. Meanwhile, inflows into listed real-estate funds, a better proxy for attitudes among retail investors, are increasing.
Miami investment fund, CGI Merchant Group is paying $375 million to buy Trumps’ Washington Hotel lease and will begin the process of rebranding the property as a Waldorf Astoria.
Warehouse rental rates increased 15.2% annually across the U.S. in Q1 of 2022.
Blackstone’s assets under management rose to $915.5 billion, up from $880.9 billion in the prior quarter and $648.8 billion a year earlier. The firm raised nearly $50 billion during the quarter, pushing it closer to its goal of reaching $1 trillion in assets by 2026.