🛋️ Ikea plans first Manhattan superstore in new $1B tower
🛍️ Saks Fifth Avenue’s possible exit underscores Union Square’s retail woes
🏗️ Transforming ‘tired’ malls into housing to solve CT’s affordability crisis
📚 Courses on capital raising, selling into CRE, LP investing & more

Data Viz of the Week: Who Owns the Homes?

As more proposals to ban corporate ownership of single-family homes crop up in state legislatures, it’s worth asking: who owns all the single-family homes?

As it turns out, institutional ownership of single-family homes is still a rarity: 0.5% of all single-family homes are institutionally owned, of which 0.06% is owned by Blackstone, perhaps the largest target of anti-corporate ownership legislation.

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Three Articles We Loved from Last Week

It’s not easy keeping up with everything. Here are three articles we loved from the past week that you may have missed:

1. (New York Post) Real estate titan finally snags holdout lot to build Fifth Ave. tower — and bring Ikea to Manhattan

   Extell’s Gary Barnett has secured the last holdout lot at 576 Fifth Avenue, finalizing control over the entire block between West 46th and 47th streets. This acquisition paves the way for a 33-story, 1.1 million-square-foot tower, featuring office spaces and Manhattan’s first Ikea superstore. The $1 billion project, designed by KPF architects, is slated for completion in three years, with Ingka Investments owning an 80,000-square-foot portion for Ikea.

2. (San Francisco Chronicle) Saks Fifth Avenue’s Potential Exit Signals Further Challenges for San Francisco’s Union Square

   Saks Global Enterprises’ acquisition of Neiman Marcus, including its Union Square flagship, hints at a possible departure of Saks Fifth Avenue from its 384 Post Street location upon lease expiration in 2027. This development adds to Union Square’s retail struggles, with major retailers like Nordstrom and Macy’s announcing closures post-pandemic. The potential exit could lead to mixed-use redevelopment, reflecting broader challenges in urban retail landscapes.

3. (CT Insider) Connecticut’s Vacant Malls Consider Housing Conversions Amid Affordability Crisis

   Facing a shortage of 110,000 affordable housing units and numerous vacant mall spaces, Connecticut explores converting defunct malls into residential areas. Malls like Brass Mill Center and Crystal Mall are among those considered for redevelopment. Challenges include structural obsolescence and financing complexities. Mixed-use projects combining residential and commercial spaces are proposed to revitalize local economies, though zoning changes and funding remain significant hurdles.

Developer of the Week: Rockefeller Group

Skyscrapers, in this market?!

Rockefeller Group is pushing forward with 1072 West Peachtree, the 730 foot tall tower which will eventually be Atlanta’s third tallest building and the tallest built in the city in the past three decades. Notably, the new tower will include 20 stories of office below 40 stories of apartments.

You can read more about Rockefeller Group on the Thesis Driven GP database here.

Know about a developer doing something cool that we should feature? Reach out to [email protected] with the tip!

—Brad and Paul