These are some of the stories we’ve been following this week.
- Global investment in commercial real estate reached $407 billion in the first half of 2015, its highest level since 2007. New York City accounted for almost 10% ($40.1 billion) of that global investment, followed by London ($19.4 billion) and Los Angeles ($19.3 billion).
Midtown Manhattan, courtesy of Sam valadi, CC BY-SA 2.0.
- The Blackstone Group has agreed to buy the distressed Manhattan apartment complex Stuyvesant Town-Peter Cooper Village for $5.3 billion. The deal includes an agreement with the City that will keep about 5,000 of the units affordable for the next 20 years.
- A Pennsylvania federal judge ruled that key provisions of Grant Township’s 2013 ordinance banning injection wells for the disposal of fracking wastewater violate state law. Thanks to a 2013 state Supreme Court decision, local governments can use zoning to regulate well locations, but they must allow legitimate activities to occur somewhere within town borders.
- The Pilgrim Nuclear Power Station, one of the last three nuclear power plants operating in New England, will close by June 2019. Some worry that closing nuclear power plants could stress the region’s energy markets, making it harder to deliver enough power consistently in the coldest months and while meeting carbon emission standards.
- Two months after the Gold King Mine leaked heavy metals into the Animas River, a temporary water-treatment plant is now up and running to help clear out contaminants. The U.S. EPA has spent more than $14 million to clean up the spill, and costs continue to mount.
- Some of the presidential candidates spoke about challenges in the U.S. housing market at the New Hampshire Housing Summit last week.
- The Consumer Financial Protection Bureau (CFPB) has admitted that implementing the “Know Before You Owe” federal loan disclosure rule has not worked out as expected. Some lenders and vendors weren’t prepared, and software incompatibilities have caused errors and delays.
- To reduce debt and reassure investors of its ability to pay dividends, Spanish oil company Repsol will spend less on exploration and sell $7.05 billion of non-strategic assets.
- Eminent domain could be used for one-third of the Iowa land wanted for a Bakken pipeline. The proposed pipeline would pass through 18 Iowa counties and over 343 miles. So far, more than 60% of landowners have signed easements.
- The South Dakota EB-5 Regional Center will likely be terminated as the result of a federal investigation. Among the findings so far are reports of $5 million that can’t be located, $3.3 million improperly spent on expenses, and complaints that some investors never received refunds when their visa applications were denied.
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